Mitsubishi UFJ Asset Management Co. Ltd. Purchases 28,991 Shares of M&T Bank Corporation (NYSE:MTB)

Key Points

• Mitsubishi UFJ Asset Management increased its stake in M&T Bank by 11.0%, acquiring an additional 28,991 shares, bringing its total holdings to 292,632 shares valued at approximately $52.3 million.
• In related transactions, insiders sold a combined total of 10,438 shares worth nearly $2 million over the past 90 days, indicating a decrease in their ownership positions.
• Analysts have varying price targets for M&T Bank's stock, with a consensus rating of "Moderate Buy" and an average price target of $212.88, reflecting optimism about its performance.

Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 11.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 292,632 shares of the financial services provider's stock after buying an additional 28,991 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.18% of M&T Bank worth $52,308,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in MTB. GAMMA Investing LLC raised its position in shares of M&T Bank by 18,471.2% in the first quarter. GAMMA Investing LLC now owns 705,705 shares of the financial services provider's stock valued at $126,145,000 after buying an additional 701,905 shares in the last quarter. Nuveen Asset Management LLC lifted its position in shares of M&T Bank by 22.3% during the 4th quarter. Nuveen Asset Management LLC now owns 1,567,270 shares of the financial services provider's stock valued at $294,662,000 after acquiring an additional 286,049 shares during the period. D. E. Shaw & Co. Inc. bought a new stake in shares of M&T Bank during the 4th quarter valued at $48,939,000. Lansforsakringar Fondforvaltning AB publ acquired a new stake in shares of M&T Bank during the 4th quarter worth $43,101,000. Finally, Northern Trust Corp increased its position in shares of M&T Bank by 14.7% in the fourth quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider's stock worth $316,483,000 after purchasing an additional 215,100 shares during the period. Institutional investors own 84.68% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on MTB shares. Jefferies Financial Group set a $225.00 target price on shares of M&T Bank and gave the company a "buy" rating in a report on Wednesday, May 21st. Robert W. Baird reduced their price target on shares of M&T Bank from $220.00 to $200.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Wells Fargo & Company increased their price target on shares of M&T Bank from $175.00 to $185.00 and gave the stock an "underweight" rating in a research report on Thursday, July 17th. TD Cowen started coverage on M&T Bank in a report on Thursday, May 15th. They issued a "buy" rating and a $230.00 target price on the stock. Finally, Barclays reduced their target price on M&T Bank from $235.00 to $220.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat, M&T Bank presently has a consensus rating of "Moderate Buy" and a consensus price target of $212.88.

M&T Bank Trading Down 0.4%

NYSE:MTB traded down $0.74 during trading hours on Monday, hitting $186.43. 942,876 shares of the company were exchanged, compared to its average volume of 1,276,967. The stock has a market capitalization of $29.13 billion, a price-to-earnings ratio of 12.07, a price-to-earnings-growth ratio of 0.92 and a beta of 0.63. 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 one year low of $150.75 and a one year high of $225.70. The company has a fifty day simple moving average of $190.77 and a 200 day simple moving average of $183.95.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, topping 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 firm had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.39 billion. During the same period last year, the company posted $3.73 EPS. Sell-side analysts expect that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 2nd were paid a $1.35 dividend. The ex-dividend date was Monday, June 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.9%. M&T Bank's dividend payout ratio (DPR) is currently 34.97%.

Insider Activity

In other news, Director Robert E. Sadler, Jr. sold 6,700 shares of the firm'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 directly owned 23,070 shares in the company, valued at $4,233,806.40. This trade represents a 22.51% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of M&T Bank 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 transaction, the director owned 4,881 shares of the company's stock, valued at $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 worth $1,967,346 in the last three months. Company insiders own 0.53% of the company's stock.

M&T Bank Company Profile

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.