65,801 Shares in M&T Bank Corporation $MTB Acquired by Kodai Capital Management LP

Key Points

• Kodai Capital Management LP acquired a total of 65,801 shares of M&T Bank Corporation, valued at approximately $11.76 million, indicating increasing institutional interest in the bank.
• In recent analyst reports, M&T Bank received upgrades from firms including Citigroup and Morgan Stanley, with target prices ranging up to $215.00, reflecting a generally positive outlook on the stock.
• M&T Bank announced an increase in its quarterly dividend from $1.35 to $1.50, with the ex-dividend date set for September 2nd, leading to an annualized dividend yield of 3.0%.

Kodai Capital Management LP bought a new position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 65,801 shares of the financial services provider's stock, valued at approximately $11,762,000.

Other large investors have also bought and sold shares of the company. Exchange Traded Concepts LLC raised its position in M&T Bank by 53.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 526 shares of the financial services provider's stock worth $94,000 after purchasing an additional 184 shares during the last quarter. Private Trust Co. NA raised its position in M&T Bank by 16.5% during the 1st quarter. Private Trust Co. NA now owns 644 shares of the financial services provider's stock worth $115,000 after purchasing an additional 91 shares during the last quarter. Concurrent Investment Advisors LLC bought a new position in M&T Bank during the 1st quarter worth $225,000. Kingswood Wealth Advisors LLC raised its position in M&T Bank by 4.4% during the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,076 shares of the financial services provider's stock worth $370,000 after purchasing an additional 88 shares during the last quarter. Finally, Raymond James Financial Inc. raised its position in M&T Bank by 1.8% during the 1st quarter. Raymond James Financial Inc. now owns 117,972 shares of the financial services provider's stock worth $21,088,000 after purchasing an additional 2,111 shares during the last quarter. 84.68% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director John P. Barnes sold 15,000 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $199.79, for a total value of $2,996,850.00. Following the transaction, the director owned 17,866 shares in the company, valued at $3,569,448.14. The trade was a 45.64% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Peter D'arcy sold 2,461 shares of the business's stock in a transaction that occurred 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 $1,838,731.89. The trade was a 20.89% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 25,438 shares of company stock worth $4,964,196 over the last 90 days. 0.53% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

MTB has been the subject of a number of recent analyst reports. TD Cowen initiated coverage on M&T Bank in a report on Thursday, May 15th. They set a "buy" rating and a $230.00 price target for the company. Cowen initiated coverage on M&T Bank in a report on Wednesday, May 14th. They set a "buy" rating for the company. Wells Fargo & Company increased their price target on M&T Bank from $175.00 to $185.00 and gave the stock an "underweight" rating in a report on Thursday, July 17th. Royal Bank Of Canada reiterated an "outperform" rating and set a $200.00 price target on shares of M&T Bank in a report on Monday, May 19th. Finally, Citigroup increased their price target on M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Thirteen equities 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's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $213.63.

M&T Bank Stock Down 0.2%

MTB stock traded down $0.37 during mid-day trading on Wednesday, reaching $198.61. 352,149 shares of the company traded hands, compared to its average volume of 1,233,840. The stock has a market cap of $31.04 billion, a price-to-earnings ratio of 12.87, a P/E/G ratio of 0.99 and a beta of 0.67. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47. M&T Bank Corporation has a fifty-two week low of $150.75 and a fifty-two week high of $225.70. The firm's 50 day moving average price is $195.09 and its 200 day moving average price is $183.62.

M&T Bank (NYSE:MTB - Get Free Report) last released 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. The business had revenue of $2.40 billion during the quarter, compared to the consensus estimate 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 business earned $3.73 EPS. As a group, equities research analysts predict that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Increases Dividend

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

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.