MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH Has $45.18 Million Position in M&T Bank Corporation $MTB

Key Points

• MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH has increased its stake in M&T Bank Corporation by 9.5%, owning approximately 0.15% of the company, worth about $45.18 million.
• M&T Bank recently declared a quarterly dividend of $1.50 per share, up from the previous $1.35, reflecting an annualized yield of 3.0%.
• Analysts have a consensus rating of "Moderate Buy" for M&T Bank, with an average target price of $214.53 and multiple upgrades from various brokerages recently reported.

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH increased its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 9.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 232,896 shares of the financial services provider's stock after purchasing an additional 20,191 shares during the quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH owned approximately 0.15% of M&T Bank worth $45,179,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the stock. GAMMA Investing LLC boosted its holdings in shares of M&T Bank by 26.4% during the second quarter. GAMMA Investing LLC now owns 4,989 shares of the financial services provider's stock worth $968,000 after purchasing an additional 1,041 shares during the period. Farther Finance Advisors LLC boosted its holdings in shares of M&T Bank by 62.0% during the second quarter. Farther Finance Advisors LLC now owns 4,416 shares of the financial services provider's stock worth $857,000 after purchasing an additional 1,690 shares during the period. CX Institutional boosted its holdings in shares of M&T Bank by 16.5% during the second quarter. CX Institutional now owns 1,580 shares of the financial services provider's stock worth $307,000 after purchasing an additional 224 shares during the period. Canoe Financial LP boosted its holdings in shares of M&T Bank by 24,443.7% during the second quarter. Canoe Financial LP now owns 295,506 shares of the financial services provider's stock worth $57,325,000 after purchasing an additional 294,302 shares during the period. Finally, Family Legacy Financial Solutions LLC acquired a new stake in shares of M&T Bank during the second quarter worth approximately $46,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Trading Down 0.5%

Shares of M&T Bank stock opened at $199.59 on Thursday. The company's fifty day simple moving average is $195.30 and its 200-day simple moving average is $184.69. The company has a market cap of $31.19 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 0.98 and a beta of 0.67. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.47. M&T Bank Corporation has a 1 year low of $150.75 and a 1 year high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings data 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. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. The business 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 company posted $3.73 earnings per share. As a group, sell-side analysts expect that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Increases Dividend

The firm also recently declared 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 is an increase from M&T Bank's previous quarterly dividend of $1.35. This represents a $6.00 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Tuesday, September 2nd. M&T Bank's dividend payout ratio is presently 38.86%.

Insiders Place Their Bets

In other news, EVP Peter D'arcy sold 2,461 shares of the business's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $197.31, for a total value of $485,579.91. Following the sale, the executive vice president 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director John P. Barnes sold 15,000 shares of the business's stock in a transaction 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 completion of the sale, the director owned 17,866 shares in the company, valued at $3,569,448.14. This represents a 45.64% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,738 shares of company stock worth $3,734,612 over the last 90 days. Corporate insiders own 0.53% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MTB. Wells Fargo & Company raised their price objective on shares of M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a research report on Thursday, July 17th. Cantor Fitzgerald began coverage on shares of M&T Bank in a research report on Wednesday, September 10th. They set an "overweight" rating and a $228.00 price objective on the stock. DA Davidson raised 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. Morgan Stanley raised 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. Finally, Jefferies Financial Group raised 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. Thirteen investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $214.53.

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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