Banco Bilbao Vizcaya Argentaria S.A. Boosts Holdings in M&T Bank Corporation $MTB

Key Points

• Banco Bilbao Vizcaya Argentaria S.A. increased its stake in M&T Bank Corporation by 3.2%, owning 54,996 shares valued at $9.83 million as of the latest reporting period.
• M&T Bank recently announced an increase in its quarterly dividend, raising it from $1.35 to $1.50 per share, resulting in an annualized yield of 3.2%.
• Thirteen research analysts currently rate M&T Bank with a Buy rating, while the average price target for the stock is set at $212.88.

Banco Bilbao Vizcaya Argentaria S.A. raised its holdings in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 3.2% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 54,996 shares of the financial services provider's stock after buying an additional 1,693 shares during the quarter. Banco Bilbao Vizcaya Argentaria S.A.'s holdings in M&T Bank were worth $9,831,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP grew its holdings in shares of 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 during the period. Invesco Ltd. grew its holdings in shares of 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 during the period. Northern Trust Corp grew its holdings in shares of M&T Bank by 2.3% in the first quarter. Northern Trust Corp now owns 1,721,410 shares of the financial services provider's stock valued at $307,702,000 after purchasing an additional 38,081 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of M&T Bank by 0.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,611,137 shares of the financial services provider's stock valued at $287,932,000 after purchasing an additional 12,580 shares during the period. Finally, Nuveen Asset Management LLC grew its holdings in shares of 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 during the period. Hedge funds and other institutional investors own 84.68% of the company's stock.

M&T Bank Stock Up 3.7%

NYSE:MTB traded up $7.1850 during mid-day trading on Friday, hitting $199.6150. The stock had a trading volume of 1,111,448 shares, compared to its average volume of 868,752. The stock has a 50-day simple moving average of $192.73 and a two-hundred day simple moving average of $183.54. The company has a market capitalization of $31.19 billion, a PE ratio of 12.93, a PEG ratio of 0.98 and a beta of 0.63. M&T Bank Corporation has a twelve month low of $150.75 and a twelve month 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.

M&T Bank (NYSE:MTB - Get Free Report) last issued 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 firm had revenue of $2.40 billion for the quarter, compared to analysts' expectations 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 last year, the company earned $3.73 earnings per share. On average, equities research analysts anticipate that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders 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 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 payout ratio is 34.97%.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on MTB. 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 price objective for the company. Wells Fargo & Company upped their target price on shares of M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a research report on Thursday, July 17th. Cowen started coverage on shares of M&T Bank in a research report on Wednesday, May 14th. They issued a "buy" rating on the stock. Royal Bank Of Canada reissued an "outperform" rating and set a $200.00 price target on shares of M&T Bank in a research report on Monday, May 19th. Finally, DA Davidson increased their price target on shares of M&T Bank from $189.00 to $207.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Thirteen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, M&T Bank currently has a consensus rating of "Moderate Buy" and a consensus target price of $212.88.

Insider Transactions at M&T Bank

In other news, EVP Peter D'arcy sold 2,461 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $197.31, for a total transaction of $485,579.91. Following the transaction, the executive vice president directly owned 9,319 shares in the company, valued at approximately $1,838,731.89. This trade represents a 20.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the firm's stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $197.48, for a total transaction of $252,181.96. Following the transaction, the director owned 4,881 shares in the company, valued at approximately $963,899.88. This trade represents a 20.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,438 shares of company stock worth $1,967,346. Insiders own 0.53% of the company's stock.

About M&T Bank

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.