Brookstone Capital Management Acquires 213 Shares of M&T Bank Co. (NYSE:MTB)

Brookstone Capital Management increased its holdings in M&T Bank Co. (NYSE:MTB) by 4.6% in the 1st quarter, Holdings Channel reports. The institutional investor owned 4,858 shares of the financial services provider’s stock after purchasing an additional 213 shares during the period. Brookstone Capital Management’s holdings in M&T Bank were worth $707,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of MTB. Massachusetts Financial Services Co. MA lifted its stake in M&T Bank by 0.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,730,853 shares of the financial services provider’s stock worth $237,265,000 after purchasing an additional 4,419 shares in the last quarter. Norges Bank purchased a new stake in M&T Bank in the 4th quarter worth approximately $232,322,000. Dimensional Fund Advisors LP lifted its stake in M&T Bank by 7.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,451,856 shares of the financial services provider’s stock worth $199,037,000 after purchasing an additional 100,008 shares in the last quarter. London Co. of Virginia lifted its stake in M&T Bank by 23.2% in the 3rd quarter. London Co. of Virginia now owns 1,118,296 shares of the financial services provider’s stock worth $141,409,000 after purchasing an additional 210,821 shares in the last quarter. Finally, The Manufacturers Life Insurance Company lifted its stake in M&T Bank by 8.2% in the 4th quarter. The Manufacturers Life Insurance Company now owns 546,751 shares of the financial services provider’s stock worth $74,949,000 after purchasing an additional 41,523 shares in the last quarter. 84.68% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Christopher E. Kay sold 1,821 shares of M&T Bank stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $153.78, for a total transaction of $280,033.38. Following the sale, the executive vice president now owns 8,579 shares of the company’s stock, valued at approximately $1,319,278.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Christopher E. Kay sold 1,821 shares of M&T Bank stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $153.78, for a total transaction of $280,033.38. Following the sale, the executive vice president now owns 8,579 shares of the company’s stock, valued at approximately $1,319,278.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John P. Barnes sold 43,426 shares of M&T Bank stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $154.50, for a total transaction of $6,709,317.00. Following the sale, the director now directly owns 35,480 shares in the company, valued at approximately $5,481,660. The disclosure for this sale can be found here. Insiders have sold a total of 97,553 shares of company stock valued at $14,724,147 in the last quarter. Insiders own 0.82% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on MTB shares. Evercore ISI increased their target price on shares of M&T Bank from $157.00 to $168.00 and gave the stock an “in-line” rating in a research note on Tuesday, June 25th. Wedbush restated an “outperform” rating and set a $170.00 price objective on shares of M&T Bank in a research report on Wednesday, April 10th. JPMorgan Chase & Co. raised their price objective on shares of M&T Bank from $170.00 to $180.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. StockNews.com cut shares of M&T Bank from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. Finally, Wells Fargo & Company raised their price objective on shares of M&T Bank from $145.00 to $150.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 16th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $161.51.

M&T Bank Price Performance

Shares of M&T Bank stock opened at $151.36 on Monday. The firm has a market cap of $25.26 billion, a PE ratio of 10.23, a price-to-earnings-growth ratio of 2.97 and a beta of 0.78. M&T Bank Co. has a 12-month low of $108.53 and a 12-month high of $156.65. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.46. The company’s fifty day simple moving average is $148.32 and its two-hundred day simple moving average is $142.02.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Monday, April 15th. The financial services provider reported $3.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.13 by ($0.11). The firm had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.26 billion. M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. During the same period last year, the business earned $4.09 EPS. As a group, equities analysts expect that M&T Bank Co. will post 13.99 EPS for the current year.

M&T Bank Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 3rd were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date of this dividend was Monday, June 3rd. This is a positive change from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s dividend payout ratio (DPR) is 36.51%.

About M&T Bank

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.