Millennium Management LLC grew its position in shares of M&T Bank Co. (NYSE:MTB) by 1,688.7% during the 4th quarter, Holdings Channel reports. The institutional investor owned 1,025,822 shares of the financial services provider’s stock after buying an additional 968,471 shares during the quarter. Millennium Management LLC’s holdings in M&T Bank were worth $175,405,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently modified their holdings of MTB. Amundi Pioneer Asset Management Inc. bought a new stake in M&T Bank during the fourth quarter worth about $35,154,000. Pinebridge Investments L.P. grew its stake in M&T Bank by 115.4% during the third quarter. Pinebridge Investments L.P. now owns 177,184 shares of the financial services provider’s stock worth $28,534,000 after buying an additional 94,919 shares during the last quarter. Deutsche Bank AG grew its stake in M&T Bank by 35.4% during the fourth quarter. Deutsche Bank AG now owns 316,530 shares of the financial services provider’s stock worth $54,118,000 after buying an additional 82,711 shares during the last quarter. Bank of Montreal Can grew its stake in M&T Bank by 24.4% during the fourth quarter. Bank of Montreal Can now owns 375,427 shares of the financial services provider’s stock worth $64,194,000 after buying an additional 73,689 shares during the last quarter. Finally, Lomas Capital Management LLC bought a new stake in M&T Bank during the fourth quarter worth about $12,021,000. 77.73% of the stock is currently owned by hedge funds and other institutional investors.
In related news, CFO Darren J. King sold 3,834 shares of the stock in a transaction that occurred on Monday, January 29th. The shares were sold at an average price of $191.04, for a total value of $732,447.36. Following the transaction, the chief financial officer now directly owns 44,392 shares in the company, valued at $8,480,647.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Richard S. Gold sold 4,904 shares of the stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $191.50, for a total transaction of $939,116.00. Following the completion of the transaction, the chief operating officer now owns 44,888 shares in the company, valued at $8,596,052. The disclosure for this sale can be found here. Insiders sold 72,137 shares of company stock worth $13,578,138 over the last 90 days. 0.48% of the stock is currently owned by company insiders.
M&T Bank Co. (MTB) opened at $193.05 on Wednesday. M&T Bank Co. has a twelve month low of $141.12 and a twelve month high of $197.37. The firm has a market cap of $29,270.98, a P/E ratio of 22.22, a P/E/G ratio of 1.24 and a beta of 0.88. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.54.
M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Thursday, January 18th. The financial services provider reported $2.66 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.40 by $0.26. M&T Bank had a net margin of 23.40% and a return on equity of 10.12%. The business had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.41 billion. During the same period in the prior year, the business posted $1.98 earnings per share. M&T Bank’s revenue was up 2.8% compared to the same quarter last year. equities analysts predict that M&T Bank Co. will post 12.2 EPS for the current fiscal year.
M&T Bank declared that its Board of Directors has authorized a stock buyback plan on Monday, February 5th that allows the company to repurchase $745.00 million in outstanding shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Investors of record on Monday, March 5th will be issued a $0.75 dividend. The ex-dividend date is Friday, March 2nd. This represents a $3.00 annualized dividend and a yield of 1.55%. M&T Bank’s dividend payout ratio is currently 34.52%.
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M&T Bank Profile
M&T Bank Corporation (M&T) is a bank holding company. As of December 31, 2016, M&T had two bank subsidiaries: Manufacturers and Traders Trust Company (M&T Bank) and Wilmington Trust, National Association (Wilmington Trust, N.A.). The Company, along with its subsidiaries, offers a range of retail and commercial banking, trust and wealth management, and investment services.
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