Weiss Asset Management LP Purchases New Shares in M&T Bank Co. (NYSE:MTB)

Weiss Asset Management LP purchased a new stake in shares of M&T Bank Co. (NYSE:MTB – Get Rating) during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 29,325 shares of the financial services provider’s stock, valued at approximately $5,171,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Robeco Institutional Asset Management B.V. raised its holdings in M&T Bank by 83.2% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 68,684 shares of the financial services provider’s stock valued at $12,110,000 after buying an additional 31,183 shares during the period. CVA Family Office LLC raised its holdings in M&T Bank by 35.7% during the 3rd quarter. CVA Family Office LLC now owns 361 shares of the financial services provider’s stock valued at $64,000 after buying an additional 95 shares during the period. IHT Wealth Management LLC purchased a new stake in M&T Bank during the 3rd quarter valued at $287,000. B. Riley Wealth Advisors Inc. raised its holdings in M&T Bank by 21.4% during the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 5,297 shares of the financial services provider’s stock valued at $935,000 after buying an additional 932 shares during the period. Finally, Teachers Retirement System of The State of Kentucky purchased a new stake in M&T Bank during the 3rd quarter valued at $9,557,000. Hedge funds and other institutional investors own 84.10% of the company’s stock.

M&T Bank Price Performance

Shares of MTB stock opened at $122.50 on Friday. M&T Bank Co. has a 1-year low of $120.40 and a 1-year high of $193.42. The stock’s 50-day moving average is $150.57 and its 200 day moving average is $161.93. The company has a market cap of $20.58 billion, a P/E ratio of 10.63, a PEG ratio of 0.78 and a beta of 0.82. The company has a debt-to-equity ratio of 0.17, a current ratio of 0.96 and a quick ratio of 0.96.

M&T Bank (NYSE:MTB – Get Rating) last issued its quarterly earnings data on Thursday, January 19th. The financial services provider reported $4.57 earnings per share for the quarter, beating analysts’ consensus estimates of $4.47 by $0.10. M&T Bank had a return on equity of 11.41% and a net margin of 23.15%. The company had revenue of $2.51 billion for the quarter, compared to the consensus estimate of $2.37 billion. During the same quarter last year, the company earned $3.37 earnings per share. Research analysts predict that M&T Bank Co. will post 18.09 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Monday, March 6th will be given a dividend of $1.30 per share. The ex-dividend date of this dividend is Friday, March 3rd. This represents a $5.20 dividend on an annualized basis and a yield of 4.24%. This is an increase from M&T Bank’s previous quarterly dividend of $1.20. M&T Bank’s dividend payout ratio (DPR) is presently 45.14%.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on MTB shares. Morgan Stanley decreased their price target on M&T Bank from $225.00 to $212.00 and set an “overweight” rating on the stock in a report on Monday, January 23rd. Wedbush upgraded M&T Bank from a “neutral” rating to an “outperform” rating and set a $170.00 target price on the stock in a research note on Tuesday, January 3rd. DA Davidson initiated coverage on M&T Bank in a research note on Wednesday, December 21st. They issued a “neutral” rating and a $160.00 target price on the stock. JPMorgan Chase & Co. increased their target price on M&T Bank from $153.00 to $160.00 and gave the stock a “neutral” rating in a research note on Monday, January 23rd. Finally, Odeon Capital Group upgraded M&T Bank from a “hold” rating to a “buy” rating and set a $171.76 target price on the stock in a research note on Tuesday, January 10th. Nine equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $182.18.

M&T Bank Profile

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M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management and investment services. It operates through the following segments: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.