Northern Trust Corp Increases Stock Holdings in M&T Bank Corporation $MTB

Key Points

• Northern Trust Corp has increased its stake in M&T Bank Corporation by 2.3%, now owning approximately 1.07% of the company, valued at about $307.7 million.
• M&T Bank recently reported quarterly earnings of $4.28 EPS, beating analysts' expectations, with revenue of $2.40 billion.
• The bank has announced an increase in its quarterly dividend from $1.35 to $1.50, representing a yield of 3.1%, to be paid out on September 30th.

Northern Trust Corp grew its position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 2.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,721,410 shares of the financial services provider's stock after acquiring an additional 38,081 shares during the quarter. Northern Trust Corp owned 1.07% of M&T Bank worth $307,702,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently bought and sold shares of MTB. Townsquare Capital LLC boosted its holdings in M&T Bank by 9.4% during the 4th quarter. Townsquare Capital LLC now owns 1,414 shares of the financial services provider's stock worth $266,000 after acquiring an additional 122 shares during the last quarter. Jump Financial LLC purchased a new position in M&T Bank during the 4th quarter worth $251,000. Canada Pension Plan Investment Board boosted its holdings in shares of M&T Bank by 48.2% in the 4th quarter. Canada Pension Plan Investment Board now owns 14,421 shares of the financial services provider's stock worth $2,711,000 after buying an additional 4,693 shares during the last quarter. MML Investors Services LLC boosted its holdings in shares of M&T Bank by 66.8% in the 4th quarter. MML Investors Services LLC now owns 11,427 shares of the financial services provider's stock worth $2,148,000 after buying an additional 4,575 shares during the last quarter. Finally, Tower Research Capital LLC TRC boosted its holdings in shares of M&T Bank by 7.1% in the 4th quarter. Tower Research Capital LLC TRC now owns 8,804 shares of the financial services provider's stock worth $1,655,000 after buying an additional 581 shares during the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, EVP Peter D'arcy sold 2,461 shares of the company's stock in a transaction dated Tuesday, July 22nd. The shares were 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 of the company's stock, valued at $1,838,731.89. This represents a 20.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $197.48, for a total transaction of $252,181.96. Following the completion of the sale, the director directly owned 4,881 shares in the company, valued at approximately $963,899.88. The trade was a 20.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,438 shares of company stock valued at $1,967,346 over the last three months. 0.53% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

MTB has been the topic of a number of research analyst reports. Wells Fargo & Company boosted their price target on shares of M&T Bank from $175.00 to $185.00 and gave the stock an "underweight" rating in a report on Thursday, July 17th. Wall Street Zen raised shares of M&T Bank from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. DA Davidson boosted their price target on shares of M&T Bank from $189.00 to $207.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Citigroup boosted their price target 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. Finally, Cowen initiated coverage on shares of M&T Bank in a report on Wednesday, May 14th. They issued a "buy" rating on the stock. Thirteen investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $212.88.

M&T Bank Stock Performance

NYSE MTB traded up $7.1850 during trading on Friday, hitting $199.6150. 1,111,448 shares of the company's stock traded hands, compared to its average volume of 868,752. The stock has a market capitalization of $31.19 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 0.98 and a beta of 0.63. M&T Bank Corporation has a 12-month low of $150.75 and a 12-month high of $225.70. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.97 and a current ratio of 0.97. The business has a 50 day moving average of $192.73 and a 200-day moving average of $183.54.

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 EPS for the quarter, beating the consensus estimate of $4.04 by $0.24. The business had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.39 billion. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. During the same period in the prior year, the firm earned $3.73 earnings per share. As a group, equities research analysts anticipate that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 3.0%. This is a boost from M&T Bank's previous quarterly dividend of $1.35. The ex-dividend date of this dividend is Tuesday, September 2nd. M&T Bank's payout ratio is currently 34.97%.

M&T Bank 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.