17,647 M&T Bank Corporation $MTB Shares Acquired by Eastern Bank

Eastern Bank raised its position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 259.2% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 24,456 shares of the financial services provider's stock after buying an additional 17,647 shares during the quarter. Eastern Bank's holdings in M&T Bank were worth $5,322,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. Bank of New York Mellon Corp purchased a new position in shares of M&T Bank in the 2nd quarter worth approximately $330,978,000. Davis Asset Management L.P. purchased a new position in M&T Bank during the 2nd quarter worth $97,584,000. Squarepoint Ops LLC grew its stake in M&T Bank by 718.5% during the 2nd quarter. Squarepoint Ops LLC now owns 224,397 shares of the financial services provider's stock worth $53,409,000 after buying an additional 196,982 shares during the last quarter. Danske Bank A S acquired a new position in M&T Bank during the 2nd quarter valued at about $34,683,000. Finally, Susquehanna Fundamental Investments LLC raised its stake in M&T Bank by 205.4% in the second quarter. Susquehanna Fundamental Investments LLC now owns 110,553 shares of the financial services provider's stock valued at $26,313,000 after buying an additional 74,353 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CEO Rene F. Jones sold 19,396 shares of the company's stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $239.35, for a total value of $4,642,432.60. Following the sale, the chief executive officer owned 103,831 shares in the company, valued at $24,851,949.85. This represents a 15.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rudina Seseri sold 623 shares of the company's stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $241.04, for a total value of $150,167.92. Following the completion of the sale, the director owned 3,649 shares in the company, valued at $879,554.96. The trade was a 14.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 20,028 shares of company stock worth $4,794,884 over the last ninety days. 0.44% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. DA Davidson raised their price target on M&T Bank from $263.00 to $266.00 and gave the stock a "neutral" rating in a report on Thursday, July 16th. Barclays increased their price objective on shares of M&T Bank from $236.00 to $267.00 and gave the company an "equal weight" rating in a research report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft cut shares of M&T Bank from a "buy" rating to a "hold" rating and set a $250.00 target price for the company. in a research note on Thursday, July 23rd. Wells Fargo & Company upped their price target on shares of M&T Bank from $215.00 to $224.00 and gave the company an "underweight" rating in a research note on Thursday, July 16th. Finally, Morgan Stanley cut their price target on shares of M&T Bank from $304.00 to $301.00 and set an "overweight" rating on the stock in a research note on Monday, September 28th. Eight investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $250.47.

M&T Bank Stock Performance

NYSE MTB traded up $1.17 during trading hours on Monday, reaching $220.31. The stock had a trading volume of 328,586 shares, compared to its average volume of 1,124,631. M&T Bank Corporation has a 52-week low of $174.76 and a 52-week high of $255.95. The stock has a fifty day moving average of $238.43 and a 200 day moving average of $227.53. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.96 and a current ratio of 0.96. The stock has a market cap of $31.82 billion, a P/E ratio of 11.65, a price-to-earnings-growth ratio of 1.24 and a beta of 0.61.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.66 by $0.69. The company had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.46 billion. M&T Bank had a net margin of 22.72% and a return on equity of 11.80%. During the same period last year, the firm posted $4.28 EPS. Sell-side analysts predict that M&T Bank Corporation will post 19.45 earnings per share for the current year.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st were issued a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Tuesday, September 1st. M&T Bank's dividend payout ratio is presently 31.68%.

About M&T Bank

M&T Bank Corporation is a regional financial services company headquartered in Buffalo, New York. Founded in 1856, the company operates primarily through its M&T Bank subsidiary and serves consumers, businesses, institutions and government entities.

M&T Bank provides a range of banking products and services, including checking and savings accounts, consumer lending, residential mortgages, credit cards, commercial loans, treasury management and investment services. Through its wealth management and institutional businesses, the company also offers trust, investment management, custody and related financial services.

The bank serves customers across a footprint concentrated in the Mid-Atlantic and Northeastern United States, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and Washington, DC Its businesses also include Wilmington Trust, which provides wealth management, corporate and institutional trust, and related services.

John R.

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