Convergence Investment Partners LLC Takes $575,000 Position in M&T Bank Co. (NYSE:MTB)

Convergence Investment Partners LLC acquired a new stake in shares of M&T Bank Co. (NYSE:MTB) in the second quarter, Holdings Channel.com reports. The firm acquired 5,533 shares of the financial services provider’s stock, valued at approximately $575,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Investors Research Corp raised its holdings in shares of M&T Bank by 100.0% during the second quarter. Investors Research Corp now owns 372 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 186 shares during the period. Beese Fulmer Investment Management Inc. bought a new stake in M&T Bank during the 2nd quarter worth approximately $42,000. BDO Wealth Advisors LLC bought a new stake in M&T Bank during the 1st quarter worth approximately $43,000. Arlington Partners LLC bought a new stake in M&T Bank during the 1st quarter worth approximately $48,000. Finally, Signaturefd LLC grew its holdings in M&T Bank by 49.5% during the 1st quarter. Signaturefd LLC now owns 486 shares of the financial services provider’s stock worth $50,000 after acquiring an additional 161 shares during the last quarter. 82.98% of the stock is owned by institutional investors and hedge funds.

NYSE:MTB traded up $0.17 on Friday, reaching $105.95. 1,469,718 shares of the company’s stock were exchanged, compared to its average volume of 754,659. The company has a debt-to-equity ratio of 0.43, a current ratio of 1.02 and a quick ratio of 1.07. The firm has a market cap of $13.59 billion, a price-to-earnings ratio of 9.86, a P/E/G ratio of 4.21 and a beta of 1.22. M&T Bank Co. has a 52 week low of $85.09 and a 52 week high of $174.00. The stock has a fifty day simple moving average of $103.81 and a 200-day simple moving average of $121.08.

M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, July 23rd. The financial services provider reported $1.76 earnings per share for the quarter, topping analysts’ consensus estimates of $1.65 by $0.11. The firm had revenue of $1.44 billion during the quarter, compared to analyst estimates of $1.47 billion. M&T Bank had a net margin of 22.36% and a return on equity of 10.22%. During the same quarter last year, the business earned $3.37 earnings per share. As a group, sell-side analysts predict that M&T Bank Co. will post 8.97 EPS for the current year.

In other M&T Bank news, EVP Doris P. Meister sold 1,000 shares of the stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $112.64, for a total transaction of $112,640.00. Following the completion of the transaction, the executive vice president now owns 1,789 shares in the company, valued at $201,512.96. The sale 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 company insiders.

A number of equities research analysts have recently commented on MTB shares. Wolfe Research started coverage on shares of M&T Bank in a research note on Friday. They issued an “outperform” rating on the stock. Nomura reissued a “hold” rating and set a $107.00 target price on shares of M&T Bank in a research note on Wednesday, April 22nd. ValuEngine upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Thursday, July 2nd. Compass Point lowered their price objective on shares of M&T Bank from $115.00 to $110.00 and set a “neutral” rating on the stock in a report on Wednesday, May 13th. Finally, Wells Fargo & Co upped their price objective on shares of M&T Bank from $120.00 to $135.00 in a report on Friday, June 5th. Two investment analysts have rated the stock with a sell rating, fourteen have given a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $138.91.

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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