American Century Companies Inc. Decreases Stake in M&T Bank Corporation $MTB

Key Points

• American Century Companies Inc. reduced its stake in M&T Bank Corporation by 8.7%, holding 62,047 shares valued at approximately $11.09 million after selling 5,940 shares in the first quarter.
• Several institutional investors, including Marcum Wealth LLC and Forum Financial Management LP, have increased their positions in M&T Bank, indicating strong institutional interest in the company.
• M&T Bank announced a quarterly dividend of $1.50, marking an increase from the previous quarterly dividend of $1.35, which represents an annualized yield of 3.0%.

American Century Companies Inc. reduced its holdings in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 8.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 62,047 shares of the financial services provider's stock after selling 5,940 shares during the period. American Century Companies Inc.'s holdings in M&T Bank were worth $11,091,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Invesco Ltd. lifted its position in M&T Bank by 15.2% during the 1st 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 during the period. Northern Trust Corp lifted its position in M&T Bank by 14.7% during the 4th quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider's stock valued at $316,483,000 after acquiring an additional 215,100 shares during the period. Dimensional Fund Advisors LP lifted its position in M&T Bank by 0.8% during the 1st 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 during the period. Nuveen Asset Management LLC lifted its position in M&T Bank by 22.3% during the 4th 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 during the period. Finally, Bank of New York Mellon Corp lifted its position in M&T Bank by 2.2% during the 1st quarter. Bank of New York Mellon Corp now owns 1,442,381 shares of the financial services provider's stock valued at $257,826,000 after acquiring an additional 30,643 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Citigroup lifted their target price on shares of M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. TD Cowen assumed coverage on shares of M&T Bank in a report on Thursday, May 15th. They issued a "buy" rating and a $230.00 target price for the company. DA Davidson lifted their target price on shares of M&T Bank from $189.00 to $207.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Wall Street Zen raised shares of M&T Bank from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. Finally, Morgan Stanley lifted their target price on shares of M&T Bank from $206.00 to $215.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Thirteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $212.88.

M&T Bank Trading Up 0.5%

Shares of MTB traded up $1.08 during midday trading on Friday, hitting $201.88. The stock had a trading volume of 748,468 shares, compared to its average volume of 881,987. M&T Bank Corporation has a 1 year low of $150.75 and a 1 year high of $225.70. The firm has a market cap of $31.55 billion, a PE ratio of 13.08, a price-to-earnings-growth ratio of 0.98 and a beta of 0.63. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.97 and a quick ratio of 0.97. The stock's 50 day moving average is $194.34 and its 200 day moving average is $183.67.

M&T Bank (NYSE:MTB - Get Free Report) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, beating the consensus estimate of $4.04 by $0.24. The business had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.39 billion. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. During the same quarter in the prior year, the firm posted $3.73 earnings per share. As a group, analysts forecast that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd will be issued a $1.50 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $6.00 dividend on an annualized basis and a dividend 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 (DPR) is 34.97%.

Insider Activity

In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of the 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 $4,233,806.40. This trade represents a 22.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John P. Barnes sold 15,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were 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 directly owned 17,866 shares of the company's stock, valued at $3,569,448.14. The trade was a 45.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 25,438 shares of company stock valued at $4,964,196 over the last 90 days. 0.53% of the stock is currently owned by corporate insiders.

M&T Bank Company 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.