Boston Partners Acquires Shares of 11,582 M&T Bank Corporation $MTB

Key Points

• Boston Partners acquired a new stake in M&T Bank Corporation, purchasing 11,582 shares valued at approximately $2.07 million in the first quarter.
• Several hedge funds have recently increased their positions in M&T Bank, with Nuveen LLC leading a significant investment worth about $243.5 million.
• M&T Bank reported $4.28 EPS for the last quarter, surpassing estimates and marking a substantial increase compared to the prior year's EPS of $3.73.

Boston Partners bought a new stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 11,582 shares of the financial services provider's stock, valued at approximately $2,070,000.

A number of other hedge funds have also added to or reduced their stakes in the stock. Tokio Marine Asset Management Co. Ltd. grew its holdings in M&T Bank by 16.1% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,152 shares of the financial services provider's stock valued at $921,000 after buying an additional 715 shares in the last quarter. S Bank Fund Management Ltd purchased a new position in M&T Bank during the 1st quarter valued at about $226,000. National Pension Service grew its holdings in shares of M&T Bank by 4.6% during the first quarter. National Pension Service now owns 255,470 shares of the financial services provider's stock worth $45,665,000 after purchasing an additional 11,339 shares in the last quarter. Russell Investments Group Ltd. grew its holdings in shares of M&T Bank by 110.6% during the first quarter. Russell Investments Group Ltd. now owns 154,533 shares of the financial services provider's stock worth $27,584,000 after purchasing an additional 81,150 shares in the last quarter. Finally, Prudential PLC grew its holdings in shares of M&T Bank by 23.4% during the first quarter. Prudential PLC now owns 12,686 shares of the financial services provider's stock worth $2,268,000 after purchasing an additional 2,405 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company's stock.

M&T Bank Price Performance

NYSE MTB traded up $6.9820 on Friday, reaching $199.4120. 283,352 shares of the company's stock traded hands, compared to its average volume of 1,248,779. M&T Bank Corporation has a 12 month low of $150.75 and a 12 month high of $225.70. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.97 and a quick ratio of 0.97. The stock has a 50-day simple moving average of $192.29 and a 200 day simple moving average of $183.63. The stock has a market cap of $31.16 billion, a PE ratio of 12.94, a P/E/G ratio of 0.95 and a beta of 0.63.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 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 business had revenue of $2.40 billion for the quarter, compared to analysts' expectations of $2.39 billion. During the same period last year, the business earned $3.73 earnings per share. As a group, research analysts predict that M&T Bank Corporation will post 16.57 earnings per share for the current year.

M&T Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 2nd will be given a dividend of $1.50 per share. The ex-dividend date is Tuesday, September 2nd. This is an increase from M&T Bank's previous quarterly dividend of $1.35. This represents a $6.00 dividend on an annualized basis and a yield of 3.0%. M&T Bank's dividend payout ratio (DPR) is 38.86%.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, Director Robert E. Sadler, Jr. sold 6,700 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $183.52, for a total value of $1,229,584.00. Following the completion of the sale, the director owned 23,070 shares in the company, valued at approximately $4,233,806.40. The trade was a 22.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Peter D'arcy sold 2,461 shares of the business'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 value of $485,579.91. Following the completion of the sale, the executive vice president 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 10,438 shares of company stock worth $1,967,346 over the last ninety days. Insiders own 0.53% of the company's stock.

Analysts Set New Price Targets

MTB has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft raised M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 price objective for the company in a report on Thursday, April 24th. Citigroup boosted their price objective on M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Jefferies Financial Group set a $225.00 price objective on M&T Bank and gave the stock a "buy" rating in a report on Wednesday, May 21st. Cowen initiated coverage on M&T Bank in a report on Wednesday, May 14th. They set a "buy" rating for the company. Finally, DA Davidson boosted their price objective on M&T Bank from $189.00 to $207.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Thirteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, M&T Bank has an average rating of "Moderate Buy" and an average target price of $212.88.

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.