Everence Capital Management Inc. Purchases 300 Shares of M&T Bank Co. (NYSE:MTB)

Everence Capital Management Inc. grew its position in M&T Bank Co. (NYSE:MTB) by 3.7% in the fourth quarter, Holdings Channel.com reports. The fund owned 8,484 shares of the financial services provider’s stock after buying an additional 300 shares during the period. Everence Capital Management Inc.’s holdings in M&T Bank were worth $1,595,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Hedeker Wealth LLC lifted its position in M&T Bank by 1.6% in the third quarter. Hedeker Wealth LLC now owns 3,519 shares of the financial services provider’s stock worth $627,000 after purchasing an additional 55 shares during the period. Frank Rimerman Advisors LLC raised its stake in shares of M&T Bank by 1.0% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 5,644 shares of the financial services provider’s stock valued at $1,005,000 after buying an additional 57 shares in the last quarter. Crestwood Advisors Group LLC raised its stake in shares of M&T Bank by 1.9% in the 3rd quarter. Crestwood Advisors Group LLC now owns 3,103 shares of the financial services provider’s stock valued at $553,000 after buying an additional 57 shares in the last quarter. Hexagon Capital Partners LLC lifted its holdings 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 worth $34,000 after acquiring an additional 68 shares during the period. Finally, Meitav Investment House Ltd. boosted its position in shares of M&T Bank by 3.1% during the 3rd quarter. Meitav Investment House Ltd. now owns 2,270 shares of the financial services provider’s stock valued at $386,000 after acquiring an additional 69 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on MTB. Wolfe Research upgraded shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price target for the company in a research note on Friday, October 4th. DA Davidson lifted their target price on shares of M&T Bank from $192.00 to $207.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. Evercore ISI increased their price target on M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. The Goldman Sachs Group lifted their price objective on M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Finally, Keefe, Bruyette & Woods raised their target price on M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $215.50.

M&T Bank Price Performance

Shares of MTB opened at $191.54 on Friday. The stock’s 50-day moving average price is $203.63 and its two-hundred day moving average price is $180.02. M&T Bank Co. has a 1 year low of $128.31 and a 1 year high of $225.70. The stock has a market cap of $31.78 billion, a P/E ratio of 14.18, a price-to-earnings-growth ratio of 2.83 and a beta of 0.76. 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 (NYSE:MTB) last issued its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.60 by $0.48. The business had revenue of $2.33 billion for 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 predict that M&T Bank Co. will post 14.63 earnings per share for the current year.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd were paid a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 2.82%. The ex-dividend date was Monday, December 2nd. M&T Bank’s dividend payout ratio is currently 39.97%.

Insider Activity

In related news, EVP Tracy S. Woodrow sold 2,121 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total transaction of $468,210.75. Following the transaction, the executive vice president now directly owns 5,141 shares in the company, valued at $1,134,875.75. This trade represents a 29.21 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John R. Taylor sold 1,436 shares of the business’s 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 completion of the sale, the executive vice president now owns 5,618 shares of the company’s stock, valued at $1,095,678.54. The trade was a 20.36 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 84,994 shares of company stock valued at $17,211,278. Corporate insiders own 0.82% of the company’s stock.

About M&T Bank

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.