Pegasus Asset Management Inc. increased its stake in shares of M&T Bank Co. (NYSE:MTB) by 9.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 13,545 shares of the financial services provider’s stock after purchasing an additional 1,200 shares during the period. M&T Bank makes up approximately 1.8% of Pegasus Asset Management Inc.’s investment portfolio, making the stock its 27th largest holding. Pegasus Asset Management Inc.’s holdings in M&T Bank were worth $2,304,000 as of its most recent SEC filing.
Several other institutional investors also recently made changes to their positions in MTB. Pearl River Capital LLC acquired a new stake in shares of M&T Bank during the first quarter worth $42,000. Webster Bank N. A. bought a new position in M&T Bank during the second quarter worth about $43,000. CX Institutional lifted its holdings in M&T Bank by 24.8% during the second quarter. CX Institutional now owns 372 shares of the financial services provider’s stock worth $63,000 after acquiring an additional 74 shares in the last quarter. Steward Partners Investment Advisory LLC bought a new position in M&T Bank during the second quarter worth about $79,000. Finally, Ellis Investment Partners LLC bought a new position in M&T Bank during the first quarter worth about $81,000. 82.56% of the stock is owned by institutional investors and hedge funds.
Shares of M&T Bank stock traded up $1.51 during trading on Wednesday, reaching $147.87. The stock had a trading volume of 11,695 shares, compared to its average volume of 805,985. The company has a market capitalization of $19.72 billion, a price-to-earnings ratio of 11.48, a P/E/G ratio of 2.06 and a beta of 1.05. The stock has a fifty day moving average price of $161.71 and a two-hundred day moving average price of $165.30. M&T Bank Co. has a 52 week low of $133.78 and a 52 week high of $180.77. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.53.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Tuesday, September 3rd will be given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.71%. M&T Bank’s dividend payout ratio is currently 31.10%.
Several research firms have weighed in on MTB. Macquarie set a $158.00 target price on M&T Bank and gave the stock a “sell” rating in a report on Friday, July 19th. Zacks Investment Research lowered M&T Bank from a “buy” rating to a “hold” rating and set a $179.00 target price on the stock. in a report on Monday, July 1st. Keefe, Bruyette & Woods reduced their target price on M&T Bank from $189.00 to $185.00 and set an “outperform” rating on the stock in a report on Friday, July 19th. ValuEngine upgraded M&T Bank from a “sell” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Citigroup set a $155.00 target price on M&T Bank and gave the stock a “sell” rating in a report on Friday, July 19th. Two analysts have rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $176.77.
In related news, EVP William J. Farrell II sold 3,070 shares of M&T Bank stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $163.82, for a total value of $502,927.40. Following the sale, the executive vice president now owns 10,774 shares of the company’s stock, valued at $1,764,996.68. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Michael J. Todaro bought 1,025 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was bought at an average cost of $149.51 per share, for a total transaction of $153,247.75. Following the transaction, the insider now owns 1,000 shares of the company’s stock, valued at approximately $149,510. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 6,479 shares of company stock worth $1,043,915. 0.54% of the stock is owned by company 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 banking services. The company's Business Banking segment offers deposits, business loans and leases, and credit cards; and cash management, payroll, and letters of credit services to small businesses and professionals.
Further Reading: Cost of Goods Sold (COGS)
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