402,126 M&T Bank Corporation $MTB Shares Purchased by Aberdeen Group plc

Key Points

• Aberdeen Group increased its M&T Bank stake by 332.1% in the third quarter, buying 402,126 shares to hold 523,220 shares valued at about $113.9 million. Institutional investors and hedge funds own 84.68% of the stock.
• M&T Bank beat quarterly earnings expectations, reporting $5.08 per share versus the $4.93 consensus, and revenue of $2.54 billion versus $2.53 billion expected.
• Analyst sentiment is mixed: the consensus rating is Hold, with an average price target of $244.89. CEO Rene F. Jones and a director also reported share sales.

Aberdeen Group plc raised its stake in M&T Bank Corporation (NYSE:MTB - Free Report) by 332.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 523,220 shares of the financial services provider's stock after acquiring an additional 402,126 shares during the quarter. Aberdeen Group plc owned approximately 0.36% of M&T Bank worth $113,853,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in MTB. Citizens & Northern Corp boosted its stake in shares of M&T Bank by 65.5% in the 3rd quarter. Citizens & Northern Corp now owns 6,028 shares of the financial services provider's stock valued at $1,312,000 after purchasing an additional 2,386 shares in the last quarter. Allworth Financial LP increased its position in M&T Bank by 1.6% during the 3rd quarter. Allworth Financial LP now owns 25,087 shares of the financial services provider's stock worth $5,971,000 after purchasing an additional 388 shares in the last quarter. Eurizon Capital SGR S.p.A. increased its position in M&T Bank by 3.3% during the 3rd quarter. Eurizon Capital SGR S.p.A. now owns 17,225 shares of the financial services provider's stock worth $3,748,000 after purchasing an additional 544 shares in the last quarter. Maryland State Retirement & Pension System lifted its stake in M&T Bank by 16.7% in the 3rd quarter. Maryland State Retirement & Pension System now owns 8,960 shares of the financial services provider's stock valued at $1,950,000 after purchasing an additional 1,279 shares during the last quarter. Finally, Ritholtz Wealth Management lifted its stake in M&T Bank by 16.3% in the 3rd quarter. Ritholtz Wealth Management now owns 9,113 shares of the financial services provider's stock valued at $1,983,000 after purchasing an additional 1,279 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Rene F. Jones sold 19,396 shares of the stock in a transaction on 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 completion of the sale, the chief executive officer directly 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rudina Seseri sold 623 shares of the firm's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $241.04, for a total value of $150,167.92. Following the transaction, the director directly owned 3,649 shares of the company's stock, valued at approximately $879,554.96. This represents a 14.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.44% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on MTB. Morgan Stanley lowered their price target on shares of M&T Bank from $301.00 to $294.00 and set an "overweight" rating for the company in a report on Monday, October 19th. DA Davidson dropped their price target on M&T Bank from $262.00 to $258.00 and set a "neutral" rating for the company in a research note on Monday, October 19th. Evercore set a $230.00 price objective on M&T Bank in a report on Thursday, October 1st. Wolfe Research lowered M&T Bank from a "peer perform" rating to an "underperform" rating and set a $198.00 price objective on the stock. in a research report on Tuesday, October 27th. Finally, Deutsche Bank cut M&T Bank from a "buy" rating to a "hold" rating and set a $250.00 target price for the company. in a report on Thursday, July 23rd. Eight analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, M&T Bank has a consensus rating of "Hold" and an average price target of $244.89.

M&T Bank Stock Up 0.6%

NYSE:MTB opened at $221.05 on Friday. The firm's 50 day simple moving average is $222.86 and its 200 day simple moving average is $225.41. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.96 and a quick ratio of 0.96. M&T Bank Corporation has a one year low of $179.75 and a one year high of $255.95. The company has a market cap of $31.71 billion, a PE ratio of 11.54, a P/E/G ratio of 1.27 and a beta of 0.64.

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

M&T Bank Announces Dividend

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

M&T Bank Profile

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Founded in 1856 as Manufacturers and Traders Bank, the company operates primarily through M&T Bank and its wealth-management subsidiary, Wilmington Trust. M&T provides retail and commercial banking services, including checking and savings accounts, loans, mortgages, credit cards, and cash-management services. Through Wilmington Trust and other businesses, it also offers wealth management, trust, investment, and related financial services.

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