M&T Bank Corporation $MTB Position Boosted by MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in M&T Bank Corporation by 94.1%, acquiring an additional 16,231 shares during the first quarter, totaling 33,488 shares valued at approximately $5.99 million.
• M&T Bank has announced a quarterly dividend of $1.50 per share, an increase from the previous $1.35, representing an annualized dividend of $6.00 and a yield of 3.0%.
• Analysts have given M&T Bank a consensus rating of "Moderate Buy", with a current price target averaging $214.31, as several firms adjusted their ratings and price targets over recent months.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in M&T Bank Corporation (NYSE:MTB - Free Report) by 94.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 33,488 shares of the financial services provider's stock after acquiring an additional 16,231 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in M&T Bank were worth $5,985,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Marcum Wealth LLC boosted its holdings in shares of M&T Bank by 4.9% in the first quarter. Marcum Wealth LLC now owns 1,231 shares of the financial services provider's stock valued at $220,000 after acquiring an additional 57 shares in the last quarter. First Manhattan CO. LLC. boosted its holdings in shares of M&T Bank by 0.6% in the first quarter. First Manhattan CO. LLC. now owns 9,693 shares of the financial services provider's stock valued at $1,733,000 after acquiring an additional 57 shares in the last quarter. Forum Financial Management LP boosted its holdings in M&T Bank by 2.2% during the fourth quarter. Forum Financial Management LP now owns 2,873 shares of the financial services provider's stock worth $540,000 after buying an additional 62 shares in the last quarter. Compound Planning Inc. boosted its holdings in M&T Bank by 3.0% during the first quarter. Compound Planning Inc. now owns 2,222 shares of the financial services provider's stock worth $397,000 after buying an additional 64 shares in the last quarter. Finally, Checchi Capital Advisers LLC boosted its holdings in M&T Bank by 4.4% during the first quarter. Checchi Capital Advisers LLC now owns 1,579 shares of the financial services provider's stock worth $282,000 after buying an additional 67 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company's stock.

M&T Bank Trading Up 0.4%

MTB stock traded up $0.89 on Friday, hitting $198.72. 696,729 shares of the company were exchanged, compared to its average volume of 808,852. M&T Bank Corporation has a twelve month low of $150.75 and a twelve month high of $225.70. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.97 and a quick ratio of 0.97. The business's fifty day moving average is $195.47 and its two-hundred day moving average is $183.88. The stock has a market capitalization of $31.05 billion, a price-to-earnings ratio of 12.87, a price-to-earnings-growth ratio of 0.97 and a beta of 0.67.

M&T Bank (NYSE:MTB - Get Free Report) last released 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 company had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same period in the previous year, the firm earned $3.73 earnings per share. As a group, research analysts forecast that M&T Bank Corporation will post 16.57 earnings per share for the current year.

M&T Bank Increases Dividend

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

Insider Buying and Selling at M&T Bank

In other M&T Bank news, Director John P. Barnes sold 15,000 shares of the 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 transaction, the director directly owned 17,866 shares in the company, valued at $3,569,448.14. This represents a 45.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Peter D'arcy sold 2,461 shares of the stock in a transaction 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 sale, the executive vice president directly owned 9,319 shares in the company, valued at $1,838,731.89. This trade represents a 20.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,738 shares of company stock worth $3,734,612 in the last ninety days. 0.53% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on MTB shares. Citigroup boosted their price objective on shares of M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Jefferies Financial Group boosted their price objective on shares of M&T Bank from $220.00 to $240.00 and gave the stock a "buy" rating in a report on Wednesday, September 3rd. Morgan Stanley boosted their price objective on shares of M&T Bank from $206.00 to $215.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. DA Davidson upped their price target on shares of M&T Bank from $189.00 to $207.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $200.00 price target on shares of M&T Bank in a report on Monday, May 19th. Fourteen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $214.31.

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.