Senvest Management LLC Acquires 96,500 Shares of M&T Bank Co. (NYSE:MTB)

Senvest Management LLC increased its holdings in M&T Bank Co. (NYSE:MTB) by 12.3% in the third quarter, Holdings Channel reports. The institutional investor owned 882,841 shares of the financial services provider’s stock after buying an additional 96,500 shares during the period. M&T Bank makes up 5.5% of Senvest Management LLC’s holdings, making the stock its 4th largest holding. Senvest Management LLC’s holdings in M&T Bank were worth $157,252,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in MTB. Pitcairn Co. raised its stake in M&T Bank by 0.8% in the third quarter. Pitcairn Co. now owns 9,362 shares of the financial services provider’s stock valued at $1,668,000 after purchasing an additional 70 shares in the last quarter. Kingsview Wealth Management LLC increased its holdings in M&T Bank by 6.6% in the 3rd quarter. Kingsview Wealth Management LLC now owns 1,785 shares of the financial services provider’s stock valued at $318,000 after buying an additional 110 shares during the period. Cerity Partners LLC raised its position in shares of M&T Bank by 116.3% in the 3rd quarter. Cerity Partners LLC now owns 31,591 shares of the financial services provider’s stock valued at $5,627,000 after buying an additional 16,983 shares in the last quarter. Great Valley Advisor Group Inc. lifted its holdings in shares of M&T Bank by 7.8% during the 3rd quarter. Great Valley Advisor Group Inc. now owns 3,465 shares of the financial services provider’s stock worth $618,000 after acquiring an additional 252 shares during the period. Finally, Raymond James Trust N.A. boosted its position in shares of M&T Bank by 27.2% during the 3rd quarter. Raymond James Trust N.A. now owns 3,065 shares of the financial services provider’s stock worth $546,000 after acquiring an additional 656 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors.

Insider Activity

In other M&T Bank news, CEO Rene F. Jones sold 23,071 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $193.88, for a total value of $4,473,005.48. Following the transaction, the chief executive officer now directly owns 77,226 shares of the company’s stock, valued at approximately $14,972,576.88. The trade was a 23.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael J. Todaro sold 4,786 shares of the business’s stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $214.10, for a total transaction of $1,024,682.60. Following the transaction, the executive vice president now owns 2,787 shares in the company, valued at $596,696.70. The trade was a 63.20 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 70,383 shares of company stock valued at $13,576,801. 0.82% of the stock is currently owned by insiders.

M&T Bank Stock Performance

Shares of M&T Bank stock opened at $221.12 on Friday. The stock has a market cap of $36.69 billion, a price-to-earnings ratio of 16.37, a P/E/G ratio of 3.05 and a beta of 0.74. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44. M&T Bank Co. has a twelve month low of $123.46 and a twelve month high of $221.52. The company’s fifty day moving average is $191.98 and its 200 day moving average is $169.61.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.60 by $0.48. The company had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.30 billion. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. Sell-side analysts forecast that M&T Bank Co. will post 14.56 EPS for the current year.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd will be issued a dividend of $1.35 per share. The ex-dividend date is Monday, December 2nd. This represents a $5.40 annualized dividend and a yield of 2.44%. M&T Bank’s payout ratio is 39.97%.

Wall Street Analyst Weigh In

Several brokerages have commented on MTB. JPMorgan Chase & Co. upgraded shares of M&T Bank from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $183.00 to $215.00 in a research report on Tuesday, September 3rd. Royal Bank of Canada upped their price objective on M&T Bank from $190.00 to $208.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Wells Fargo & Company lifted their target price on M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a research report on Friday, November 15th. Evercore ISI increased their target price on shares of M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Finally, Wolfe Research upgraded shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price target on the stock in a research note on Friday, October 4th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, M&T Bank has a consensus rating of “Hold” and a consensus price target of $199.65.

M&T Bank Profile

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.