Retirement Planning Co of New England Inc. Purchases Shares of 2,499 M&T Bank Corporation (NYSE:MTB)

Retirement Planning Co of New England Inc. purchased a new stake in M&T Bank Corporation (NYSE:MTB) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 2,499 shares of the financial services provider’s stock, valued at approximately $447,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. FMR LLC lifted its holdings in shares of M&T Bank by 14.3% in the fourth quarter. FMR LLC now owns 14,110,412 shares of the financial services provider’s stock valued at $2,652,899,000 after purchasing an additional 1,761,014 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of M&T Bank by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider’s stock valued at $819,768,000 after purchasing an additional 40,948 shares in the last quarter. Norges Bank purchased a new stake in shares of M&T Bank in the fourth quarter valued at about $317,690,000. Northern Trust Corp lifted its holdings in shares of M&T Bank by 14.7% in the fourth quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider’s stock valued at $316,483,000 after purchasing an additional 215,100 shares in the last quarter. Finally, First Trust Advisors LP lifted its holdings in shares of M&T Bank by 2.1% in the fourth quarter. First Trust Advisors LP now owns 1,605,724 shares of the financial services provider’s stock valued at $301,892,000 after purchasing an additional 33,017 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. JPMorgan Chase & Co. reduced their price objective on shares of M&T Bank from $212.50 to $186.50 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. DA Davidson upped their price objective on shares of M&T Bank from $189.00 to $207.00 and gave the company a “neutral” rating in a research note on Thursday. Royal Bank Of Canada reissued an “outperform” rating and set a $200.00 price objective on shares of M&T Bank in a research note on Monday, May 19th. Cowen assumed coverage on shares of M&T Bank in a research note on Wednesday, May 14th. They set a “buy” rating on the stock. Finally, Wall Street Zen raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, May 14th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $212.88.

M&T Bank Price Performance

MTB opened at $195.70 on Friday. The company has a fifty day simple moving average of $188.26 and a 200 day simple moving average of $184.31. The firm has a market cap of $31.41 billion, a price-to-earnings ratio of 12.67, a PEG ratio of 1.37 and a beta of 0.63. M&T Bank Corporation has a twelve month low of $150.75 and a twelve month high of $225.70. The company has a current ratio of 0.91, a quick ratio of 0.97 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, beating analysts’ consensus estimates of $4.04 by $0.24. The business had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.39 billion. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. During the same period last year, the business earned $3.73 EPS. Equities research analysts expect that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 2nd were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.76%. The ex-dividend date was Monday, June 2nd. M&T Bank’s dividend payout ratio is currently 36.17%.

Insiders Place Their Bets

In other M&T Bank news, Director Robert E. Sadler, Jr. sold 6,700 shares of the firm’s stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the completion of the transaction, the director directly owned 23,070 shares of the company’s stock, valued at $4,233,806.40. This trade represents a 22.51% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.53% of the stock is currently owned by corporate insiders.

About M&T Bank

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.