Blueshift Asset Management LLC Takes $263,000 Position in M&T Bank Corporation (NYSE:MTB)

Key Points

• Blueshift Asset Management LLC acquired a new stake in M&T Bank, purchasing 1,472 shares valued at approximately $263,000.
• Several other hedge funds have also invested in M&T Bank, with institutional investors now owning 84.68% of the stock.
• M&T Bank reported a quarterly EPS of $4.28, exceeding the consensus estimate, and announced a $1.35 dividend per share, representing a 2.9% yield.

Blueshift Asset Management LLC purchased a new stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 1,472 shares of the financial services provider's stock, valued at approximately $263,000.

Other large investors have also added to or reduced their stakes in the company. FMR LLC raised its stake in shares of 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 valued at $2,652,899,000 after acquiring an additional 1,761,014 shares during the period. GAMMA Investing LLC raised its stake in shares of 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 acquiring an additional 701,905 shares during the period. Nuveen Asset Management LLC raised its stake 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 acquiring an additional 286,049 shares during the period. D. E. Shaw & Co. Inc. purchased a new stake in shares of M&T Bank in the fourth quarter valued at $48,939,000. Finally, Lansforsakringar Fondforvaltning AB publ purchased a new stake in shares of M&T Bank in the fourth quarter valued at $43,101,000. Hedge funds and other institutional investors own 84.68% of the company's stock.

M&T Bank Price Performance

M&T Bank stock traded down $1.83 during trading on Tuesday, reaching $186.47. The company had a trading volume of 62,210 shares, compared to its average volume of 1,281,938. The firm's 50-day simple moving average is $190.50 and its 200 day simple moving average is $184.25. M&T Bank Corporation has a 1-year low of $150.75 and a 1-year high of $225.70. The firm has a market capitalization of $29.93 billion, a PE ratio of 12.10, a price-to-earnings-growth ratio of 0.91 and a beta of 0.63. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.97 and a current ratio of 0.91.

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 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.04 by $0.24. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. The firm had revenue of $2.40 billion for the quarter, compared to analysts' expectations of $2.39 billion. During the same quarter last year, the company earned $3.73 EPS. As a group, equities research analysts anticipate that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on MTB shares. Royal Bank Of Canada restated an "outperform" rating and issued a $200.00 price target on shares of M&T Bank in a report on Monday, May 19th. 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. Barclays cut their price target on shares of M&T Bank from $235.00 to $220.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 15th. TD Cowen started coverage on shares of M&T Bank in a report on Thursday, May 15th. They issued a "buy" rating and a $230.00 price target on the stock. Finally, Wells Fargo & Company increased their target price on shares of M&T Bank from $175.00 to $185.00 and gave the stock an "underweight" rating in a report on Thursday, July 17th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $212.88.

Insiders Place Their Bets

In other news, Director Richard H. Jr. Ledgett sold 1,277 shares of the company's 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 completion of the sale, the director owned 4,881 shares of the company's stock, valued at $963,899.88. This represents a 20.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Peter D'arcy sold 2,461 shares of the company's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total transaction of $485,579.91. Following the sale, the executive vice president directly owned 9,319 shares of the company's stock, valued at $1,838,731.89. The trade was a 20.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 10,438 shares of company stock valued at $1,967,346 in the last 90 days. 0.53% of the stock is owned by insiders.

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.