Banque Cantonale Vaudoise Acquires Shares of 6,531 M&T Bank Corporation (NYSE:MTB)

Key Points

• Banque Cantonale Vaudoise has acquired 6,531 shares of M&T Bank Corporation, valued at approximately $1,167,000, as part of its first-quarter investments.
• M&T Bank recently reported earnings of $4.28 per share for the quarter, exceeding estimates, and announced a quarterly dividend of $1.35, reflecting a 2.9% yield.
• Institutional investors hold a significant 84.68% of M&T Bank's stock, indicating robust confidence in the company's performance amid recent market fluctuations.

Banque Cantonale Vaudoise bought a new position in M&T Bank Corporation (NYSE:MTB - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 6,531 shares of the financial services provider's stock, valued at approximately $1,167,000.

Other institutional investors and hedge funds also recently made changes to their positions in the company. FMR LLC raised its holdings in M&T Bank by 14.3% in the fourth quarter. FMR LLC now owns 14,110,412 shares of the financial services provider's stock worth $2,652,899,000 after purchasing an additional 1,761,014 shares in the last quarter. Geode Capital Management LLC boosted its stake in M&T Bank by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider's stock worth $819,768,000 after acquiring an additional 40,948 shares in the last quarter. Northern Trust Corp increased its stake in shares of M&T Bank by 14.7% during the fourth quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider's stock valued at $316,483,000 after purchasing an additional 215,100 shares in the last quarter. First Trust Advisors LP lifted its holdings in shares of M&T Bank by 2.1% during the fourth quarter. First Trust Advisors LP now owns 1,605,724 shares of the financial services provider's stock valued at $301,892,000 after purchasing an additional 33,017 shares during the last quarter. Finally, Nuveen Asset Management LLC boosted its position in shares of M&T Bank by 22.3% in 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 purchasing an additional 286,049 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company's stock.

M&T Bank Stock Down 1.5%

MTB opened at $188.68 on Friday. M&T Bank Corporation has a 1-year low of $150.75 and a 1-year high of $225.70. The firm's 50 day simple moving average is $190.23 and its two-hundred day simple moving average is $184.58. The company has a current ratio of 0.91, a quick ratio of 0.97 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $30.29 billion, a PE ratio of 12.22, a PEG ratio of 0.94 and a beta of 0.63.

M&T Bank (NYSE:MTB - Get Free Report) last released 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. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%. The company had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same period in the previous year, the business earned $3.73 earnings per share. As a group, equities analysts forecast that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 2nd were given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.9%. The ex-dividend date was Monday, June 2nd. M&T Bank's dividend payout ratio is presently 34.97%.

Insiders Place Their Bets

In other news, Director Robert E. Sadler, Jr. sold 6,700 shares of the firm's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the sale, the director directly owned 23,070 shares in the company, 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 Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of M&T Bank stock in a transaction on Monday, July 21st. The shares were 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 position. The disclosure for this sale can be found here. Insiders sold a total of 10,438 shares of company stock worth $1,967,346 over the last three months. 0.53% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

MTB has been the subject of a number of recent research reports. JPMorgan Chase & Co. lowered their price objective on M&T Bank from $212.50 to $186.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. Wall Street Zen raised M&T Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. Jefferies Financial Group set a $225.00 price objective on shares of M&T Bank and gave the company a "buy" rating in a research report on Wednesday, May 21st. TD Cowen initiated 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. Finally, Truist Financial cut their price target on shares of M&T Bank from $225.00 to $200.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $212.88.

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.

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