Candriam S.C.A. Sells 10,343 Shares of M&T Bank Corporation $MTB

Key Points

• Candriam S.C.A. has reduced its stake in M&T Bank by 8.7%, now owning approximately 0.07% of the bank, valued at $19.5 million after selling 10,343 shares.
• M&T Bank has received a mix of analyst upgrades, with a consensus rating of "Moderate Buy" and an average price target of $212.88.
• The bank has announced an increase in its quarterly dividend from $1.35 to $1.50, representing a return of 3.1% for investors.

Candriam S.C.A. lessened its position in M&T Bank Corporation (NYSE:MTB - Free Report) by 8.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 109,172 shares of the financial services provider's stock after selling 10,343 shares during the quarter. Candriam S.C.A. owned 0.07% of M&T Bank worth $19,514,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Wood Tarver Financial Group LLC bought a new position in M&T Bank in the fourth quarter valued at $29,000. Banque Transatlantique SA bought a new position in M&T Bank in the fourth quarter valued at $38,000. Grove Bank & Trust increased its stake in M&T Bank by 104.6% in the first quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 114 shares during the last quarter. Golden State Wealth Management LLC bought a new position in M&T Bank in the first quarter valued at $46,000. Finally, Investors Research Corp increased its stake in M&T Bank by 31.1% in the first quarter. Investors Research Corp now owns 295 shares of the financial services provider's stock valued at $53,000 after acquiring an additional 70 shares during the last quarter. Institutional investors own 84.68% of the company's stock.

M&T Bank Trading Up 3.7%

Shares of M&T Bank stock traded up $7.1850 during trading on Friday, reaching $199.6150. 1,111,448 shares of the stock were exchanged, compared to its average volume of 868,752. 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 market cap of $31.19 billion, a price-to-earnings ratio of 12.93, a price-to-earnings-growth 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 stock's fifty day moving average is $192.73 and its 200 day moving average is $183.54.

M&T Bank (NYSE:MTB - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.04 by $0.24. The company had revenue of $2.40 billion for the quarter, compared to analysts' expectations of $2.39 billion. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%.During the same period last year, the firm earned $3.73 earnings per share. As a group, equities research analysts expect that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 2nd will be paid a $1.50 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a boost from M&T Bank's previous quarterly dividend of $1.35. This represents a $6.00 annualized dividend and a dividend yield of 3.0%. M&T Bank's payout ratio is 34.97%.

Analysts Set New Price Targets

A number of research firms recently commented on MTB. Morgan Stanley increased their target price on M&T Bank from $206.00 to $215.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. Wells Fargo & Company upped their price target 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. Jefferies Financial Group set a $225.00 price target on shares of M&T Bank and gave the company a "buy" rating in a research report on Wednesday, May 21st. Citigroup upped their price target on shares of M&T Bank from $200.00 to $212.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Finally, DA Davidson upped their price target on shares of M&T Bank from $189.00 to $207.00 and gave the company 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 given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $212.88.

Insider Buying and Selling

In related news, Director Richard H. Jr. Ledgett sold 1,277 shares of the firm's stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $197.48, for a total value of $252,181.96. Following the sale, the director directly owned 4,881 shares of the company's stock, 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 Securities & Exchange Commission, which is available through this link. Also, EVP Peter D'arcy sold 2,461 shares of the firm's stock in a transaction dated Tuesday, July 22nd. The stock was 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 directly owned 9,319 shares in the company, valued at $1,838,731.89. The trade was a 20.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,438 shares of company stock valued at $1,967,346 over the last ninety days. 0.53% of the stock is owned by insiders.

M&T Bank 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.