Meiji Yasuda Asset Management Co Ltd. Cuts Stock Position in M&T Bank Co. (NYSE:MTB)

Meiji Yasuda Asset Management Co Ltd. lessened its stake in M&T Bank Co. (NYSE:MTB – Get Rating) by 2.9% in the third quarter, HoldingsChannel reports. The fund owned 5,687 shares of the financial services provider’s stock after selling 170 shares during the period. Meiji Yasuda Asset Management Co Ltd.’s holdings in M&T Bank were worth $1,003,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. First Hawaiian Bank lifted its stake in shares of M&T Bank by 1.1% in the 3rd quarter. First Hawaiian Bank now owns 8,193 shares of the financial services provider’s stock valued at $1,444,000 after acquiring an additional 91 shares during the last quarter. Ossiam lifted its stake in shares of M&T Bank by 12.1% in the 2nd quarter. Ossiam now owns 4,430 shares of the financial services provider’s stock valued at $706,000 after acquiring an additional 477 shares during the last quarter. Clarius Group LLC bought a new stake in shares of M&T Bank in the 2nd quarter valued at about $279,000. Prudential PLC lifted its stake in shares of M&T Bank by 12.8% in the 3rd quarter. Prudential PLC now owns 5,192 shares of the financial services provider’s stock valued at $915,000 after acquiring an additional 590 shares during the last quarter. Finally, Raymond James & Associates lifted its stake in shares of M&T Bank by 3.9% in the 3rd quarter. Raymond James & Associates now owns 245,119 shares of the financial services provider’s stock valued at $43,221,000 after acquiring an additional 9,266 shares during the last quarter. Institutional investors own 84.10% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on MTB. Wells Fargo & Company lowered their price target on M&T Bank from $175.00 to $165.00 and set an “equal weight” rating for the company in a research report on Thursday, December 8th. Deutsche Bank Aktiengesellschaft lowered their price target on M&T Bank from $255.00 to $175.00 in a research report on Friday, January 6th. Odeon Capital Group raised M&T Bank from a “hold” rating to a “buy” rating and set a $171.76 price target for the company in a research report on Tuesday, January 10th. Morgan Stanley reduced their target price on M&T Bank from $225.00 to $212.00 and set an “overweight” rating on the stock in a report on Monday, January 23rd. Finally, Keefe, Bruyette & Woods downgraded M&T Bank from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $215.00 to $180.00 in a report on Tuesday, December 6th. Nine investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $182.18.

M&T Bank Stock Performance

Shares of MTB opened at $127.43 on Wednesday. The business’s fifty day simple moving average is $151.94 and its two-hundred day simple moving average is $162.86. The company has a current ratio of 0.96, a quick ratio of 0.96 and a debt-to-equity ratio of 0.17. M&T Bank Co. has a 12 month low of $120.40 and a 12 month high of $193.42. The company has a market cap of $21.41 billion, a price-to-earnings ratio of 11.06, a P/E/G ratio of 0.66 and a beta of 0.82.

M&T Bank (NYSE:MTB – Get Rating) last issued its earnings results on Thursday, January 19th. The financial services provider reported $4.57 EPS for the quarter, beating the consensus estimate of $4.47 by $0.10. M&T Bank had a return on equity of 11.41% and a net margin of 23.15%. The business had revenue of $2.51 billion for the quarter, compared to the consensus estimate of $2.37 billion. During the same period last year, the business posted $3.37 EPS. Research analysts anticipate that M&T Bank Co. will post 18.09 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Monday, March 6th will be issued a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 4.08%. This is a boost from M&T Bank’s previous quarterly dividend of $1.20. The ex-dividend date of this dividend is Friday, March 3rd. M&T Bank’s dividend payout ratio is presently 45.14%.

M&T Bank Company Profile

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M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management and investment services. It operates through the following segments: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.