Gulf International Bank UK Ltd Has $1.74 Million Stake in M&T Bank Corporation (NYSE:MTB)

Key Points

• Gulf International Bank UK Ltd reduced its stake in M&T Bank Corporation by 24.8% during the first quarter, holding shares worth approximately $1.74 million after selling some shares.
• M&T Bank Corporation reported $4.28 EPS for its last quarter, exceeding analysts' expectations, and had a revenue of $2.40 billion.
• The bank's quarterly dividend of $1.35 equates to an annualized yield of 2.8%, reflecting a payout ratio of approximately 34.97%.

Gulf International Bank UK Ltd decreased its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 24.8% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 9,756 shares of the financial services provider's stock after selling 3,226 shares during the period. Gulf International Bank UK Ltd's holdings in M&T Bank were worth $1,743,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Wood Tarver Financial Group LLC acquired a new position in shares of M&T Bank during the 4th quarter valued at about $29,000. Banque Transatlantique SA acquired a new position in shares of M&T Bank during the 4th quarter valued at about $38,000. Grove Bank & Trust increased its holdings 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 valued at $40,000 after acquiring an additional 114 shares during the last quarter. Golden State Wealth Management LLC acquired a new position in shares of M&T Bank during the 1st quarter valued at about $46,000. Finally, Investors Research Corp grew its holdings in M&T Bank by 31.1% in the 1st quarter. Investors Research Corp now owns 295 shares of the financial services provider's stock valued at $53,000 after buying an additional 70 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

M&T Bank Price Performance

Shares of MTB stock opened at $194.06 on Friday. The stock's fifty day simple moving average is $191.61 and its 200 day simple moving average is $183.93. 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 firm has a market cap of $30.33 billion, a price-to-earnings ratio of 12.57, a P/E/G ratio of 0.95 and a beta of 0.63. M&T Bank Corporation has a one year low of $150.75 and a one year high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 EPS for the quarter, beating the consensus estimate of $4.04 by $0.24. The business had revenue of $2.40 billion for the quarter, compared to analyst estimates 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 quarter in the previous year, the firm earned $3.73 EPS. On average, analysts expect that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 2nd were given a $1.35 dividend. The ex-dividend date was Monday, June 2nd. This represents a $5.40 annualized dividend and a yield of 2.8%. M&T Bank's payout ratio is presently 34.97%.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, EVP Peter D'arcy sold 2,461 shares of M&T Bank 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 completion of the transaction, the executive vice president owned 9,319 shares in the company, valued at approximately $1,838,731.89. The trade was a 20.89% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of M&T Bank stock in a transaction on Monday, July 21st. The shares were sold at an average price of $197.48, for a total value of $252,181.96. Following the completion of the transaction, the director owned 4,881 shares of the company's stock, valued at approximately $963,899.88. The trade was a 20.74% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,438 shares of company stock worth $1,967,346. 0.53% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

MTB has been the topic of a number of research analyst reports. Wells Fargo & Company raised their target price on M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a report on Thursday, July 17th. DA Davidson raised their target price on M&T Bank from $189.00 to $207.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $200.00 target price on shares of M&T Bank in a report on Monday, May 19th. Wall Street Zen raised M&T Bank from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. Finally, Jefferies Financial Group set a $225.00 target price on M&T Bank and gave the company a "buy" rating in a report on Wednesday, May 21st. One research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price 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.

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