M&T Bank Corporation $MTB Shares Purchased by Evergreen Capital Management LLC

Key Points

• Evergreen Capital Management LLC significantly increased its stake in M&T Bank Corporation by 1,521.6%, acquiring 61,258 shares in the first quarter, now holding a total of 65,284 shares valued at approximately $11.67 million.
• Several institutional investors, including Exchange Traded Concepts LLC and Private Trust Co. NA, also increased their investments in M&T Bank, highlighting growing confidence in the financial services provider.
• M&T Bank recently reported earnings of $4.28 per share, which exceeded analyst expectations, and announced an increased dividend of $1.50 per share, reflecting a 3.0% yield.

Evergreen Capital Management LLC raised its position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 1,521.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 65,284 shares of the financial services provider's stock after acquiring an additional 61,258 shares during the quarter. Evergreen Capital Management LLC's holdings in M&T Bank were worth $11,670,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the company. Marcum Wealth LLC boosted its holdings in shares of M&T Bank by 4.9% during the 1st quarter. Marcum Wealth LLC now owns 1,231 shares of the financial services provider's stock valued at $220,000 after purchasing an additional 57 shares during the last quarter. Forum Financial Management LP boosted its holdings in shares of M&T Bank by 2.2% during the 4th quarter. Forum Financial Management LP now owns 2,873 shares of the financial services provider's stock valued at $540,000 after purchasing an additional 62 shares during the last quarter. Compound Planning Inc. boosted its holdings in shares of M&T Bank by 3.0% during the 1st quarter. Compound Planning Inc. now owns 2,222 shares of the financial services provider's stock valued at $397,000 after purchasing an additional 64 shares during the last quarter. Checchi Capital Advisers LLC boosted its holdings in shares of M&T Bank by 4.4% during the 1st quarter. Checchi Capital Advisers LLC now owns 1,579 shares of the financial services provider's stock valued at $282,000 after purchasing an additional 67 shares during the last quarter. Finally, Investors Research Corp boosted its holdings in shares of M&T Bank by 31.1% during the 1st quarter. Investors Research Corp now owns 295 shares of the financial services provider's stock valued at $53,000 after purchasing an additional 70 shares during the last quarter. 84.68% of the stock is owned by institutional investors.

Insider Activity at M&T Bank

In related news, EVP Peter D'arcy sold 2,461 shares of the business's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $197.31, for a total transaction 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. The trade was a 20.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the business's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $197.48, for a total transaction of $252,181.96. Following the completion of the transaction, the director owned 4,881 shares in the company, valued at $963,899.88. The trade was a 20.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,438 shares of company stock worth $4,964,196 over the last three months. Company insiders own 0.53% of the company's stock.

Analyst Upgrades and Downgrades

MTB has been the subject of several research reports. Citigroup increased their price objective on shares of M&T Bank from $200.00 to $212.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. Wall Street Zen raised shares of M&T Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. Wells Fargo & Company increased their price objective on shares of M&T Bank from $175.00 to $185.00 and gave the stock an "underweight" rating in a research report on Thursday, July 17th. TD Cowen initiated coverage on shares of M&T Bank in a research report on Thursday, May 15th. They set a "buy" rating and a $230.00 target price on the stock. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $200.00 target price on shares of M&T Bank in a research report on Monday, May 19th. 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 company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $212.88.

M&T Bank Stock Performance

Shares of M&T Bank stock traded down $3.03 during trading on Tuesday, hitting $198.63. 1,044,082 shares of the company's stock were exchanged, compared to its average volume of 1,239,198. M&T Bank Corporation has a 52-week low of $150.75 and a 52-week high of $225.70. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.97 and a current ratio of 0.97. The business has a 50-day simple moving average of $194.93 and a 200-day simple moving average of $183.52. The stock has a market capitalization of $31.04 billion, a price-to-earnings ratio of 12.86, a PEG ratio of 0.99 and a beta of 0.67.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share 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 company had revenue of $2.40 billion during the quarter, compared to analysts' expectations of $2.39 billion. During the same quarter in the previous year, the company earned $3.73 earnings per share. On average, 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 announced 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 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 dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, September 2nd. M&T Bank's dividend payout ratio is presently 34.97%.

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.