M&T Bank Corporation $MTB Shares Acquired by SG Americas Securities LLC

Key Points

• SG Americas Securities LLC increased its M&T Bank stake by 34.8% in the first quarter, bringing its holdings to 85,770 shares valued at about $17.7 million.
• M&T Bank reported better-than-expected quarterly earnings of $4.18 per share, topping estimates, while revenue also came in slightly above consensus.
• The bank announced a quarterly dividend of $1.50 per share and authorized a $5 billion stock buyback, signaling confidence in its shares and capital position.

SG Americas Securities LLC boosted its position in M&T Bank Corporation (NYSE:MTB - Free Report) by 34.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 85,770 shares of the financial services provider's stock after acquiring an additional 22,132 shares during the quarter. SG Americas Securities LLC owned 0.06% of M&T Bank worth $17,730,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of MTB. Empowered Funds LLC increased its position in M&T Bank by 11.9% in the 1st quarter. Empowered Funds LLC now owns 3,396 shares of the financial services provider's stock valued at $607,000 after acquiring an additional 362 shares during the period. Woodline Partners LP lifted its holdings in shares of M&T Bank by 40.7% during the first quarter. Woodline Partners LP now owns 14,018 shares of the financial services provider's stock worth $2,506,000 after purchasing an additional 4,054 shares during the period. Lazard Asset Management LLC lifted its holdings in shares of M&T Bank by 24.6% during the second quarter. Lazard Asset Management LLC now owns 2,900 shares of the financial services provider's stock worth $562,000 after purchasing an additional 572 shares during the period. MUFG Securities EMEA plc purchased a new position in M&T Bank in the 2nd quarter valued at $92,000. Finally, Geneos Wealth Management Inc. increased its stake in M&T Bank by 4.3% in the 2nd quarter. Geneos Wealth Management Inc. now owns 1,727 shares of the financial services provider's stock valued at $335,000 after buying an additional 71 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MTB has been the subject of a number of analyst reports. Jefferies Financial Group upped their price objective on shares of M&T Bank from $255.00 to $265.00 and gave the stock a "buy" rating in a research report on Thursday, April 16th. JPMorgan Chase & Co. dropped their price target on shares of M&T Bank from $231.50 to $227.00 and set a "neutral" rating on the stock in a research note on Thursday, April 30th. Morgan Stanley cut their price target on shares of M&T Bank from $271.00 to $245.00 and set an "equal weight" rating for the company in a report on Tuesday, March 31st. Piper Sandler raised their price objective on shares of M&T Bank from $235.00 to $240.00 and gave the company an "overweight" rating in a research report on Thursday, April 16th. Finally, UBS Group set a $235.00 price objective on M&T Bank in a report on Thursday, April 16th. Eight analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, M&T Bank presently has an average rating of "Hold" and an average price target of $235.58.

M&T Bank Price Performance

Shares of NYSE MTB opened at $236.50 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.94 and a current ratio of 0.94. M&T Bank Corporation has a one year low of $174.76 and a one year high of $239.00. The firm has a market capitalization of $34.63 billion, a P/E ratio of 13.24, a PEG ratio of 1.14 and a beta of 0.57. The company's fifty day moving average is $218.13 and its two-hundred day moving average is $214.87.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.02 by $0.16. M&T Bank had a net margin of 22.07% and a return on equity of 11.35%. The business had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same quarter last year, the firm posted $3.32 EPS. Analysts forecast that M&T Bank Corporation will post 18.81 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 1st will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Monday, June 1st. M&T Bank's dividend payout ratio (DPR) is presently 33.59%.

M&T Bank declared that its board has initiated a stock repurchase program on Tuesday, March 31st that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 16.7% of its shares through open market purchases. Shares buyback programs are often a sign that the company's leadership believes its stock is undervalued.

Insider Activity at M&T Bank

In related news, EVP Christopher E. Kay sold 3,105 shares of the company's stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $216.50, for a total value of $672,232.50. Following the sale, the executive vice president owned 6,753 shares in the company, valued at $1,462,024.50. This represents a 31.50% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.44% of the stock is owned by company insiders.

M&T Bank Company Profile

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.

Want to see what other hedge funds are holding MTB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for M&T Bank Corporation (NYSE:MTB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.