Alliancebernstein L.P. Purchases 14,973 Shares of M&T Bank Corporation $MTB

Key Points

• Alliancebernstein L.P. has increased its stake in M&T Bank Corporation by 3.3%, now owning 472,009 shares worth approximately $84.37 million.
• M&T Bank reported a quarterly EPS of $4.28, surpassing estimates and reflecting a net margin of 20.44%.
• The company recently declared a quarterly dividend of $1.50, marking an increase from the previous dividend of $1.35.

Alliancebernstein L.P. lifted its holdings in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 3.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 472,009 shares of the financial services provider's stock after acquiring an additional 14,973 shares during the quarter. Alliancebernstein L.P. owned approximately 0.29% of M&T Bank worth $84,372,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Wellington Management Group LLP raised its holdings in shares of M&T Bank by 33.1% during the first quarter. Wellington Management Group LLP now owns 9,894,065 shares of the financial services provider's stock valued at $1,768,564,000 after acquiring an additional 2,460,315 shares in the last quarter. Invesco Ltd. raised its holdings in shares of M&T Bank by 15.2% during the first 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 in the last quarter. Northern Trust Corp raised its holdings in shares of M&T Bank by 2.3% during the first quarter. Northern Trust Corp now owns 1,721,410 shares of the financial services provider's stock valued at $307,702,000 after acquiring an additional 38,081 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of M&T Bank by 0.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,611,137 shares of the financial services provider's stock valued at $287,932,000 after acquiring an additional 12,580 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its holdings in shares of M&T Bank by 22.3% during the fourth 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 in the last quarter. Institutional investors own 84.68% of the company's stock.

Insider Activity at M&T Bank

In related news, Director John P. Barnes sold 15,000 shares of the stock in a transaction 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 sale, the director directly owned 17,866 shares of the company's stock, valued at $3,569,448.14. This trade represents a 45.64% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Peter D'arcy sold 2,461 shares of the stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $197.31, for a total value of $485,579.91. Following the sale, the executive vice president directly owned 9,319 shares in the company, valued at $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. Insiders have sold 18,738 shares of company stock valued at $3,734,612 over the last ninety days. Insiders own 0.53% of the company's stock.

M&T Bank Stock Down 0.4%

Shares of NYSE MTB traded down $0.74 during trading on Thursday, reaching $197.44. The company had a trading volume of 561,593 shares, compared to its average volume of 1,221,650. 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 cap of $30.85 billion, a PE ratio of 12.79, a P/E/G ratio of 0.98 and a beta of 0.67. The business's 50-day moving average is $195.64 and its 200 day moving average is $183.79. 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 (NYSE:MTB - Get Free Report) last released 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 company had revenue of $2.40 billion for the quarter, compared to analysts' expectations of $2.39 billion. During the same period last year, the firm posted $3.73 earnings per share. As a group, equities analysts forecast that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 2nd will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 3.0%. This is a boost 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 payout ratio is 38.86%.

Analyst Upgrades and Downgrades

MTB has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their target price on M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a report on Thursday, July 17th. Citigroup upped their price target on M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. 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. TD Cowen initiated coverage on M&T Bank in a research note on Thursday, May 15th. They issued a "buy" rating and a $230.00 price target on the stock. Finally, Cowen initiated coverage on M&T Bank in a research note on Wednesday, May 14th. They issued a "buy" rating on the stock. Fourteen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, M&T Bank presently has an average rating of "Moderate Buy" and an average price target of $214.31.

M&T Bank Profile

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.