25,528 M&T Bank Corporation $MTB Shares Bought by AIA Group Ltd

Key Points

• AIA Group raised its M&T Bank stake by 30.6%, buying 25,528 shares in the third quarter. It ended the period with 108,848 shares valued at about $23.7 million.
• M&T Bank reported quarterly EPS of $5.08, topping the $4.93 analyst consensus, while revenue of $2.54 billion slightly exceeded estimates. The bank also paid a quarterly dividend of $1.50 per share.
• Analysts’ consensus rating was Hold, with an average price target of $244.89. Two company insiders disclosed share sales, including CEO René Jones, who sold 19,396 shares under a pre-arranged trading plan.

AIA Group Ltd increased its holdings in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 30.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 108,848 shares of the financial services provider's stock after purchasing an additional 25,528 shares during the quarter. AIA Group Ltd owned approximately 0.08% of M&T Bank worth $23,685,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in MTB. First Bancorp Inc ME purchased a new position in shares of M&T Bank in the second quarter worth $25,000. Bogart Wealth LLC increased its holdings in M&T Bank by 233.3% in the 1st quarter. Bogart Wealth LLC now owns 120 shares of the financial services provider's stock valued at $25,000 after acquiring an additional 84 shares during the last quarter. John Boyer Inc. purchased a new stake in M&T Bank in the 3rd quarter worth $29,000. NBH Bank purchased a new position in shares of M&T Bank during the second quarter valued at about $51,000. Finally, FNY Investment Advisers LLC purchased a new position in shares of M&T Bank during the second quarter valued at about $51,000. Hedge funds and other institutional investors own 84.68% of the company's stock.

Insider Buying and Selling

In related news, Director Rudina Seseri sold 623 shares of the business's stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $241.04, for a total transaction of $150,167.92. Following the completion of the transaction, the director owned 3,649 shares in the company, valued at $879,554.96. The trade was a 14.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO René Jones sold 19,396 shares of the stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $239.35, for a total transaction of $4,642,432.60. Following the sale, the chief executive officer directly owned 103,831 shares of the company's stock, valued at $24,851,949.85. The trade was a 15.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 0.44% of the stock is owned by insiders.

M&T Bank Stock Down 1.1%

Shares of MTB opened at $221.88 on Wednesday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.54. The business has a fifty day moving average of $225.51 and a 200 day moving average of $225.16. The company has a market cap of $32.04 billion, a PE ratio of 11.61, a P/E/G ratio of 1.30 and a beta of 0.64. M&T Bank Corporation has a 52-week low of $179.75 and a 52-week high of $255.95.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings results on Friday, October 16th. The financial services provider reported $5.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.93 by $0.15. M&T Bank had a return on equity of 11.86% and a net margin of 22.63%. The firm had revenue of $2.54 billion during the quarter, compared to analyst estimates of $2.53 billion. During the same quarter in the previous year, the business earned $4.82 earnings per share. On average, sell-side analysts expect that M&T Bank Corporation will post 19.48 EPS for the current year.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st were given a $1.50 dividend. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.7%. M&T Bank's payout ratio is presently 31.32%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Keefe, Bruyette & Woods boosted their target price on M&T Bank from $242.00 to $250.00 and gave the stock a "market perform" rating in a research report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft cut M&T Bank from a "buy" rating to a "hold" rating and set a $250.00 price target for the company. in a report on Thursday, July 23rd. Royal Bank Of Canada reduced their price objective on M&T Bank from $255.00 to $245.00 and set an "outperform" rating on the stock in a research note on Monday, October 19th. Wall Street Zen raised M&T Bank from a "sell" rating to a "hold" rating in a report on Monday, July 20th. Finally, Morgan Stanley lowered their target price on M&T Bank from $301.00 to $294.00 and set an "overweight" rating for the company in a research report on Monday, October 19th. Eight equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $244.89.

M&T Bank Company Profile

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, M&T Bank, was founded in 1856 and provides financial products and services to individuals, businesses and institutions.

The company's offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, credit cards, treasury management and other banking services. Through its wealth management and institutional businesses, including Wilmington Trust, M&T also provides investment management, fiduciary, trust, estate planning and related corporate services.

M&T Bank serves customers through branch locations and digital banking channels in several states, primarily across the Mid-Atlantic and Northeast, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and the District of Columbia.

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