M&T Bank Corporation $MTB Shares Acquired by Envestnet Asset Management Inc.

Key Points

• Envestnet Asset Management increased its M&T Bank stake by 3.6% in the second quarter, adding 11,169 shares to own 318,844 shares valued at approximately $75.9 million. Institutional investors and hedge funds collectively own 84.68% of the stock.
• M&T Bank reported quarterly earnings of $5.35 per share, exceeding analyst estimates of $4.66, while revenue reached $2.53 billion versus the $2.46 billion consensus forecast.
• The company declared a quarterly dividend of $1.50 per share, equivalent to $6.00 annually and a 2.7% yield. Analysts’ consensus rating is “Hold,” with an average price target of $253.82.

Envestnet Asset Management Inc. increased its holdings in M&T Bank Corporation (NYSE:MTB - Free Report) by 3.6% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 318,844 shares of the financial services provider's stock after buying an additional 11,169 shares during the period. Envestnet Asset Management Inc. owned about 0.22% of M&T Bank worth $75,888,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Commonwealth Retirement Investments LLC grew its position in shares of M&T Bank by 0.4% in the fourth quarter. Commonwealth Retirement Investments LLC now owns 10,991 shares of the financial services provider's stock valued at $2,214,000 after purchasing an additional 44 shares during the last quarter. Wedmont Private Capital grew its holdings in M&T Bank by 1.0% during the 2nd quarter. Wedmont Private Capital now owns 4,405 shares of the financial services provider's stock valued at $1,067,000 after buying an additional 45 shares during the last quarter. CX Institutional increased its position in M&T Bank by 3.4% during the second quarter. CX Institutional now owns 1,650 shares of the financial services provider's stock worth $393,000 after buying an additional 54 shares in the last quarter. Cidel Asset Management Inc. increased its position in M&T Bank by 5.4% during the second quarter. Cidel Asset Management Inc. now owns 1,196 shares of the financial services provider's stock worth $285,000 after buying an additional 61 shares in the last quarter. Finally, Thoroughbred Financial Services LLC raised its holdings in shares of M&T Bank by 2.1% in the fourth quarter. Thoroughbred Financial Services LLC now owns 3,465 shares of the financial services provider's stock worth $698,000 after acquiring an additional 70 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

M&T Bank Stock Performance

Shares of NYSE:MTB opened at $221.12 on Friday. The firm has a market capitalization of $31.93 billion, a PE ratio of 11.67, a P/E/G ratio of 1.25 and a beta of 0.56. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.96 and a quick ratio of 0.96. The business has a 50-day moving average of $241.47 and a two-hundred day moving average of $226.76. M&T Bank Corporation has a 12 month low of $174.76 and a 12 month high of $255.95.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $5.35 EPS for the quarter, topping analysts' consensus estimates of $4.66 by $0.69. The company had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.46 billion. M&T Bank had a return on equity of 11.80% and a net margin of 22.72%.During the same period last year, the business posted $4.28 EPS. As a group, research analysts forecast that M&T Bank Corporation will post 19.45 earnings per share for the current year.

M&T Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 1st. M&T Bank's dividend payout ratio (DPR) is currently 31.68%.

Insiders Place Their Bets

In related news, CEO René Jones sold 19,396 shares of M&T Bank 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 owned 103,831 shares in the company, valued at approximately $24,851,949.85. The trade was a 15.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 stock was sold at an average price of $241.04, for a total transaction of $150,167.92. Following the sale, the director directly owned 3,649 shares of the company's stock, valued at approximately $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. In the last three months, insiders sold 20,028 shares of company stock worth $4,794,884. Insiders own 0.44% of the company's stock.

Analysts Set New Price Targets

MTB has been the topic of several recent research reports. Truist Financial reduced their price objective on M&T Bank from $268.00 to $250.00 and set a "hold" rating on the stock in a research report on Wednesday. Deutsche Bank Aktiengesellschaft downgraded shares of M&T Bank from a "buy" rating to a "hold" rating and set a $250.00 target price for the company. in a research note on Thursday, July 23rd. Morgan Stanley upgraded shares of M&T Bank from an "equal weight" rating to an "overweight" rating and upped their target price for the company from $253.00 to $304.00 in a report on Tuesday, September 8th. Jefferies Financial Group decreased their price target on shares of M&T Bank from $300.00 to $275.00 and set a "buy" rating on the stock in a research note on Thursday. Finally, Cantor Fitzgerald raised their price target on shares of M&T Bank from $262.00 to $285.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 19th. Eight research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $253.82.

M&T Bank Profile

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, Manufacturers and Traders Trust Company, commonly known as M&T Bank, provides financial products and services to individuals, businesses, institutions and government entities.

The company's offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, credit cards, treasury management and other business banking services.

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