Meeder Asset Management Inc. Invests $317,000 in M&T Bank Co. (NYSE:MTB)

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Meeder Asset Management Inc. bought a new position in M&T Bank Co. (NYSE:MTB) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm bought 1,862 shares of the financial services provider’s stock, valued at approximately $317,000.

Several other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC lifted its stake in shares of M&T Bank by 12.5% in the 1st quarter. FMR LLC now owns 6,691,210 shares of the financial services provider’s stock worth $1,050,653,000 after acquiring an additional 744,208 shares during the period. Geode Capital Management LLC lifted its stake in shares of M&T Bank by 5.0% in the fourth quarter. Geode Capital Management LLC now owns 2,013,252 shares of the financial services provider’s stock valued at $287,704,000 after purchasing an additional 95,142 shares during the period. Northern Trust Corp lifted its stake in shares of M&T Bank by 1.2% in the first quarter. Northern Trust Corp now owns 1,518,223 shares of the financial services provider’s stock valued at $238,392,000 after purchasing an additional 17,586 shares during the period. PNC Financial Services Group Inc. lifted its stake in shares of M&T Bank by 404.6% in the first quarter. PNC Financial Services Group Inc. now owns 841,781 shares of the financial services provider’s stock valued at $132,174,000 after purchasing an additional 674,968 shares during the period. Finally, Janus Henderson Group PLC lifted its stake in shares of M&T Bank by 3.5% in the second quarter. Janus Henderson Group PLC now owns 821,566 shares of the financial services provider’s stock valued at $139,722,000 after purchasing an additional 28,071 shares during the period. Institutional investors own 82.56% of the company’s stock.

NYSE:MTB opened at $143.90 on Friday. 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 firm has a 50-day moving average price of $160.30 and a two-hundred day moving average price of $165.06. M&T Bank Co. has a twelve month low of $133.78 and a twelve month high of $180.77. The company has a market capitalization of $19.70 billion, a P/E ratio of 11.19, a price-to-earnings-growth ratio of 2.06 and a beta of 1.05.

M&T Bank (NYSE:MTB) last posted its earnings results on Thursday, July 18th. The financial services provider reported $3.34 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.70 by ($0.36). M&T Bank had a net margin of 29.81% and a return on equity of 14.26%. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.53 billion. During the same quarter last year, the business posted $3.26 earnings per share. On average, equities research analysts predict that M&T Bank Co. will post 13.89 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd will be issued a dividend of $1.00 per share. The ex-dividend date is Friday, August 30th. This represents a $4.00 annualized dividend and a yield of 2.78%. M&T Bank’s dividend payout ratio (DPR) is currently 31.10%.

In other M&T Bank news, EVP William J. Farrell II sold 3,070 shares of the firm’s stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $163.82, for a total transaction of $502,927.40. Following the completion of the transaction, the executive vice president now directly owns 10,774 shares in the company, valued at approximately $1,764,996.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Darren J. King sold 1,841 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $162.95, for a total transaction of $299,990.95. Following the transaction, the chief financial officer now owns 46,263 shares of the company’s stock, valued at $7,538,555.85. The disclosure for this sale can be found here. Insiders have sold a total of 6,479 shares of company stock valued at $1,043,915 over the last 90 days. 0.54% of the stock is currently owned by insiders.

Several analysts recently commented on MTB shares. Piper Jaffray Companies cut shares of M&T Bank from an “overweight” rating to a “neutral” rating and reduced their price objective for the company from $196.00 to $168.00 in a research note on Monday, July 22nd. Keefe, Bruyette & Woods reduced their price objective on shares of M&T Bank from $189.00 to $185.00 and set an “outperform” rating for the company in a research note on Friday, July 19th. ValuEngine upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Zacks Investment Research cut shares of M&T Bank from a “buy” rating to a “hold” rating and set a $179.00 price objective for the company. in a research note on Monday, July 1st. Finally, Barclays reduced their price objective on shares of M&T Bank from $217.00 to $206.00 and set an “overweight” rating for the company in a research note on Friday, July 19th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $176.77.

About M&T Bank

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.

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Institutional Ownership by Quarter for M&T Bank (NYSE:MTB)

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