AG2R LA Mondiale Gestion D Actifs Purchases Shares of 6,666 M&T Bank Corporation $MTB

Key Points

• AG2R LA Mondiale Gestion D Actifs has acquired a new stake in M&T Bank Corporation, purchasing 6,666 shares valued at approximately $1.2 million.
• M&T Bank recently reported earnings of $4.28 EPS, surpassing analysts' expectations and had a quarterly revenue of $2.40 billion.
• The company has declared a quarterly dividend of $1.50 per share, reflecting an increase from the previous dividend of $1.35, with a current dividend yield of 3.0%.

AG2R LA Mondiale Gestion D Actifs acquired a new stake in M&T Bank Corporation (NYSE:MTB - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 6,666 shares of the financial services provider's stock, valued at approximately $1,217,000.

Several other institutional investors and hedge funds have also modified their holdings of MTB. Gotham Asset Management LLC lifted its holdings in shares of M&T Bank by 43.0% in the 4th quarter. Gotham Asset Management LLC now owns 3,403 shares of the financial services provider's stock valued at $640,000 after buying an additional 1,023 shares during the period. Janus Henderson Group PLC lifted its holdings in shares of M&T Bank by 32.6% in the 4th quarter. Janus Henderson Group PLC now owns 28,223 shares of the financial services provider's stock valued at $5,308,000 after buying an additional 6,936 shares during the period. NorthRock Partners LLC acquired a new position in shares of M&T Bank in the 4th quarter valued at about $228,000. Nissay Asset Management Corp Japan ADV lifted its holdings in shares of M&T Bank by 1.6% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 20,386 shares of the financial services provider's stock valued at $3,858,000 after buying an additional 313 shares during the period. Finally, Man Group plc lifted its holdings in shares of M&T Bank by 8.5% in the 4th quarter. Man Group plc now owns 41,464 shares of the financial services provider's stock valued at $7,796,000 after buying an additional 3,242 shares during the period. Institutional investors and hedge funds own 84.68% of the company's stock.

M&T Bank Price Performance

Shares of M&T Bank stock opened at $198.72 on Friday. The business has a 50 day simple moving average of $195.47 and a two-hundred day simple moving average of $183.84. M&T Bank Corporation has a 12 month low of $150.75 and a 12 month high of $225.70. The stock has a market capitalization of $31.05 billion, a P/E ratio of 12.87, a PEG ratio of 0.97 and a beta of 0.67. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.97 and a quick ratio of 0.97.

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

M&T Bank Increases Dividend

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

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on MTB. Cantor Fitzgerald initiated coverage on M&T Bank in a report on Wednesday. They issued an "overweight" rating and a $228.00 price objective for the company. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $200.00 price target on shares of M&T Bank in a report on Monday, May 19th. Jefferies Financial Group upped their price target on M&T Bank from $220.00 to $240.00 and gave the stock a "buy" rating in a report on Wednesday, September 3rd. Morgan Stanley upped their price target on M&T Bank from $206.00 to $215.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Finally, Wells Fargo & Company upped their price target on M&T Bank from $175.00 to $185.00 and gave the stock an "underweight" rating in a report on Thursday, July 17th. Fourteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, M&T Bank currently has a consensus rating of "Moderate Buy" and a consensus price target of $214.31.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, Director John P. Barnes sold 15,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $199.79, for a total transaction of $2,996,850.00. Following the completion of the transaction, the director owned 17,866 shares of the company's stock, valued at $3,569,448.14. This represents a 45.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the company's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $197.48, for a total value of $252,181.96. Following the completion of the sale, the director owned 4,881 shares of the company's stock, valued at $963,899.88. This trade represents a 20.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,738 shares of company stock valued at $3,734,612 over the last quarter. 0.53% of the stock is currently owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.