Westfield Capital Management Co. LP Buys Shares of 138,894 M&T Bank Co. (NYSE:MTB)

Westfield Capital Management Co. LP purchased a new position in shares of M&T Bank Co. (NYSE:MTB) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 138,894 shares of the financial services provider’s stock, valued at approximately $24,740,000. Westfield Capital Management Co. LP owned approximately 0.08% of M&T Bank at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of MTB. Lazard Asset Management LLC grew its holdings in M&T Bank by 6.1% in the first quarter. Lazard Asset Management LLC now owns 26,346 shares of the financial services provider’s stock valued at $3,831,000 after purchasing an additional 1,504 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in M&T Bank by 5.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock valued at $48,267,000 after acquiring an additional 18,566 shares in the last quarter. Invenomic Capital Management LP acquired a new position in M&T Bank during the first quarter worth about $9,479,000. B. Riley Wealth Advisors Inc. lifted its holdings in shares of M&T Bank by 18.8% in the first quarter. B. Riley Wealth Advisors Inc. now owns 5,785 shares of the financial services provider’s stock valued at $841,000 after purchasing an additional 915 shares in the last quarter. Finally, California State Teachers Retirement System grew its position in shares of M&T Bank by 1.6% in the first quarter. California State Teachers Retirement System now owns 276,222 shares of the financial services provider’s stock valued at $40,174,000 after purchasing an additional 4,343 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insider Activity at M&T Bank

In related news, Director Denis J. Salamone sold 10,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total value of $1,720,300.00. Following the sale, the director now owns 44,902 shares of the company’s stock, valued at $7,724,491.06. This trade represents a 18.21 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert E. Sadler, Jr. sold 2,000 shares of M&T Bank stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $198.00, for a total transaction of $396,000.00. Following the completion of the sale, the director now owns 29,796 shares in the company, valued at approximately $5,899,608. This represents a 6.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 70,383 shares of company stock valued at $13,576,801. Corporate insiders own 0.82% of the company’s stock.

Wall Street Analyst Weigh In

MTB has been the topic of a number of recent research reports. Bank of America upped their target price on M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Barclays upped their price objective on M&T Bank from $170.00 to $228.00 and gave the company an “equal weight” rating in a research report on Friday, October 18th. Royal Bank of Canada lifted 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. Evercore ISI upped their target price on shares of M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Finally, DA Davidson lifted their target price on shares of M&T Bank from $192.00 to $207.00 and gave the stock a “neutral” rating in a research note on Monday, October 21st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $199.65.

M&T Bank Stock Up 2.1 %

Shares of NYSE:MTB opened at $221.12 on Monday. The firm has a market cap of $36.69 billion, a PE ratio of 16.37, a price-to-earnings-growth ratio of 3.11 and a beta of 0.74. The company has a fifty day simple moving average of $191.98 and a 200 day simple moving average of $169.74. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.44. M&T Bank Co. has a 12-month low of $123.46 and a 12-month high of $221.52.

M&T Bank (NYSE:MTB) last released its earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.60 by $0.48. The company had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.30 billion. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. On average, equities research analysts anticipate that M&T Bank Co. will post 14.56 EPS for the current fiscal year.

M&T Bank Dividend Announcement

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

M&T Bank Company 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.