M&T Bank Corporation $MTB Stake Increased by Caisse DE Depot ET Placement DU Quebec

Key Points

• Caisse DE Depot ET Placement DU Quebec increased its stake in M&T Bank Corporation by 231.7%, owning a total of 128,653 shares valued at approximately $22.99 million after acquiring 89,868 shares.
• M&T Bank reported earnings per share of $4.28 for the last quarter, exceeding analyst expectations of $4.04, alongside a revenue of $2.40 billion.
• The company announced a dividend increase from $1.35 to $1.50 per share, set to be paid on September 30, 2023, with a yield of 3.0%.

Caisse DE Depot ET Placement DU Quebec raised its position in M&T Bank Corporation (NYSE:MTB - Free Report) by 231.7% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 128,653 shares of the financial services provider's stock after buying an additional 89,868 shares during the quarter. Caisse DE Depot ET Placement DU Quebec owned about 0.08% of M&T Bank worth $22,997,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of MTB. Wellington Management Group LLP increased its stake in M&T Bank by 33.1% in the 1st 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 buying an additional 2,460,315 shares during the period. Nuveen LLC acquired a new position in shares of M&T Bank during the 1st quarter worth $243,451,000. GAMMA Investing LLC grew its stake in shares of M&T Bank by 18,471.2% during the 1st quarter. GAMMA Investing LLC now owns 705,705 shares of the financial services provider's stock worth $126,145,000 after purchasing an additional 701,905 shares during the period. Invesco Ltd. grew its stake in shares of M&T Bank by 15.2% during the 1st quarter. Invesco Ltd. now owns 3,552,666 shares of the financial services provider's stock worth $635,039,000 after purchasing an additional 468,758 shares during the period. Finally, Nuveen Asset Management LLC grew its stake in shares of M&T Bank by 22.3% during 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 during the period. 84.68% of the stock is owned by institutional investors and hedge funds.

M&T Bank Trading Up 0.5%

Shares of MTB stock traded up $1.08 during trading hours on Friday, hitting $201.88. 748,468 shares of the company were exchanged, compared to its average volume of 881,987. The firm has a market cap of $31.55 billion, a PE ratio of 13.08, a PEG ratio of 0.98 and a beta of 0.63. M&T Bank Corporation has a 1 year low of $150.75 and a 1 year high of $225.70. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47. The firm has a fifty day moving average of $194.68 and a 200 day moving average of $183.68.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 EPS 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 analyst estimates 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 firm posted $3.73 earnings per share. Analysts expect 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. This represents a $6.00 dividend on an annualized basis and a yield of 3.0%. This is a positive change from M&T Bank's previous quarterly dividend of $1.35. The ex-dividend date of this dividend is Tuesday, September 2nd. M&T Bank's dividend payout ratio is presently 34.97%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on MTB shares. TD Cowen started coverage on shares of M&T Bank in a research report on Thursday, May 15th. They issued a "buy" rating and a $230.00 price objective on the stock. 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. Wall Street Zen upgraded shares of M&T Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. 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 report on Thursday, July 17th. Finally, Royal Bank Of Canada restated an "outperform" rating and issued a $200.00 target price on shares of M&T Bank in a report on Monday, May 19th. Thirteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $212.88.

Insider Activity

In other news, Director Richard H. Jr. Ledgett sold 1,277 shares of M&T Bank stock in a transaction that occurred 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 sale, the director owned 4,881 shares in the company, valued at $963,899.88. This trade represents a 20.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robert E. Sadler, Jr. sold 6,700 shares of M&T Bank stock in a transaction that occurred 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 owned 23,070 shares in the company, valued at $4,233,806.40. This represents a 22.51% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 25,438 shares of company stock worth $4,964,196. Company 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.