Argyle Capital Management Inc. held its position in shares of M&T Bank Corp. (NYSE:MTB) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,584 shares of the company’s stock at the end of the second quarter. Argyle Capital Management Inc.’s holdings in M&T Bank Corp. were worth $542,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also modified their holdings of the company. Wellington Management Group LLP raised its position in shares of M&T Bank Corp. by 10.6% in the first quarter. Wellington Management Group LLP now owns 8,489,589 shares of the company’s stock worth $942,345,000 after buying an additional 816,973 shares in the last quarter. Bank of Montreal Can acquired a new position in shares of M&T Bank Corp. during the second quarter worth $47,503,000. Vontobel Asset Management Inc. acquired a new position in shares of M&T Bank Corp. during the second quarter worth $22,870,000. Renaissance Technologies LLC raised its position in shares of M&T Bank Corp. by 121.7% in the first quarter. Renaissance Technologies LLC now owns 335,070 shares of the company’s stock worth $37,193,000 after buying an additional 183,900 shares in the last quarter. Finally, Prudential Financial Inc. raised its position in shares of M&T Bank Corp. by 53.6% in the first quarter. Prudential Financial Inc. now owns 298,504 shares of the company’s stock worth $33,134,000 after buying an additional 104,130 shares in the last quarter. 78.77% of the stock is currently owned by institutional investors.
M&T Bank Corp. (NYSE:MTB) traded down 2.53% on Monday, reaching $114.16. The company’s stock had a trading volume of 633,808 shares. The stock has a 50 day moving average price of $116.95 and a 200-day moving average price of $115.53. The company has a market capitalization of $17.90 billion, a price-to-earnings ratio of 15.70 and a beta of 0.78. M&T Bank Corp. has a 1-year low of $100.08 and a 1-year high of $127.39.
M&T Bank Corp. (NYSE:MTB) last posted its quarterly earnings results on Wednesday, July 20th. The company reported $1.98 EPS for the quarter, missing the consensus estimate of $2.08 by $0.10. M&T Bank Corp. had a net margin of 22.07% and a return on equity of 8.58%. The company had revenue of $1.31 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same quarter in the prior year, the firm earned $1.98 earnings per share. The company’s revenue was up 11.2% on a year-over-year basis. Equities analysts predict that M&T Bank Corp. will post $7.96 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 1st will be issued a dividend of $0.70 per share. This represents a $2.80 annualized dividend and a dividend yield of 2.45%. The ex-dividend date is Tuesday, August 30th. M&T Bank Corp.’s dividend payout ratio is currently 38.41%.
A number of research analysts have weighed in on MTB shares. Nomura lowered M&T Bank Corp. from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $131.00 to $103.00 in a research note on Thursday, July 7th. Zacks Investment Research lowered M&T Bank Corp. from a “hold” rating to a “strong sell” rating in a research note on Tuesday, July 26th. Piper Jaffray Cos. reissued a “neutral” rating and set a $119.00 price target (down previously from $121.00) on shares of M&T Bank Corp. in a research note on Tuesday, July 5th. Barclays PLC reissued an “overweight” rating and set a $130.00 price target on shares of M&T Bank Corp. in a research note on Sunday, July 10th. Finally, FBR & Co reduced their price target on M&T Bank Corp. from $120.00 to $105.00 and set a “hold” rating on the stock in a research note on Thursday, July 21st. One equities research analyst has rated the stock with a sell rating, twenty have issued a hold rating and five have assigned a buy rating to the company. M&T Bank Corp. currently has a consensus rating of “Hold” and a consensus price target of $137.86.
In other news, CEO Robert G. Wilmers sold 60,363 shares of the business’s stock in a transaction on Wednesday, August 31st. The shares were sold at an average price of $118.32, for a total transaction of $7,142,150.16. Following the transaction, the chief executive officer now directly owns 2,490,996 shares in the company, valued at approximately $294,734,646.72. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Drew J. Pfirrman sold 3,920 shares of the business’s stock in a transaction on Monday, August 1st. The shares were sold at an average price of $114.44, for a total transaction of $448,604.80. Following the transaction, the vice president now owns 3,590 shares in the company, valued at $410,839.60. The disclosure for this sale can be found here. Insiders own 3.63% of the company’s stock.
About M&T Bank Corp.
M&T Bank Corporation (M&T) is a bank holding company. The Company, through its subsidiaries, M&T Bank and Wilmington Trust, National Association (Wilmington Trust, N.A.), offer a range of retail and commercial banking, trust and wealth management, and investment services to their customers. M&T’s segments include Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking and Retail Banking.
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