Cresset Asset Management LLC Purchases 13,587 Shares of M&T Bank Corporation $MTB

Key Points

• Cresset Asset Management LLC increased its stake in M&T Bank Corporation by 51.8% during the 1st quarter, owning 39,833 shares valued at approximately $7.12 million.
• M&T Bank's stock is currently trading at $190.29 with a market capitalization of $29.74 billion, showing a 1.9% decrease.
• The company recently announced a quarterly dividend of $1.35, with a dividend yield of 2.8%.

Cresset Asset Management LLC lifted its stake in M&T Bank Corporation (NYSE:MTB - Free Report) by 51.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 39,833 shares of the financial services provider's stock after acquiring an additional 13,587 shares during the period. Cresset Asset Management LLC's holdings in M&T Bank were worth $7,120,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of MTB. Nuveen LLC acquired a new stake in shares of M&T Bank in the first quarter worth $243,451,000. GAMMA Investing LLC grew its stake 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 worth $126,145,000 after acquiring an additional 701,905 shares during the last quarter. Invesco Ltd. boosted its stake in M&T Bank by 15.2% during the first quarter. Invesco Ltd. now owns 3,552,666 shares of the financial services provider's stock worth $635,039,000 after buying an additional 468,758 shares in the last quarter. Nuveen Asset Management LLC boosted its stake in M&T Bank by 22.3% during the fourth quarter. Nuveen Asset Management LLC now owns 1,567,270 shares of the financial services provider's stock worth $294,662,000 after buying an additional 286,049 shares in the last quarter. Finally, Brandywine Global Investment Management LLC boosted its stake in M&T Bank by 390.5% during the first quarter. Brandywine Global Investment Management LLC now owns 349,506 shares of the financial services provider's stock worth $62,474,000 after buying an additional 278,246 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

Insider Buying and Selling

In other news, Director Richard H. Jr. Ledgett sold 1,277 shares of the stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $197.48, for a total transaction of $252,181.96. Following the completion of the transaction, the director directly owned 4,881 shares in the company, valued at $963,899.88. This represents a 20.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Robert E. Sadler, Jr. sold 6,700 shares of the firm's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $183.52, for a total value of $1,229,584.00. Following the completion of the transaction, the director owned 23,070 shares of the company's stock, valued at $4,233,806.40. The trade was a 22.51% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,438 shares of company stock worth $1,967,346. 0.53% of the stock is owned by insiders.

M&T Bank Trading Up 3.7%

NYSE MTB traded up $7.1850 during trading hours on Friday, hitting $199.6150. The company's stock had a trading volume of 695,739 shares, compared to its average volume of 1,251,215. The stock has a fifty day moving average of $192.29 and a 200 day moving average of $183.63. M&T Bank Corporation has a twelve month low of $150.75 and a twelve month high of $225.70. The firm has a market capitalization of $31.19 billion, a P/E ratio of 12.93, a PEG ratio of 0.95 and a beta of 0.63. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $2.40 billion during the quarter, compared to analysts' expectations of $2.39 billion. During the same period in the prior year, the business posted $3.73 EPS. Equities research analysts forecast 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. Stockholders of record on Tuesday, September 2nd will be given a $1.50 dividend. This is a boost from M&T Bank's previous quarterly dividend of $1.35. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, September 2nd. M&T Bank's payout ratio is presently 38.86%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MTB. TD Cowen began coverage on shares of M&T Bank in a research note on Thursday, May 15th. They set a "buy" rating and a $230.00 price target on the stock. Wall Street Zen upgraded shares of M&T Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Cowen assumed coverage on shares of M&T Bank in a research note on Wednesday, May 14th. They set a "buy" rating on the stock. Deutsche Bank Aktiengesellschaft raised M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 target price for the company in a report on Thursday, April 24th. Finally, Citigroup increased their target price on M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Thirteen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $212.88.

About M&T Bank

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.