Longbow Finance SA Makes New Investment in M&T Bank Corporation (NYSE:MTB)

Key Points

• Longbow Finance SA has acquired 26,852 shares of M&T Bank Corporation, valued at approximately $4.8 million, according to their first quarter SEC filing.
• Insider transactions reveal significant sales, with EVP Peter D'arcy and Director Richard H. Jr. Ledgett both reducing their holdings by over 20% in recent trades.
• M&T Bank reported an EPS of $4.28 for its last quarter, exceeding estimates, and announced a quarterly dividend of $1.35 per share reflecting a 2.78% yield.

Longbow Finance SA purchased a new stake in M&T Bank Corporation (NYSE:MTB - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 26,852 shares of the financial services provider's stock, valued at approximately $4,800,000.

Several other large investors have also bought and sold shares of MTB. Teacher Retirement System of Texas bought a new position in M&T Bank during the 4th quarter worth $294,000. American Century Companies Inc. grew its holdings in M&T Bank by 0.9% during the 4th quarter. American Century Companies Inc. now owns 67,987 shares of the financial services provider's stock worth $12,782,000 after acquiring an additional 610 shares during the period. LPL Financial LLC grew its holdings in M&T Bank by 3.8% during the 4th quarter. LPL Financial LLC now owns 114,066 shares of the financial services provider's stock worth $21,446,000 after acquiring an additional 4,163 shares during the period. Congress Wealth Management LLC DE acquired a new stake in M&T Bank during the 4th quarter worth about $334,000. Finally, TIAA Trust National Association grew its holdings in M&T Bank by 1.1% during the 4th quarter. TIAA Trust National Association now owns 6,190 shares of the financial services provider's stock worth $1,164,000 after acquiring an additional 70 shares during the period. 84.68% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, Director Robert E. Sadler, Jr. sold 6,700 shares of the business's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $183.52, for a total value of $1,229,584.00. Following the completion of the sale, the director owned 23,070 shares of the company's stock, valued at approximately $4,233,806.40. The trade was a 22.51% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the business's stock in a transaction dated 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 sale, the director directly owned 4,881 shares of the company's stock, valued at approximately $963,899.88. This trade represents a 20.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,438 shares of company stock valued at $1,967,346 over the last 90 days. Insiders own 0.53% of the company's stock.

M&T Bank Stock Performance

NYSE:MTB traded up $0.43 during trading hours on Tuesday, reaching $194.58. The stock had a trading volume of 174,223 shares, compared to its average volume of 1,297,574. The stock has a market cap of $31.23 billion, a P/E ratio of 12.61, a price-to-earnings-growth ratio of 0.95 and a beta of 0.63. M&T Bank Corporation has a 12-month low of $150.75 and a 12-month high of $225.70. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.97 and a current ratio of 0.91. The stock has a 50 day simple moving average of $189.66 and a 200 day simple moving average of $184.48.

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, beating the consensus estimate of $4.04 by $0.24. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%. The company had revenue of $2.40 billion during the quarter, compared to analysts' expectations of $2.39 billion. During the same period in the previous year, the business earned $3.73 earnings per share. On average, research analysts forecast that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 2nd were paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.78%. The ex-dividend date was Monday, June 2nd. M&T Bank's dividend payout ratio (DPR) is currently 34.97%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on MTB shares. TD Cowen assumed 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. Morgan Stanley raised their target price on M&T Bank from $206.00 to $215.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. Cowen assumed coverage on M&T Bank in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. JPMorgan Chase & Co. cut their price target on M&T Bank from $212.50 to $186.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. Finally, Barclays cut their price target on 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 equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average 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.