Algebris UK Ltd Raises Stock Position in M&T Bank Corporation (NYSE:MTB)

Key Points

• Algebris UK Ltd significantly increased its investment in M&T Bank Corporation, raising its stake by 277.7% to approximately $19.08 million, making it the firm’s 15th largest holding.
• Multiple institutional investors, including Cozad Asset Management and Picton Mahoney Asset Management, have also increased their stakes in M&T Bank during the first quarter of the year.
• M&T Bank's recent quarterly earnings surpassed expectations, reporting $4.28 EPS compared to the consensus estimate of $4.04, indicating strong financial performance amidst a market cap of $31.15 billion.

Algebris UK Ltd increased its position in M&T Bank Corporation (NYSE:MTB - Free Report) by 277.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 115,289 shares of the financial services provider's stock after buying an additional 84,761 shares during the quarter. M&T Bank accounts for approximately 3.5% of Algebris UK Ltd's investment portfolio, making the stock its 15th largest position. Algebris UK Ltd owned approximately 0.07% of M&T Bank worth $19,078,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Cozad Asset Management Inc. raised its position in shares of M&T Bank by 5.9% during the first quarter. Cozad Asset Management Inc. now owns 9,387 shares of the financial services provider's stock worth $1,678,000 after acquiring an additional 521 shares during the last quarter. Picton Mahoney Asset Management raised its position in shares of M&T Bank by 6.7% during the first quarter. Picton Mahoney Asset Management now owns 68,842 shares of the financial services provider's stock worth $12,305,000 after acquiring an additional 4,314 shares during the last quarter. Mackenzie Financial Corp raised its position in shares of M&T Bank by 29.7% during the first quarter. Mackenzie Financial Corp now owns 27,215 shares of the financial services provider's stock worth $4,865,000 after acquiring an additional 6,239 shares during the last quarter. LPL Financial LLC raised its position in shares of M&T Bank by 6.8% during the first quarter. LPL Financial LLC now owns 121,852 shares of the financial services provider's stock worth $21,781,000 after acquiring an additional 7,786 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of M&T Bank by 2.0% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 35,010 shares of the financial services provider's stock worth $6,258,000 after acquiring an additional 697 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on MTB. Cowen started coverage on M&T Bank in a research report on Wednesday, May 14th. They set a "buy" rating for the company. Royal Bank Of Canada reissued an "outperform" rating and issued a $200.00 price objective on shares of M&T Bank in a research note on Monday, May 19th. TD Cowen began coverage on M&T Bank in a research note on Thursday, May 15th. They issued a "buy" rating and a $230.00 price objective on the stock. JPMorgan Chase & Co. cut their price objective on shares of M&T Bank from $212.50 to $186.50 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Finally, Robert W. Baird cut their price objective on shares of M&T Bank from $220.00 to $200.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $212.88.

M&T Bank Stock Performance

M&T Bank stock traded down $4.16 during mid-day trading on Friday, reaching $184.54. 767,788 shares of the company's stock were exchanged, compared to its average volume of 1,289,563. The business's fifty day simple moving average is $190.23 and its 200 day simple moving average is $184.58. The firm has a market capitalization of $29.62 billion, a PE ratio of 11.99, a P/E/G ratio of 0.94 and a beta of 0.63. M&T Bank Corporation has a one year low of $150.75 and a one year high of $225.70. The company has a quick ratio of 0.97, a current ratio of 0.91 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB - Get Free Report) last posted 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 return on equity of 10.35% and a net margin of 20.44%. The business had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter in the prior year, the business earned $3.73 earnings per share. On average, sell-side analysts expect that M&T Bank Corporation will post 16.57 earnings per share for the current year.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 2nd were paid a $1.35 dividend. The ex-dividend date was Monday, June 2nd. This represents a $5.40 annualized dividend and a yield of 2.9%. M&T Bank's dividend payout ratio is presently 34.97%.

Insider Activity at M&T Bank

In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $183.52, for a total value of $1,229,584.00. Following the completion of the transaction, the director directly owned 23,070 shares of the company's stock, valued at approximately $4,233,806.40. This trade represents a 22.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Peter D'arcy sold 2,461 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total transaction of $485,579.91. Following the completion of the transaction, the executive vice president directly owned 9,319 shares of the company's stock, valued at approximately $1,838,731.89. This trade represents a 20.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,438 shares of company stock worth $1,967,346. 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.