John G Ullman & Associates Inc. Acquires New Position in M&T Bank Co. (NYSE:MTB)

John G Ullman & Associates Inc. purchased a new position in shares of M&T Bank Co. (NYSE:MTB) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 3,106 shares of the financial services provider’s stock, valued at approximately $553,000.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Plato Investment Management Ltd increased its position in shares of M&T Bank by 2,300.0% in the third quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock valued at $30,000 after buying an additional 161 shares in the last quarter. Ashton Thomas Securities LLC purchased a new position in M&T Bank during the third quarter worth $32,000. Hexagon Capital Partners LLC raised its holdings in shares of M&T Bank by 54.4% in the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 68 shares during the last quarter. Oakworth Capital Inc. purchased a new stake in M&T Bank during the 2nd quarter worth about $35,000. Finally, Migdal Insurance & Financial Holdings Ltd. raised its stake in M&T Bank by 329.2% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 158 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Stock Down 0.1 %

Shares of NYSE MTB opened at $213.52 on Thursday. The stock has a fifty day moving average price of $189.91 and a 200 day moving average price of $168.63. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.44. M&T Bank Co. has a 12-month low of $123.46 and a 12-month high of $216.84. The company has a market cap of $35.43 billion, a P/E ratio of 15.80, a P/E/G ratio of 3.01 and a beta of 0.74.

M&T Bank (NYSE:MTB) last posted its earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.60 by $0.48. The business had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.30 billion. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. Research analysts anticipate that M&T Bank Co. will post 14.56 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be given a dividend of $1.35 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.53%. M&T Bank’s payout ratio is currently 39.97%.

Insider Activity

In other M&T Bank news, Director Denis J. Salamone sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the completion of the sale, the director now owns 44,902 shares in the company, valued at $7,724,491.06. This trade represents a 18.21 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John R. Taylor sold 1,436 shares of the stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $195.03, for a total value of $280,063.08. Following the transaction, the executive vice president now owns 5,618 shares of the company’s stock, valued at approximately $1,095,678.54. This trade represents a 20.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 70,383 shares of company stock worth $13,576,801. 0.82% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on MTB shares. Wolfe Research raised shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 target price for the company in a research note on Friday, October 4th. JPMorgan Chase & Co. raised M&T Bank from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $183.00 to $215.00 in a research report on Tuesday, September 3rd. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Wedbush lifted their price target on M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. Finally, Evercore ISI increased their price objective on shares of M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $199.65.

M&T Bank Profile

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.