AQR Capital Management LLC Grows Position in M&T Bank Corporation $MTB

AQR Capital Management LLC lifted its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 20.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 206,736 shares of the financial services provider's stock after buying an additional 35,029 shares during the quarter. AQR Capital Management LLC owned approximately 0.13% of M&T Bank worth $36,199,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in MTB. Wellington Management Group LLP boosted its holdings in M&T Bank by 33.1% in 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 purchasing an additional 2,460,315 shares in the last quarter. Nuveen LLC acquired a new position in M&T Bank in the first quarter valued at approximately $243,451,000. GAMMA Investing LLC boosted its holdings in M&T Bank by 18,471.2% in the first quarter. GAMMA Investing LLC now owns 705,705 shares of the financial services provider's stock valued at $126,145,000 after purchasing an additional 701,905 shares in the last quarter. Invesco Ltd. boosted its holdings in M&T Bank by 15.2% in the first quarter. Invesco Ltd. now owns 3,552,666 shares of the financial services provider's stock valued at $635,039,000 after purchasing an additional 468,758 shares in the last quarter. Finally, Nuveen Asset Management LLC boosted its holdings in M&T Bank by 22.3% in 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 purchasing an additional 286,049 shares in the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MTB has been the subject of a number of research analyst reports. Cantor Fitzgerald assumed coverage on M&T Bank in a report on Wednesday. They issued an "overweight" rating and a $228.00 price target for the company. Jefferies Financial Group boosted their price objective on M&T Bank from $220.00 to $240.00 and gave the company a "buy" rating in a research note on Wednesday, September 3rd. Wall Street Zen upgraded M&T Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Citigroup boosted their price objective on M&T Bank from $200.00 to $212.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Finally, Morgan Stanley boosted their price objective on M&T Bank from $206.00 to $215.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. Fourteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, M&T Bank currently has a consensus rating of "Moderate Buy" and an average target price of $214.31.

M&T Bank Stock Performance

Shares of M&T Bank stock traded down $0.06 during trading hours on Thursday, hitting $198.11. 588,219 shares of the company were exchanged, compared to its average volume of 1,221,864. M&T Bank Corporation has a 1 year low of $150.75 and a 1 year high of $225.70. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.47. The business has a 50-day moving average of $195.64 and a 200-day moving average of $183.79. The stock has a market capitalization of $30.96 billion, a price-to-earnings ratio of 12.84, a P/E/G ratio of 0.98 and a beta of 0.67.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 EPS for the quarter, topping 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 business had revenue of $2.40 billion during the quarter, compared to analysts' expectations of $2.39 billion. During the same quarter in the prior year, the business earned $3.73 earnings per share. As a group, 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 declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd will be paid 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 is Tuesday, September 2nd. M&T Bank's dividend payout ratio (DPR) is currently 38.86%.

Insider Transactions at M&T Bank

In other news, Director John P. Barnes sold 15,000 shares of the company's stock in a transaction that occurred 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 completion of the sale, the director owned 17,866 shares in the company, valued at $3,569,448.14. This represents a 45.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Peter D'arcy sold 2,461 shares of the company's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total value of $485,579.91. Following the sale, the executive vice president owned 9,319 shares of the company's stock, valued at $1,838,731.89. This trade represents a 20.89% decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,738 shares of company stock worth $3,734,612 over the last 90 days. 0.53% of the stock is currently owned by 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.