Harvest Portfolios Group Inc. Has $6.18 Million Stock Position in M&T Bank Corporation $MTB

Key Points

• Harvest Portfolios Group Inc. increased its stake in M&T Bank Corporation by 14.1%, bringing its total holdings to 34,556 shares valued at approximately $6.18 million as of the latest SEC filing.
• Several institutional investors have also increased their positions in M&T Bank, with nearly 84.68% of the stock owned by hedge funds and other institutional investors.
• M&T Bank announced a quarterly dividend increase to $1.50 per share, reflecting a robust annual yield of 3.0%, set to be paid to shareholders on September 30th.

Harvest Portfolios Group Inc. grew its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 14.1% in the first quarter, according to its most recent filing with the SEC. The fund owned 34,556 shares of the financial services provider's stock after acquiring an additional 4,278 shares during the period. Harvest Portfolios Group Inc.'s holdings in M&T Bank were worth $6,177,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Jump Financial LLC purchased a new stake in shares of M&T Bank in the fourth quarter valued at $251,000. MML Investors Services LLC lifted its holdings 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 purchasing an additional 4,575 shares in the last quarter. Adage Capital Partners GP L.L.C. lifted its holdings in shares of M&T Bank by 117.1% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 74,007 shares of the financial services provider's stock valued at $13,914,000 after purchasing an additional 39,917 shares in the last quarter. Kovitz Investment Group Partners LLC purchased a new stake in shares of M&T Bank in the fourth quarter valued at $545,000. Finally, Coldstream Capital Management Inc. lifted its holdings in shares of M&T Bank by 18.4% in the fourth quarter. Coldstream Capital Management Inc. now owns 4,369 shares of the financial services provider's stock valued at $821,000 after purchasing an additional 679 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

M&T Bank Stock Down 0.5%

NYSE MTB traded down $1.11 during trading on Thursday, hitting $200.91. 848,671 shares of the company traded hands, compared to its average volume of 882,639. M&T Bank Corporation has a 12 month low of $150.75 and a 12 month high of $225.70. The business has a fifty day simple moving average of $194.34 and a 200 day simple moving average of $183.67. 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 company has a market capitalization of $31.40 billion, a P/E ratio of 13.01, a PEG ratio of 0.99 and a beta of 0.63.

M&T Bank (NYSE:MTB - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, beating the consensus estimate of $4.04 by $0.24. The company had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.39 billion. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%.During the same period last year, the company earned $3.73 earnings per share. As a group, sell-side analysts predict that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd will be paid a $1.50 dividend. The ex-dividend date is Tuesday, September 2nd. This is a boost from M&T Bank's previous quarterly dividend of $1.35. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.0%. M&T Bank's dividend payout ratio is presently 34.97%.

Insiders Place Their Bets

In other news, EVP Peter D'arcy sold 2,461 shares of M&T Bank stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total value of $485,579.91. Following the transaction, the executive vice president directly owned 9,319 shares in the company, valued at approximately $1,838,731.89. The trade was a 20.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Robert E. Sadler, Jr. sold 6,700 shares of M&T Bank stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $183.52, for a total value of $1,229,584.00. Following the completion of the transaction, the director owned 23,070 shares in the company, valued at $4,233,806.40. The trade was a 22.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 25,438 shares of company stock valued at $4,964,196. Company insiders own 0.53% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Jefferies Financial Group set a $225.00 target price on M&T Bank and gave the company a "buy" rating in a report on Wednesday, May 21st. Citigroup increased their target price on M&T Bank from $200.00 to $212.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Wells Fargo & Company increased their target price on M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a report on Thursday, July 17th. Morgan Stanley increased their target price on M&T Bank from $206.00 to $215.00 and gave the company an "overweight" rating in a report on Friday, June 20th. Finally, Cowen started coverage on M&T Bank in a report on Wednesday, May 14th. They issued a "buy" rating for the company. Thirteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, M&T Bank has a consensus rating of "Moderate Buy" and an average target price of $212.88.

M&T Bank Company Profile

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.