Envestnet Asset Management Inc. Boosts Stock Holdings in M&T Bank Corporation (NYSE:MTB)

Envestnet Asset Management Inc. grew its holdings in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 16.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 268,934 shares of the financial services provider's stock after purchasing an additional 38,913 shares during the period. Envestnet Asset Management Inc. owned about 0.16% of M&T Bank worth $48,072,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Quadrant Capital Group LLC increased its position in M&T Bank by 5.8% in the 4th quarter. Quadrant Capital Group LLC now owns 971 shares of the financial services provider's stock valued at $183,000 after buying an additional 53 shares in the last quarter. Marcum Wealth LLC increased its position in M&T Bank by 4.9% in the 1st quarter. Marcum Wealth LLC now owns 1,231 shares of the financial services provider's stock valued at $220,000 after buying an additional 57 shares in the last quarter. Parallel Advisors LLC increased its position in M&T Bank by 1.7% in the 4th quarter. Parallel Advisors LLC now owns 3,512 shares of the financial services provider's stock valued at $660,000 after buying an additional 60 shares in the last quarter. Forum Financial Management LP increased its position in M&T Bank by 2.2% in the 4th quarter. Forum Financial Management LP now owns 2,873 shares of the financial services provider's stock valued at $540,000 after buying an additional 62 shares in the last quarter. Finally, Checchi Capital Advisers LLC increased its position in M&T Bank by 4.4% in the 1st quarter. Checchi Capital Advisers LLC now owns 1,579 shares of the financial services provider's stock valued at $282,000 after buying an additional 67 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on MTB shares. Jefferies Financial Group set a $225.00 target price on M&T Bank and gave the company a "buy" rating in a research report on Wednesday, May 21st. Truist Financial cut their price target on M&T Bank from $225.00 to $200.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Barclays cut their price target on M&T Bank from $235.00 to $220.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 15th. Cowen assumed coverage on M&T Bank in a research note on Wednesday, May 14th. They set a "buy" rating for the company. Finally, DA Davidson cut their price target on M&T Bank from $205.00 to $189.00 and set a "neutral" rating for the company in a research note on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $211.48.

M&T Bank Price Performance

Shares of M&T Bank stock traded up $0.32 during trading on Monday, hitting $202.23. The stock had a trading volume of 91,040 shares, compared to its average volume of 1,188,450. M&T Bank Corporation has a 12 month low of $150.75 and a 12 month high of $225.70. The business's 50-day moving average is $186.49 and its 200 day moving average is $184.02. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.39. The firm has a market cap of $32.46 billion, a price-to-earnings ratio of 13.55, a P/E/G ratio of 1.46 and a beta of 0.63.

M&T Bank (NYSE:MTB - Get Free Report) last posted its earnings results on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing the consensus estimate of $3.41 by ($0.03). M&T Bank had a return on equity of 10.18% and a net margin of 19.86%. The business had revenue of $2.31 billion for the quarter, compared to analysts' expectations of $2.35 billion. During the same quarter in the previous year, the firm earned $3.09 earnings per share. As a group, sell-side analysts anticipate that M&T Bank Corporation will post 16.57 earnings per share for the current year.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 2nd were given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.67%. The ex-dividend date of this dividend was Monday, June 2nd. M&T Bank's payout ratio is 36.17%.

Insider Buying and Selling

In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of the stock in a transaction 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 transaction, the director owned 23,070 shares of the company's stock, valued at $4,233,806.40. This represents a 22.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.53% of the stock is currently owned by corporate 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.