Allstate Corp Acquires 4,511 Shares of M&T Bank Corporation $MTB

Key Points

• Allstate Corp increased its stake in M&T Bank Corporation by 91.0% in the first quarter, owning 9,468 shares worth approximately $1.69 million.
• M&T Bank announced a quarterly dividend of $1.50, up from the previous $1.35, representing an annualized yield of 3.0%.
• Major analysts have raised their price targets for M&T Bank, with estimates ranging from $200.00 to $230.00, indicating a consensus rating of "Moderate Buy".

Allstate Corp grew its holdings in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 91.0% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 9,468 shares of the financial services provider's stock after buying an additional 4,511 shares during the period. Allstate Corp's holdings in M&T Bank were worth $1,692,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Jump Financial LLC acquired a new position in shares of M&T Bank during the fourth quarter worth approximately $251,000. MML Investors Services LLC raised its position in shares of M&T Bank by 66.8% during the fourth quarter. MML Investors Services LLC now owns 11,427 shares of the financial services provider's stock worth $2,148,000 after purchasing an additional 4,575 shares during the period. Fuller & Thaler Asset Management Inc. raised its position in shares of M&T Bank by 5.7% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 33,818 shares of the financial services provider's stock worth $6,358,000 after purchasing an additional 1,831 shares during the period. Coppell Advisory Solutions LLC raised its position in shares of M&T Bank by 1,031.7% during the fourth quarter. Coppell Advisory Solutions LLC now owns 464 shares of the financial services provider's stock worth $87,000 after purchasing an additional 423 shares during the period. Finally, Adage Capital Partners GP L.L.C. raised its position in shares of M&T Bank by 117.1% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 74,007 shares of the financial services provider's stock worth $13,914,000 after purchasing an additional 39,917 shares during the period. 84.68% of the stock is currently owned by institutional investors.

M&T Bank Stock Performance

NYSE:MTB traded up $2.20 during trading on Wednesday, reaching $202.35. The company's stock had a trading volume of 884,666 shares, compared to its average volume of 1,245,865. The firm has a market cap of $31.62 billion, a price-to-earnings ratio of 13.11, a price-to-earnings-growth ratio of 0.97 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 firm has a 50 day moving average of $193.53 and a 200-day moving average of $183.51. M&T Bank Corporation has a 12 month low of $150.75 and a 12 month high of $225.70.

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 for the quarter, topping the consensus estimate of $4.04 by $0.24. The company had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%.During the same quarter in the prior year, the company earned $3.73 EPS. Research analysts expect that M&T Bank Corporation will post 16.57 EPS 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. Shareholders of record on Tuesday, September 2nd will be paid a $1.50 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $6.00 annualized dividend and a yield of 3.0%. This is an increase from M&T Bank's previous quarterly dividend of $1.35. M&T Bank's dividend payout ratio is 34.97%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on MTB. Wall Street Zen raised M&T Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. Cowen began coverage on M&T Bank in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $200.00 target price on shares of M&T Bank in a research report on Monday, May 19th. DA Davidson increased their price target on M&T Bank from $189.00 to $207.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Finally, Citigroup increased their price target on M&T Bank from $200.00 to $212.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Thirteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, M&T Bank currently has an average rating of "Moderate Buy" and a consensus price target of $212.88.

Insider Buying and Selling

In other M&T Bank news, Director Richard H. Jr. Ledgett sold 1,277 shares of the firm's 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 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 position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John P. Barnes sold 15,000 shares of the firm's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $199.79, for a total value of $2,996,850.00. Following the transaction, the director directly owned 17,866 shares in the company, valued at approximately $3,569,448.14. This represents a 45.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,438 shares of company stock worth $4,964,196 in the last 90 days. 0.53% of the stock is owned by company insiders.

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.