Comerica Bank Has $6.70 Million Holdings in M&T Bank Corporation $MTB

Key Points

• Comerica Bank reduced its holdings in M&T Bank by 24.0%, now owning 37,462 shares worth approximately $6.7 million.
• M&T Bank recently announced an increase in its quarterly dividend from $1.35 to $1.50 per share, representing an annualized yield of 3.0%.
• Brokerages have set a consensus price target of $212.88 for M&T Bank, with several firms issuing "buy" ratings and targets as high as $230.00.

Comerica Bank reduced its position in M&T Bank Corporation (NYSE:MTB - Free Report) by 24.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 37,462 shares of the financial services provider's stock after selling 11,822 shares during the quarter. Comerica Bank's holdings in M&T Bank were worth $6,696,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Wellington Management Group LLP raised its stake in shares of 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 in the last quarter. Invesco Ltd. increased its stake in M&T Bank by 15.2% in the first quarter. Invesco Ltd. now owns 3,552,666 shares of the financial services provider's stock valued at $635,039,000 after acquiring an additional 468,758 shares during the period. Northern Trust Corp raised its position in M&T Bank by 2.3% in the first quarter. Northern Trust Corp now owns 1,721,410 shares of the financial services provider's stock worth $307,702,000 after purchasing an additional 38,081 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in M&T Bank by 0.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,611,137 shares of the financial services provider's stock worth $287,932,000 after purchasing an additional 12,580 shares during the period. Finally, Nuveen Asset Management LLC lifted its stake in M&T Bank by 22.3% during the fourth 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. Institutional investors and hedge funds own 84.68% of the company's stock.

M&T Bank Price Performance

Shares of MTB stock traded down $3.03 during trading hours on Tuesday, hitting $198.63. 1,044,103 shares of the company's stock were exchanged, compared to its average volume of 812,662. M&T Bank Corporation has a 52 week low of $150.75 and a 52 week high of $225.70. The stock has a market cap of $31.04 billion, a price-to-earnings ratio of 12.86, a price-to-earnings-growth ratio of 0.99 and a beta of 0.67. 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's 50-day moving average is $195.09 and its 200-day moving average is $183.62.

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 earnings per share (EPS) for the quarter, topping the consensus estimate 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 the consensus estimate of $2.39 billion. During the same quarter in the prior year, the company earned $3.73 EPS. As a group, research analysts forecast that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd will be paid a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 3.0%. This is an increase 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 payout ratio is currently 34.97%.

Insider Activity at M&T Bank

In other M&T Bank news, EVP Peter D'arcy sold 2,461 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total value of $485,579.91. Following the transaction, the executive vice president directly owned 9,319 shares in the company, valued at approximately $1,838,731.89. This trade represents a 20.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director John P. Barnes sold 15,000 shares of M&T Bank stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $199.79, for a total value of $2,996,850.00. Following the completion of the sale, the director directly owned 17,866 shares of the company's stock, valued at $3,569,448.14. This trade represents a 45.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,438 shares of company stock valued at $4,964,196 over the last three months. 0.53% of the stock is owned by company insiders.

Analyst Ratings Changes

Several research firms have recently weighed in on MTB. Jefferies Financial Group set a $225.00 price objective on M&T Bank and gave the company a "buy" rating in a research note on Wednesday, May 21st. TD Cowen began coverage on M&T Bank in a research report on Thursday, May 15th. They issued a "buy" rating and a $230.00 price target on the stock. Morgan Stanley increased their price objective on M&T Bank from $206.00 to $215.00 and gave the stock an "overweight" rating in a research note on Friday, June 20th. Wall Street Zen upgraded shares of M&T Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Finally, DA Davidson upped their target price on shares of M&T Bank from $189.00 to $207.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Thirteen research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target 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.