IFM Investors Pty Ltd Acquires 1,503 Shares of M&T Bank Corporation $MTB

Key Points

• IFM Investors Pty Ltd has increased its holdings in M&T Bank Corporation by 5.3% in the first quarter, bringing its total to 29,775 shares valued at approximately $5.3 million.
• M&T Bank recently announced an increase in its quarterly dividend to $1.50 per share, which represents a yield of 3.0% and is a rise from the previous dividend of $1.35.
• Several analysts have upgraded their price targets for M&T Bank, with Jefferies Financial Group increasing their target from $220 to $240 while maintaining a "buy" rating.

IFM Investors Pty Ltd increased its holdings in M&T Bank Corporation (NYSE:MTB - Free Report) by 5.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 29,775 shares of the financial services provider's stock after acquiring an additional 1,503 shares during the quarter. IFM Investors Pty Ltd's holdings in M&T Bank were worth $5,322,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of MTB. Wellington Management Group LLP increased 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 worth $1,768,564,000 after acquiring an additional 2,460,315 shares in the last quarter. Nuveen LLC bought a new position in shares of M&T Bank in the 1st quarter worth about $243,451,000. GAMMA Investing LLC increased its stake in shares of M&T Bank by 18,471.2% in the 1st quarter. GAMMA Investing LLC now owns 705,705 shares of the financial services provider's stock worth $126,145,000 after acquiring an additional 701,905 shares in the last quarter. Invesco Ltd. grew its position in M&T Bank by 15.2% during the 1st quarter. Invesco Ltd. now owns 3,552,666 shares of the financial services provider's stock valued at $635,039,000 after purchasing an additional 468,758 shares during the last quarter. Finally, Nuveen Asset Management LLC grew its position in M&T Bank by 22.3% during the 4th quarter. Nuveen Asset Management LLC now owns 1,567,270 shares of the financial services provider's stock valued at $294,662,000 after purchasing an additional 286,049 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other M&T Bank news, Director John P. Barnes sold 15,000 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $199.79, for a total transaction of $2,996,850.00. Following the sale, the director owned 17,866 shares in the company, valued at approximately $3,569,448.14. This trade represents a 45.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of M&T Bank stock in a transaction that occurred 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 sale, the director owned 4,881 shares in the company, 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 90 days, insiders have sold 18,738 shares of company stock worth $3,734,612. Company insiders own 0.53% of the company's stock.

M&T Bank Stock Performance

Shares of NYSE MTB opened at $198.03 on Friday. The firm's 50-day moving average price is $195.55 and its 200-day moving average price is $183.82. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47. The company has a market cap of $30.95 billion, a PE ratio of 12.83, a PEG ratio of 0.97 and a beta of 0.67. M&T Bank Corporation has a 52-week low of $150.75 and a 52-week 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 earnings per share (EPS) 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 firm had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter last year, the firm posted $3.73 EPS. As a group, analysts anticipate that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Tuesday, September 2nd. This is a positive change from M&T Bank's previous quarterly dividend of $1.35. M&T Bank's dividend payout ratio (DPR) is 38.86%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MTB. Jefferies Financial Group increased their price objective on shares of M&T Bank from $220.00 to $240.00 and gave the company a "buy" rating in a research report on Wednesday, September 3rd. TD Cowen began coverage on shares of M&T Bank in a research report on Thursday, May 15th. They set a "buy" rating and a $230.00 price objective on the stock. Morgan Stanley increased their price objective on shares of M&T Bank from $206.00 to $215.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. DA Davidson increased their price objective on shares of 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, Cantor Fitzgerald began coverage on shares of M&T Bank in a research report on Wednesday. They set an "overweight" rating and a $228.00 price objective on the stock. Fourteen research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, M&T Bank has a consensus rating of "Moderate Buy" and an average price target of $214.31.

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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