Goldman Sachs Group Inc. Increases Holdings in M&T Bank Corporation $MTB

Key Points

• Goldman Sachs Group Inc. increased its holdings in M&T Bank Corporation by 20.6%, owning approximately 1,097,864 shares valued at $196 million.
• M&T Bank recently declared a quarterly dividend of $1.50 per share, a raise from the previous $1.35, with a dividend yield of 3.0%.
• Analysts have set a range of target prices for M&T Bank shares, with the average target being $214.31, reflecting a mostly bullish outlook on the stock.

Goldman Sachs Group Inc. raised its holdings in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 20.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,097,864 shares of the financial services provider's stock after acquiring an additional 187,780 shares during the quarter. Goldman Sachs Group Inc. owned approximately 0.68% of M&T Bank worth $196,243,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Wealth Preservation Advisors LLC purchased a new stake in M&T Bank during the first quarter worth approximately $25,000. WPG Advisers LLC purchased a new position in M&T Bank in the first quarter valued at approximately $25,000. Wood Tarver Financial Group LLC acquired a new stake in M&T Bank during the fourth quarter worth approximately $29,000. Grove Bank & Trust lifted its position in shares of M&T Bank by 104.6% during the 1st quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock worth $40,000 after buying an additional 114 shares during the last quarter. Finally, Golden State Wealth Management LLC acquired a new position in shares of M&T Bank in the 1st quarter valued at $46,000. Institutional investors and hedge funds own 84.68% of the company's stock.

Analysts Set New Price Targets

MTB has been the topic of a number of recent analyst reports. 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 target price on the stock. Morgan Stanley raised their price objective on M&T Bank from $206.00 to $215.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Royal Bank Of Canada reiterated an "outperform" rating and set a $200.00 target price on shares of M&T Bank in a research report on Monday, May 19th. DA Davidson upped their target price on M&T Bank from $189.00 to $207.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Finally, Jefferies Financial Group raised their price target on M&T Bank from $220.00 to $240.00 and gave the stock a "buy" rating in a research note on Wednesday, September 3rd. Fourteen 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 company's stock. According to data from MarketBeat.com, M&T Bank has an average rating of "Moderate Buy" and an average target price of $214.31.

Insider Buying and Selling

In other M&T Bank news, Director Richard H. Jr. Ledgett sold 1,277 shares of the company's stock in a transaction 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 completion of the transaction, the director owned 4,881 shares in the company, valued at approximately $963,899.88. This represents a 20.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Peter D'arcy sold 2,461 shares of the firm's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total transaction of $485,579.91. Following the completion of the sale, the executive vice president owned 9,319 shares of the company's stock, valued at $1,838,731.89. This trade represents a 20.89% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,738 shares of company stock valued at $3,734,612 over the last three months. 0.53% of the stock is currently owned by company insiders.

M&T Bank Price Performance

Shares of MTB opened at $198.12 on Thursday. M&T Bank Corporation has a fifty-two week low of $150.75 and a fifty-two week high of $225.70. The company has a market capitalization of $30.96 billion, a price-to-earnings ratio of 12.83, a price-to-earnings-growth ratio of 0.98 and a beta of 0.67. The firm has a 50-day simple moving average of $195.64 and a 200-day simple moving average of $183.79. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.97 and a current ratio of 0.97.

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, beating the consensus estimate of $4.04 by $0.24. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%.The firm had revenue of $2.40 billion for the quarter, compared to analysts' expectations of $2.39 billion. During the same quarter in the previous year, the firm posted $3.73 EPS. On average, equities research analysts anticipate that M&T Bank Corporation will post 16.57 earnings per share 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 a boost from M&T Bank's previous quarterly dividend of $1.35. The ex-dividend date is Tuesday, September 2nd. M&T Bank's dividend payout ratio (DPR) is currently 38.86%.

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.

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