KLP Kapitalforvaltning AS Boosts Holdings in M&T Bank Corporation $MTB

Key Points

• KLP Kapitalforvaltning AS increased its holdings in M&T Bank Corporation by 5.7%, bringing their total to 58,904 shares valued at approximately $11.43 million.
• Several institutional investors, including Wellington Management Group LLP and Invesco Ltd., have also significantly boosted their stakes in M&T Bank in recent months.
• M&T Bank declared a new quarterly dividend of $1.50 per share, an increase from the previous $1.35, resulting in an annualized dividend yield of 3.2%.

KLP Kapitalforvaltning AS increased its holdings in M&T Bank Corporation (NYSE:MTB - Free Report) by 5.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 58,904 shares of the financial services provider's stock after buying an additional 3,200 shares during the quarter. KLP Kapitalforvaltning AS's holdings in M&T Bank were worth $11,427,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Wellington Management Group LLP boosted its holdings in shares of M&T Bank by 33.1% in the first quarter. Wellington Management Group LLP now owns 9,894,065 shares of the financial services provider's stock worth $1,768,564,000 after buying an additional 2,460,315 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of M&T Bank by 15.2% in the first quarter. Invesco Ltd. now owns 3,552,666 shares of the financial services provider's stock worth $635,039,000 after buying an additional 468,758 shares during the last quarter. Northern Trust Corp boosted its holdings in shares of M&T Bank by 2.3% in the first quarter. Northern Trust Corp now owns 1,721,410 shares of the financial services provider's stock worth $307,702,000 after buying an additional 38,081 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of M&T Bank by 0.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,611,137 shares of the financial services provider's stock worth $287,932,000 after buying an additional 12,580 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of M&T Bank by 2.2% in the first quarter. Bank of New York Mellon Corp now owns 1,442,381 shares of the financial services provider's stock worth $257,826,000 after buying an additional 30,643 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company's stock.

Wall Street Analyst Weigh In

MTB has been the topic of a number of recent analyst reports. Cantor Fitzgerald initiated coverage on shares of M&T Bank in a research note on Wednesday, September 10th. They set an "overweight" rating and a $228.00 target price on the stock. UBS Group raised their target price on shares of M&T Bank from $207.00 to $208.00 and gave the stock a "neutral" rating in a research note on Tuesday. Morgan Stanley raised their target price on shares of M&T Bank from $206.00 to $215.00 and gave the stock an "overweight" rating in a research note on Friday, June 20th. Citigroup raised their target price on shares of M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Finally, Weiss Ratings restated a "buy (b-)" rating on shares of M&T Bank in a research note on Wednesday. Thirteen investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $216.18.

Insider Activity

In other news, Director John P. Barnes sold 15,000 shares of the business's stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $199.79, for a total value of $2,996,850.00. Following the completion of the sale, the director owned 17,866 shares in the company, valued at approximately $3,569,448.14. The trade was a 45.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Peter D'arcy sold 2,461 shares of M&T Bank stock in a transaction that occurred 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 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 position. The disclosure for this sale can be found here. In the last quarter, insiders sold 18,738 shares of company stock worth $3,734,612. 0.53% of the stock is currently owned by corporate insiders.

M&T Bank Trading Down 0.1%

Shares of MTB opened at $187.92 on Friday. The company's fifty day moving average is $195.30 and its 200 day moving average is $186.12. M&T Bank Corporation has a fifty-two week low of $150.75 and a fifty-two week high of $225.70. The stock has a market capitalization of $29.37 billion, a PE ratio of 12.17, a P/E/G ratio of 0.92 and a beta of 0.62. 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 announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, topping the consensus estimate of $4.04 by $0.24. The company had revenue of $2.40 billion for the quarter, compared to analysts' expectations 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 in the previous year, the business posted $3.73 earnings per share. Sell-side analysts expect that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd were issued a $1.50 dividend. The ex-dividend date was Tuesday, September 2nd. This represents a $6.00 annualized dividend and a dividend yield of 3.2%. This is an increase from M&T Bank's previous quarterly dividend of $1.35. M&T Bank's dividend payout ratio (DPR) is presently 38.86%.

M&T Bank Company 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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