M&T Bank Corporation $MTB Shares Bought by Aberdeen Group plc

Key Points

• Aberdeen Group plc raised its stake in M&T Bank Corporation by 97.2%, acquiring an additional 58,065 shares for a total of 117,792 shares valued at approximately $20.87 million.
• M&T Bank announced a quarterly dividend increase to $1.50 per share, representing an annualized dividend of $6.00 with a current yield of 3.1%.
• M&T Bank's stock saw an increase of 1.5% during trading, reaching a price of $193.25, with analysts projecting strong earnings growth for the current fiscal year.

Aberdeen Group plc grew its holdings in M&T Bank Corporation (NYSE:MTB - Free Report) by 97.2% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 117,792 shares of the financial services provider's stock after buying an additional 58,065 shares during the period. Aberdeen Group plc owned approximately 0.07% of M&T Bank worth $20,873,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Nuveen LLC bought a new position in shares of M&T Bank during the first quarter valued at approximately $243,451,000. GAMMA Investing LLC boosted its holdings in M&T Bank by 18,471.2% during the 1st quarter. GAMMA Investing LLC now owns 705,705 shares of the financial services provider's stock valued at $126,145,000 after acquiring an additional 701,905 shares during the period. Invesco Ltd. grew its position in M&T Bank by 15.2% in the 1st quarter. Invesco Ltd. now owns 3,552,666 shares of the financial services provider's stock valued at $635,039,000 after acquiring an additional 468,758 shares during the last quarter. Nuveen Asset Management LLC grew its position in M&T Bank by 22.3% in the 4th quarter. Nuveen Asset Management LLC now owns 1,567,270 shares of the financial services provider's stock valued at $294,662,000 after acquiring an additional 286,049 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. bought a new stake in M&T Bank during the 4th quarter valued at about $48,939,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Stock Performance

Shares of M&T Bank stock traded up $7.2620 on Friday, reaching $199.6920. 637,218 shares of the stock were exchanged, compared to its average volume of 1,250,875. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47. M&T Bank Corporation has a twelve month low of $150.75 and a twelve month high of $225.70. The firm has a market capitalization of $31.21 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 0.95 and a beta of 0.63. The business has a 50 day moving average price of $192.29 and a two-hundred day moving average price of $183.63.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $4.28 EPS for the quarter, beating the consensus estimate of $4.04 by $0.24. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. The business had revenue of $2.40 billion during the quarter, compared to analysts' expectations of $2.39 billion. During the same period in the previous year, the business posted $3.73 EPS. Analysts anticipate that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 2nd will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 3.0%. This is a positive change from M&T Bank's previous quarterly dividend of $1.35. The ex-dividend date of this dividend is Tuesday, September 2nd. M&T Bank's dividend payout ratio is 38.86%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. Citigroup increased their price target on M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Cowen initiated coverage on shares of M&T Bank in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. Morgan Stanley boosted their price objective on shares of M&T Bank from $206.00 to $215.00 and gave the stock an "overweight" rating in a research note on Friday, June 20th. Jefferies Financial Group set a $225.00 target price on M&T Bank and gave the stock a "buy" rating in a report on Wednesday, May 21st. Finally, Deutsche Bank Aktiengesellschaft upgraded M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 price target on the stock in a report on Thursday, April 24th. Thirteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $212.88.

Insider Activity at M&T Bank

In related news, Director Richard H. Jr. Ledgett sold 1,277 shares of M&T Bank stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $197.48, for a total value of $252,181.96. Following the completion of the transaction, the director owned 4,881 shares in the company, valued at $963,899.88. The trade was a 20.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Peter D'arcy sold 2,461 shares of M&T Bank stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total value of $485,579.91. Following the completion of the sale, the executive vice president owned 9,319 shares in the company, valued at approximately $1,838,731.89. The trade was a 20.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,438 shares of company stock worth $1,967,346. 0.53% of the stock is owned by corporate insiders.

About M&T Bank

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management, and investment services. It operates through the following segments: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.