Assetmark Inc. Grows Stake in M&T Bank Co. (NYSE:MTB)

Assetmark Inc. lifted its stake in shares of M&T Bank Co. (NYSE:MTB) by 6.6% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 38,416 shares of the financial services provider’s stock after purchasing an additional 2,387 shares during the period. Assetmark Inc.’s holdings in M&T Bank were worth $6,843,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Hexagon Capital Partners LLC lifted its stake in shares of M&T Bank by 54.4% during the 3rd quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after buying an additional 68 shares in the last quarter. Oakworth Capital Inc. purchased a new stake in shares of M&T Bank during the second quarter worth $35,000. Capital Performance Advisors LLP bought a new position in shares of M&T Bank in the third quarter worth $44,000. nVerses Capital LLC purchased a new position in shares of M&T Bank in the third quarter valued at $53,000. Finally, Catalyst Capital Advisors LLC bought a new stake in shares of M&T Bank during the 3rd quarter valued at $67,000. Institutional investors own 84.68% of the company’s stock.

Insider Buying and Selling

In other M&T Bank news, Director Kirk W. Walters sold 2,471 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $24.60, for a total value of $60,786.60. Following the sale, the director now owns 20,414 shares of the company’s stock, valued at $502,184.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Kirk W. Walters sold 2,471 shares of M&T Bank stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $24.60, for a total value of $60,786.60. Following the sale, the director now directly owns 20,414 shares in the company, valued at approximately $502,184.40. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Denis J. Salamone sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total value of $1,720,300.00. Following the transaction, the director now owns 44,902 shares of the company’s stock, valued at approximately $7,724,491.06. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 68,088 shares of company stock valued at $12,613,397 over the last three months. 0.82% of the stock is owned by company insiders.

M&T Bank Stock Performance

NYSE MTB opened at $214.64 on Tuesday. The company has a 50-day simple moving average of $182.71 and a two-hundred day simple moving average of $164.98. M&T Bank Co. has a 12-month low of $116.07 and a 12-month high of $216.84. The firm has a market cap of $35.61 billion, a price-to-earnings ratio of 15.89, a PEG ratio of 2.97 and a beta of 0.74. The company has a quick ratio of 1.00, a current ratio of 0.99 and a debt-to-equity ratio of 0.44.

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

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were issued a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.52%. The ex-dividend date was Tuesday, September 3rd. M&T Bank’s dividend payout ratio is 39.97%.

Analysts Set New Price Targets

Several research analysts have commented on the company. Citigroup raised their target price on M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Barclays increased their target price on shares of M&T Bank from $170.00 to $228.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. Keefe, Bruyette & Woods upped their price target on shares of M&T Bank from $170.00 to $180.00 and gave the stock a “market perform” rating in a report on Friday, July 19th. Finally, The Goldman Sachs Group lifted their price objective on M&T Bank from $190.00 to $216.00 and gave the company a “neutral” rating in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $198.76.

M&T Bank Company 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.