Mirae Asset Global Investments Co. Ltd. Buys 35,792 Shares of M&T Bank Corporation $MTB

Key Points

• Mirae Asset Global Investments initiated a position in M&T Bank, buying 35,792 shares worth approximately $7.8 million in the third quarter.
• M&T Bank reported quarterly earnings of $5.08 per share, beating the $4.93 consensus estimate, while revenue of $2.54 billion slightly exceeded forecasts.
• Analysts hold a mixed-to-neutral outlook: the stock has an average “Hold” rating and a consensus price target of $244.89.

Mirae Asset Global Investments Co. Ltd. bought a new stake in M&T Bank Corporation (NYSE:MTB - Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 35,792 shares of the financial services provider's stock, valued at approximately $7,788,000.

A number of other institutional investors have also recently added to or reduced their stakes in MTB. Bogart Wealth LLC increased its stake in M&T Bank by 233.3% during the first quarter. Bogart Wealth LLC now owns 120 shares of the financial services provider's stock worth $25,000 after acquiring an additional 84 shares during the last quarter. First Bancorp Inc ME purchased a new position in shares of M&T Bank in the 2nd quarter worth about $25,000. John Boyer Inc. acquired a new position in shares of M&T Bank in the 3rd quarter valued at about $29,000. FNY Investment Advisers LLC acquired a new position in shares of M&T Bank in the 2nd quarter valued at about $51,000. Finally, NBH Bank purchased a new stake in shares of M&T Bank during the 2nd quarter worth about $51,000. Hedge funds and other institutional investors own 84.68% of the company's stock.

M&T Bank Price Performance

MTB stock opened at $224.67 on Thursday. The firm has a market cap of $32.45 billion, a P/E ratio of 11.73, a price-to-earnings-growth ratio of 1.28 and a beta of 0.64. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.89 and a current ratio of 0.89. M&T Bank Corporation has a 1 year low of $179.75 and a 1 year high of $255.95. The stock has a 50-day simple moving average of $225.19 and a 200-day simple moving average of $225.22.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings results on Friday, October 16th. The financial services provider reported $5.08 EPS for the quarter, topping the consensus estimate of $4.93 by $0.15. The firm had revenue of $2.54 billion for the quarter, compared to analyst estimates of $2.53 billion. M&T Bank had a return on equity of 11.86% and a net margin of 22.63%. During the same period in the previous year, the company posted $4.82 EPS. On average, equities analysts predict that M&T Bank Corporation will post 19.48 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st were paid a dividend of $1.50 per share. The ex-dividend date was Tuesday, September 1st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.7%. M&T Bank's dividend payout ratio (DPR) is currently 31.32%.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on MTB shares. JPMorgan Chase & Co. dropped their target price on shares of M&T Bank from $265.50 to $248.50 and set a "neutral" rating for the company in a research report on Friday, October 2nd. Royal Bank Of Canada reduced their price target on shares of M&T Bank from $255.00 to $245.00 and set an "outperform" rating on the stock in a research report on Monday, October 19th. Citigroup boosted their price objective on shares of M&T Bank from $225.00 to $230.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 21st. UBS Group cut their target price on shares of M&T Bank from $255.00 to $238.00 and set a "neutral" rating on the stock in a research note on Monday, October 5th. Finally, Keefe, Bruyette & Woods lifted their target price on shares of M&T Bank from $242.00 to $250.00 and gave the company a "market perform" rating in a report on Thursday, July 16th. Eight investment analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $244.89.

Insiders Place Their Bets

In other news, CEO René Jones sold 19,396 shares of the business's stock in a transaction on Monday, September 14th. The shares were sold at an average price of $239.35, for a total transaction of $4,642,432.60. Following the transaction, the chief executive officer directly owned 103,831 shares of the company's stock, valued at approximately $24,851,949.85. The trade was a 15.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rudina Seseri sold 623 shares of the company's stock in a transaction on Friday, August 21st. The shares were sold at an average price of $241.04, for a total transaction of $150,167.92. Following the completion of the transaction, the director owned 3,649 shares of the company's stock, valued at $879,554.96. This trade represents a 14.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.44% of the company's stock.

About M&T Bank

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, M&T Bank, was founded in 1856 and provides financial products and services to individuals, businesses and institutions.

The company's offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, credit cards, treasury management and other banking services. Through its wealth management and institutional businesses, including Wilmington Trust, M&T also provides investment management, fiduciary, trust, estate planning and related corporate services.

M&T Bank serves customers through branch locations and digital banking channels in several states, primarily across the Mid-Atlantic and Northeast, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and the District of Columbia.

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