Mirae Asset Global Investments Co. Ltd. bought a new position in shares of M&T Bank Co. (NYSE:MTB – Get Rating) during the first quarter, according to its most recent filing with the SEC. The fund bought 15,127 shares of the financial services provider’s stock, valued at approximately $2,564,000.
Other hedge funds also recently made changes to their positions in the company. B. Metzler seel. Sohn & Co. AG raised its stake in M&T Bank by 211.2% in the 1st quarter. B. Metzler seel. Sohn & Co. AG now owns 11,493 shares of the financial services provider’s stock valued at $1,948,000 after acquiring an additional 7,800 shares during the period. Trust Asset Management LLC bought a new stake in M&T Bank in the 1st quarter valued at about $219,000. Elo Mutual Pension Insurance Co bought a new stake in M&T Bank in the 1st quarter valued at about $1,715,000. RKL Wealth Management LLC raised its stake in M&T Bank by 75.5% in the 1st quarter. RKL Wealth Management LLC now owns 3,866 shares of the financial services provider’s stock valued at $655,000 after acquiring an additional 1,663 shares during the period. Finally, Bryant Woods Investment Advisors LLC bought a new stake in M&T Bank in the 1st quarter valued at about $215,000. 87.61% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
MTB has been the topic of a number of research reports. Morgan Stanley boosted their price objective on M&T Bank from $203.00 to $222.00 and gave the company an “overweight” rating in a research note on Thursday, July 21st. Robert W. Baird upgraded M&T Bank from a “neutral” rating to an “outperform” rating and upped their price target for the company from $175.00 to $200.00 in a research report on Friday, June 17th. Wolfe Research decreased their price target on M&T Bank from $214.00 to $187.00 and set an “outperform” rating on the stock in a research report on Thursday, May 26th. Jefferies Financial Group decreased their price target on M&T Bank from $192.00 to $175.00 and set a “hold” rating on the stock in a research report on Monday, July 11th. Finally, Wedbush upped their price target on M&T Bank to $188.00 in a research report on Friday, July 22nd. Five equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $198.71.
Insiders Place Their Bets
In other M&T Bank news, EVP Christopher E. Kay sold 2,200 shares of the company’s stock in a transaction that occurred on Friday, June 3rd. The stock was sold at an average price of $178.83, for a total value of $393,426.00. Following the completion of the sale, the executive vice president now owns 5,350 shares of the company’s stock, valued at $956,740.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other M&T Bank news, EVP Robert J. Bojdak sold 525 shares of the company’s stock in a transaction that occurred on Wednesday, June 8th. The stock was sold at an average price of $177.82, for a total value of $93,355.50. Following the completion of the sale, the executive vice president now owns 19,075 shares of the company’s stock, valued at $3,391,916.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Christopher E. Kay sold 2,200 shares of the stock in a transaction that occurred on Friday, June 3rd. The shares were sold at an average price of $178.83, for a total value of $393,426.00. Following the sale, the executive vice president now directly owns 5,350 shares of the company’s stock, valued at approximately $956,740.50. The disclosure for this sale can be found here. Insiders sold a total of 31,381 shares of company stock valued at $5,713,773 over the last quarter. 0.73% of the stock is owned by corporate insiders.
M&T Bank Stock Up 0.0 %
Shares of NYSE MTB opened at $184.34 on Thursday. M&T Bank Co. has a 12 month low of $131.42 and a 12 month high of $193.42. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $33.07 billion, a price-to-earnings ratio of 17.13, a PEG ratio of 0.82 and a beta of 0.91. The business has a 50-day moving average of $170.41 and a 200-day moving average of $172.28.
M&T Bank (NYSE:MTB – Get Rating) last issued its quarterly earnings data on Wednesday, July 20th. The financial services provider reported $3.10 EPS for the quarter, hitting the consensus estimate of $3.10. M&T Bank had a return on equity of 10.76% and a net margin of 23.21%. The company had revenue of $1.98 billion during the quarter, compared to analyst estimates of $2.05 billion. During the same quarter in the previous year, the firm earned $3.45 earnings per share. Sell-side analysts expect that M&T Bank Co. will post 15.21 earnings per share for the current fiscal year.
M&T Bank Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 1st will be paid a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 2.60%. The ex-dividend date of this dividend is Wednesday, August 31st. M&T Bank’s dividend payout ratio is currently 44.61%.
M&T Bank announced that its board has authorized a share repurchase plan on Tuesday, July 19th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 9.7% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s board believes its stock is undervalued.
M&T Bank Company Profile
M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The company’s Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial lending and leasing, letters of credit, and cash management services for middle-market and large commercial customers.
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