Jennison Associates LLC Makes New Investment in M&T Bank Corporation (NYSE:MTB)

Jennison Associates LLC bought a new position in M&T Bank Corporation (NYSE:MTB - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 27,459 shares of the financial services provider's stock, valued at approximately $4,908,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Exchange Traded Concepts LLC lifted its stake in shares of M&T Bank by 53.8% in the first quarter. Exchange Traded Concepts LLC now owns 526 shares of the financial services provider's stock worth $94,000 after buying an additional 184 shares in the last quarter. Private Trust Co. NA lifted its stake in shares of M&T Bank by 16.5% in the first quarter. Private Trust Co. NA now owns 644 shares of the financial services provider's stock worth $115,000 after buying an additional 91 shares in the last quarter. Concurrent Investment Advisors LLC bought a new position in shares of M&T Bank in the first quarter worth approximately $225,000. Kingswood Wealth Advisors LLC lifted its position in M&T Bank by 4.4% during the first quarter. Kingswood Wealth Advisors LLC now owns 2,076 shares of the financial services provider's stock valued at $370,000 after purchasing an additional 88 shares during the period. Finally, American Century Companies Inc. lifted its position in M&T Bank by 0.9% during the fourth quarter. American Century Companies Inc. now owns 67,987 shares of the financial services provider's stock valued at $12,782,000 after purchasing an additional 610 shares during the period. Institutional investors own 84.68% of the company's stock.

Insiders Place Their Bets

In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of M&T Bank stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the completion of the sale, the director owned 23,070 shares in the company, valued at $4,233,806.40. This trade represents a 22.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.53% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in 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. Citigroup increased their price target on shares of M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Deutsche Bank Aktiengesellschaft upgraded shares of M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 price target on the stock in a research report on Thursday, April 24th. Jefferies Financial Group set a $225.00 price objective on shares of M&T Bank and gave the stock a "buy" rating in a research note on Wednesday, May 21st. Finally, Barclays cut their target price on shares of 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. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat, M&T Bank has an average rating of "Moderate Buy" and an average price target of $212.88.

M&T Bank Price Performance

M&T Bank stock opened at $196.15 on Monday. The firm has a 50-day moving average price of $188.64 and a 200-day moving average price of $184.31. The firm has a market capitalization of $31.49 billion, a PE ratio of 12.70, a price-to-earnings-growth ratio of 1.35 and a beta of 0.63. The company has a current ratio of 0.91, a quick ratio of 0.97 and a debt-to-equity ratio of 0.47. M&T Bank Corporation has a 12-month low of $150.75 and a 12-month high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.04 by $0.24. The firm had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.39 billion. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. During the same quarter last year, the business earned $3.73 EPS. As a group, equities research analysts forecast that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 2nd were issued a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.75%. M&T Bank's payout ratio is 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.

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