Rhino Investment Partners Inc Takes Position in M&T Bank Corporation $MTB

Rhino Investment Partners Inc acquired a new position in shares of M&T Bank Corporation (NYSE:MTB) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 62,932 shares of the financial services provider’s stock, valued at approximately $11,249,000. M&T Bank accounts for approximately 2.8% of Rhino Investment Partners Inc’s portfolio, making the stock its 12th biggest holding.

Other institutional investors and hedge funds have also modified their holdings of the company. Townsquare Capital LLC raised its holdings in M&T Bank by 9.4% during the fourth quarter. Townsquare Capital LLC now owns 1,414 shares of the financial services provider’s stock valued at $266,000 after buying an additional 122 shares in the last quarter. Jump Financial LLC acquired a new position in M&T Bank during the 4th quarter valued at $251,000. Canada Pension Plan Investment Board raised its position in shares of M&T Bank by 48.2% during the fourth quarter. Canada Pension Plan Investment Board now owns 14,421 shares of the financial services provider’s stock valued at $2,711,000 after buying an additional 4,693 shares during the last quarter. MML Investors Services LLC lifted its stake in shares of M&T Bank by 66.8% in the fourth quarter. MML Investors Services LLC now owns 11,427 shares of the financial services provider’s stock valued at $2,148,000 after buying an additional 4,575 shares during the period. Finally, Tower Research Capital LLC TRC lifted its position in M&T Bank by 7.1% in the fourth quarter. Tower Research Capital LLC TRC now owns 8,804 shares of the financial services provider’s stock worth $1,655,000 after purchasing an additional 581 shares during the period. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Price Performance

MTB stock opened at $193.2560 on Thursday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.47. The stock has a market cap of $30.20 billion, a PE ratio of 12.52, a price-to-earnings-growth ratio of 0.93 and a beta of 0.63. M&T Bank Corporation has a 1 year low of $150.75 and a 1 year high of $225.70. The stock has a 50-day moving average price of $192.13 and a two-hundred day moving average price of $183.66.

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

M&T Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $1.50 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.1%. This is a boost from M&T Bank’s previous quarterly dividend of $1.35. M&T Bank’s dividend payout ratio is 34.97%.

Insider Buying and Selling

In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of the firm’s stock in a transaction dated 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 transaction, the director directly owned 23,070 shares of the company’s stock, valued at approximately $4,233,806.40. This trade represents a 22.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the firm’s stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $197.48, for a total transaction of $252,181.96. Following the transaction, the director directly owned 4,881 shares in the company, valued at $963,899.88. This represents a 20.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 10,438 shares of company stock valued at $1,967,346. Company insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

MTB has been the subject of a number of analyst reports. DA Davidson lifted their price objective on M&T Bank from $189.00 to $207.00 and gave the company a “neutral” rating in a report on Thursday, July 17th. TD Cowen initiated coverage on M&T Bank in a research note on Thursday, May 15th. They issued a “buy” rating and a $230.00 price objective on the stock. Morgan Stanley raised their target price on M&T Bank from $206.00 to $215.00 and gave the company an “overweight” rating in a research note on Friday, June 20th. Wells Fargo & Company raised their price objective on shares of M&T Bank from $175.00 to $185.00 and gave the company an “underweight” rating in a research report on Thursday, July 17th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of M&T Bank from a “hold” rating to a “buy” rating and set a $210.00 target price on the stock in a research report on Thursday, April 24th. Thirteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $212.88.

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.