Ameriprise Financial Inc. Decreases Position in M&T Bank Corporation $MTB

Key Points

• Ameriprise Financial Inc. reduced its holdings in M&T Bank Corporation by 20.1%, selling 101,081 shares, leaving it with approximately 402,835 shares valued at $72.39 million.
• M&T Bank reported a quarterly EPS of $4.28, exceeding analysts' expectations of $4.04, along with a revenue of $2.40 billion for the same period.
• The company announced an increase in its quarterly dividend from $1.35 to $1.50 per share, providing an annualized yield of 3.0% to shareholders.

Ameriprise Financial Inc. cut its position in M&T Bank Corporation (NYSE:MTB - Free Report) by 20.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 402,835 shares of the financial services provider's stock after selling 101,081 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.25% of M&T Bank worth $72,387,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Wellington Management Group LLP lifted its position in M&T Bank by 33.1% during the 1st quarter. Wellington Management Group LLP now owns 9,894,065 shares of the financial services provider's stock worth $1,768,564,000 after acquiring an additional 2,460,315 shares during the period. 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 worth $635,039,000 after acquiring an additional 468,758 shares during the period. Northern Trust Corp lifted its position in M&T Bank by 2.3% during the 1st quarter. Northern Trust Corp now owns 1,721,410 shares of the financial services provider's stock worth $307,702,000 after acquiring an additional 38,081 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 worth $287,932,000 after acquiring an additional 12,580 shares during the period. Finally, 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 worth $294,662,000 after acquiring an additional 286,049 shares during the period. 84.68% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at M&T Bank

In other news, Director Robert E. Sadler, Jr. sold 6,700 shares of the company's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $183.52, for a total value of $1,229,584.00. Following the completion of the sale, the director owned 23,070 shares of the company's stock, valued at $4,233,806.40. This represents a 22.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the company'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 completion of the sale, the director directly owned 4,881 shares of the company's stock, valued at $963,899.88. The trade was a 20.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 25,438 shares of company stock worth $4,964,196 in the last three months. 0.53% of the stock is currently owned by insiders.

M&T Bank Price Performance

Shares of NYSE MTB traded up $1.08 during trading on Friday, reaching $201.88. The company had a trading volume of 748,468 shares, compared to its average volume of 881,987. M&T Bank Corporation has a twelve month low of $150.75 and a twelve month high of $225.70. The stock has a market capitalization 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 stock has a 50-day moving average price of $194.68 and a two-hundred day moving average price of $183.68. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB - Get Free Report) last released its earnings results 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. The firm had revenue of $2.40 billion during the quarter, compared to analyst estimates 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 period in the prior year, the firm posted $3.73 earnings per share. As a group, sell-side analysts predict that M&T Bank Corporation will post 16.57 earnings per share for the current year.

M&T Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 2nd will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a 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 dividend payout ratio (DPR) is presently 34.97%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $200.00 price objective on shares of M&T Bank in a research report on Monday, May 19th. TD Cowen assumed coverage on M&T Bank in a report on Thursday, May 15th. They issued a "buy" rating and a $230.00 price target for the company. Jefferies Financial Group set a $225.00 price target on M&T Bank and gave the company a "buy" rating in a report on Wednesday, May 21st. Citigroup raised their price target on M&T Bank from $200.00 to $212.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Finally, Wells Fargo & Company raised their price target on M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a report on Thursday, July 17th. Thirteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $212.88.

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.