Amundi Increases Holdings in M&T Bank Corporation $MTB

Key Points

• Amundi increased its M&T Bank holdings by 7.7% in the second quarter, owning 388,916 shares valued at approximately $92.6 million. Institutional investors collectively hold 84.68% of the company.
• Analysts maintain a consensus “Hold” rating with an average price target of $255.97, although several firms recently raised their targets to between $250 and $300.
• M&T Bank exceeded quarterly earnings expectations, reporting $5.35 in EPS versus the $4.66 estimate, and declared a $1.50 quarterly dividend, equivalent to a 2.5% yield.

Amundi lifted its holdings in M&T Bank Corporation (NYSE:MTB - Free Report) by 7.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 388,916 shares of the financial services provider's stock after acquiring an additional 27,795 shares during the period. Amundi owned 0.27% of M&T Bank worth $92,566,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MTB. California State Teachers Retirement System lifted its holdings in M&T Bank by 23,449.1% in the 2nd quarter. California State Teachers Retirement System now owns 50,491,441 shares of the financial services provider's stock worth $12,017,468,000 after purchasing an additional 50,277,032 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in M&T Bank during the second quarter valued at $330,978,000. Davis Asset Management L.P. bought a new stake in M&T Bank in the 2nd quarter valued at $97,584,000. Danske Bank A S bought a new stake in M&T Bank in the 3rd quarter valued at $29,612,000. Finally, Russell Investments Group Ltd. lifted its stake in M&T Bank by 35.4% in the 4th quarter. Russell Investments Group Ltd. now owns 396,531 shares of the financial services provider's stock worth $79,954,000 after purchasing an additional 103,692 shares in the last quarter. Institutional investors own 84.68% of the company's stock.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Jefferies Financial Group reissued a "buy" rating and set a $300.00 price objective on shares of M&T Bank in a report on Wednesday, July 15th. Keefe, Bruyette & Woods lifted their target price on M&T Bank from $242.00 to $250.00 and gave the stock a "market perform" rating in a report on Thursday, July 16th. Barclays boosted their target price on M&T Bank from $236.00 to $267.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 16th. Royal Bank Of Canada increased their price target on M&T Bank from $230.00 to $255.00 and gave the company an "outperform" rating in a research note on Thursday, July 16th. Finally, DA Davidson raised their price target on M&T Bank from $263.00 to $266.00 and gave the company a "neutral" rating in a report on Thursday, July 16th. Eight investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, M&T Bank presently has a consensus rating of "Hold" and a consensus target price of $255.97.

M&T Bank Stock Performance

Shares of NYSE:MTB opened at $238.02 on Thursday. M&T Bank Corporation has a 52 week low of $174.76 and a 52 week high of $255.95. The stock has a market capitalization of $34.38 billion, a P/E ratio of 12.57, a PEG ratio of 1.35 and a beta of 0.56. The firm has a fifty day simple moving average of $244.84 and a two-hundred day simple moving average of $226.12. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.53.

M&T Bank (NYSE:MTB - Get Free Report) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.66 by $0.69. M&T Bank had a net margin of 22.72% and a return on equity of 11.80%. The firm had revenue of $2.53 billion for the quarter, compared to analysts' expectations of $2.46 billion. During the same period in the prior year, the company earned $4.28 EPS. On average, analysts expect that M&T Bank Corporation will post 19.45 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st will be paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Tuesday, September 1st. M&T Bank's payout ratio is presently 31.68%.

Insider Transactions at M&T Bank

In other M&T Bank news, Director Rudina Seseri sold 623 shares of the company's stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $241.04, for a total transaction of $150,167.92. Following the sale, the director directly owned 3,649 shares in the company, valued at $879,554.96. This represents a 14.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.44% of the stock is currently owned by company insiders.

M&T Bank Profile

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, Manufacturers and Traders Trust Company, commonly known as M&T Bank, provides financial products and services to individuals, businesses, institutions and government entities.

The company's offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, credit cards, treasury management and other business banking services.

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