Chartwell Investment Partners LLC Purchases 3,495 Shares of M&T Bank Co. (MTB)
Chartwell Investment Partners LLC boosted its holdings in shares of M&T Bank Co. (NYSE:MTB) by 65.0% during the second quarter, HoldingsChannel reports. The institutional investor owned 8,870 shares of the financial services provider’s stock after acquiring an additional 3,495 shares during the quarter. Chartwell Investment Partners LLC’s holdings in M&T Bank were worth $1,509,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also bought and sold shares of the business. BlackRock Inc. boosted its position in shares of M&T Bank by 1.6% during the 1st quarter. BlackRock Inc. now owns 10,468,230 shares of the financial services provider’s stock valued at $1,929,921,000 after acquiring an additional 160,326 shares in the last quarter. Wells Fargo & Company MN boosted its position in shares of M&T Bank by 0.4% during the 1st quarter. Wells Fargo & Company MN now owns 1,635,462 shares of the financial services provider’s stock valued at $301,514,000 after acquiring an additional 6,330 shares in the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of M&T Bank by 6.9% during the 1st quarter. The Manufacturers Life Insurance Company now owns 815,318 shares of the financial services provider’s stock valued at $150,311,000 after acquiring an additional 52,657 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of M&T Bank by 3.1% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 531,173 shares of the financial services provider’s stock valued at $97,928,000 after acquiring an additional 16,192 shares in the last quarter. Finally, Bank of Montreal Can boosted its position in shares of M&T Bank by 29.2% during the 2nd quarter. Bank of Montreal Can now owns 489,601 shares of the financial services provider’s stock valued at $83,306,000 after acquiring an additional 110,763 shares in the last quarter. Hedge funds and other institutional investors own 81.21% of the company’s stock.
MTB has been the topic of a number of recent research reports. Sanford C. Bernstein raised M&T Bank from a “market perform” rating to an “outperform” rating in a report on Wednesday, June 27th. They noted that the move was a valuation call. Zacks Investment Research raised M&T Bank from a “hold” rating to a “buy” rating and set a $195.00 price objective on the stock in a report on Tuesday, June 19th. ValuEngine raised M&T Bank from a “sell” rating to a “hold” rating in a report on Thursday, July 19th. Jefferies Financial Group reaffirmed a “buy” rating and set a $195.00 price objective on shares of M&T Bank in a report on Friday, July 13th. Finally, Morgan Stanley boosted their price target on M&T Bank from $191.00 to $195.00 and gave the company an “equal weight” rating in a research note on Friday, July 20th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and six have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $179.27.
M&T Bank (NYSE:MTB) last released its quarterly earnings results on Wednesday, July 18th. The financial services provider reported $3.26 EPS for the quarter, beating the Zacks’ consensus estimate of $3.17 by $0.09. The firm had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.46 billion. M&T Bank had a net margin of 24.57% and a return on equity of 11.80%. During the same period in the previous year, the business earned $2.35 earnings per share. research analysts predict that M&T Bank Co. will post 12.84 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Tuesday, September 4th will be issued a $1.00 dividend. This is an increase from M&T Bank’s previous quarterly dividend of $0.80. This represents a $4.00 annualized dividend and a dividend yield of 2.27%. The ex-dividend date is Friday, August 31st. M&T Bank’s payout ratio is presently 34.22%.
In other news, insider Robert J. Bojdak sold 1,570 shares of the business’s stock in a transaction that occurred on Friday, June 8th. The stock was sold at an average price of $177.93, for a total value of $279,350.10. Following the transaction, the insider now directly owns 20,501 shares of the company’s stock, valued at approximately $3,647,742.93. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.48% of the stock is owned by insiders.
M&T Bank Profile
M&T Bank Corporation operates as the holding company for Manufacturers and Traders Trust Company; and Wilmington Trust, National Association that provide retail and commercial banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals.
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