Aigen Investment Management LP Makes New Investment in M&T Bank Corporation (NYSE:MTB)

Key Points

• Aigen Investment Management LP has invested approximately $1.26 million in M&T Bank Corporation by acquiring 7,045 shares, according to a recent SEC filing.
• M&T Bank reported $4.28 earnings per share (EPS) for the last quarter, exceeding analysts' expectations of $4.04, with revenues reaching $2.40 billion.
• The company recently declared a quarterly dividend of $1.35 per share, representing an annualized dividend of $5.40 and a yield of 2.9%.

Aigen Investment Management LP purchased a new stake in M&T Bank Corporation (NYSE:MTB - Free Report) in the 1st quarter, according to its most recent disclosure with the SEC. The fund purchased 7,045 shares of the financial services provider's stock, valued at approximately $1,259,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Wood Tarver Financial Group LLC acquired a new position in M&T Bank during the 4th quarter valued at $29,000. Banque Transatlantique SA bought a new position in M&T Bank during the fourth quarter worth $38,000. Grove Bank & Trust boosted its position in shares of M&T Bank by 104.6% in the first quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 114 shares during the period. Golden State Wealth Management LLC acquired a new position in M&T Bank in the first quarter valued at about $46,000. Finally, Investors Research Corp raised its stake in M&T Bank by 31.1% during the first quarter. Investors Research Corp now owns 295 shares of the financial services provider's stock worth $53,000 after acquiring an additional 70 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. DA Davidson increased their target price on M&T Bank from $189.00 to $207.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $200.00 price target on shares of M&T Bank in a research note on Monday, May 19th. Morgan Stanley boosted their target price on M&T Bank from $206.00 to $215.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. Robert W. Baird reduced their target price on M&T Bank from $220.00 to $200.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. Finally, TD Cowen assumed coverage on M&T Bank in a research note on Thursday, May 15th. They set a "buy" rating and a $230.00 target price on the stock. One analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $212.88.

M&T Bank Stock Up 1.1%

Shares of NYSE MTB traded up $2.17 during midday trading on Wednesday, reaching $193.25. 1,031,893 shares of the company's stock were exchanged, compared to its average volume of 1,066,917. M&T Bank Corporation has a 52-week low of $150.75 and a 52-week high of $225.70. The stock has a market capitalization of $30.20 billion, a PE ratio of 12.52, a price-to-earnings-growth ratio of 0.94 and a beta of 0.63. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.97 and a current ratio of 0.97. The business's fifty day moving average price is $191.07 and its two-hundred day moving average price is $183.91.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share (EPS) for the quarter, beating the consensus estimate 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 company had revenue of $2.40 billion for the quarter, compared to analysts' expectations of $2.39 billion. During the same quarter in the prior year, the company earned $3.73 earnings per share. Analysts forecast that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 2nd were issued a $1.35 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.8%. M&T Bank's dividend payout ratio (DPR) is currently 34.97%.

Insider Activity at M&T Bank

In other M&T Bank news, Director Richard H. Jr. Ledgett sold 1,277 shares of the firm'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 transaction, the director directly owned 4,881 shares of the company's stock, valued at approximately $963,899.88. This trade represents a 20.74% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Robert E. Sadler, Jr. sold 6,700 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the completion of the sale, the director directly owned 23,070 shares in the company, valued at $4,233,806.40. This represents a 22.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 10,438 shares of company stock valued at $1,967,346 over the last quarter. Corporate insiders own 0.53% of the company's stock.

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.