Point72 Hong Kong Ltd Makes New Investment in M&T Bank Co. (NYSE:MTB)

Christel Deskins

Point72 Hong Kong Ltd acquired a new position in M&T Bank Co. (NYSE:MTB) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,686 shares of the financial services provider’s stock, valued at approximately $383,000. A […]

Point72 Hong Kong Ltd acquired a new position in M&T Bank Co. (NYSE:MTB) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,686 shares of the financial services provider’s stock, valued at approximately $383,000.

A number of other large investors have also added to or reduced their stakes in the business. Verition Fund Management LLC purchased a new position in M&T Bank in the second quarter worth $396,000. Holocene Advisors LP purchased a new position in M&T Bank in the second quarter worth $31,687,000. Atom Investors LP purchased a new position in M&T Bank in the second quarter worth $221,000. HBK Sorce Advisory LLC raised its position in M&T Bank by 8.4% in the second quarter. HBK Sorce Advisory LLC now owns 18,705 shares of the financial services provider’s stock worth $1,945,000 after acquiring an additional 1,456 shares in the last quarter. Finally, Cipher Capital LP purchased a new position in M&T Bank in the second quarter worth $519,000. Hedge funds and other institutional investors own 82.84% of the company’s stock.

M&T Bank stock opened at $101.66 on Friday. The stock has a 50-day moving average price of $105.45 and a 200 day moving average price of $107.95. The stock has a market cap of $13.04 billion, a PE ratio of 9.43, a P/E/G ratio of 4.04 and a beta of 1.15. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.43. M&T Bank Co. has a 52 week low of $85.09 and a 52 week high of $174.00.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Thursday, July 23rd. The financial services provider reported $1.76 EPS for the quarter, topping the consensus estimate of $1.65 by $0.11. The firm had revenue of $1.44 billion for the quarter, compared to analyst estimates of $1.47 billion. M&T Bank had a return on equity of 10.22% and a net margin of 22.36%. During the same period in the previous year, the company posted $3.37 EPS. On average, equities analysts predict that M&T Bank Co. will post 8.96 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $1.10 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $4.40 annualized dividend and a yield of 4.33%. M&T Bank’s dividend payout ratio is presently 32.00%.

In other M&T Bank news, EVP Doris P. Meister sold 885 shares of M&T Bank stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $101.35, for a total transaction of $89,694.75. Following the sale, the executive vice president now directly owns 904 shares in the company, valued at approximately $91,620.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.58% of the stock is owned by insiders.

Several research analysts have issued reports on the company. Zacks Investment Research cut M&T Bank from a “hold” rating to a “sell” rating and set a $108.00 price objective for the company. in a research report on Tuesday, September 1st. Morgan Stanley dropped their price target on M&T Bank from $136.00 to $135.00 and set an “equal weight” rating for the company in a research report on Tuesday, August 4th. Odeon Capital Group upgraded M&T Bank from a “sell” rating to a “hold” rating and set a $111.00 price target for the company in a research report on Tuesday, September 8th. Wolfe Research assumed coverage on M&T Bank in a research report on Friday, July 31st. They issued an “outperform” rating for the company. Finally, Royal Bank of Canada dropped their price target on M&T Bank from $148.00 to $130.00 in a research report on Thursday, July 2nd. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $137.39.

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.

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

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