M&T Bank Corporation $MTB Shares Acquired by Berkshire Asset Management LLC PA

Key Points

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Berkshire Asset Management LLC PA increased its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 28.9% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 244,868 shares of the financial services provider's stock after buying an additional 54,918 shares during the period. M&T Bank accounts for approximately 2.0% of Berkshire Asset Management LLC PA's holdings, making the stock its 10th biggest holding. Berkshire Asset Management LLC PA owned about 0.15% of M&T Bank worth $43,479,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Wellington Management Group LLP lifted its position in M&T Bank by 33.1% during the 1st quarter. Wellington Management Group LLP now owns 9,894,065 shares of the financial services provider's stock worth $1,768,564,000 after buying an additional 2,460,315 shares in the last quarter. Invesco Ltd. lifted its position in M&T Bank by 15.2% during the 1st 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. Northern Trust Corp lifted its position in M&T Bank by 2.3% during the 1st quarter. Northern Trust Corp now owns 1,721,410 shares of the financial services provider's stock worth $307,702,000 after buying an additional 38,081 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in M&T Bank by 0.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,611,137 shares of the financial services provider's stock worth $287,932,000 after buying an additional 12,580 shares in the last quarter. Finally, Nuveen Asset Management LLC lifted its position in 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 worth $294,662,000 after buying an additional 286,049 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

M&T Bank Trading Up 3.7%

NYSE:MTB traded up $7.1850 on Friday, hitting $199.6150. 1,111,448 shares of the stock were exchanged, compared to its average volume of 868,752. 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 stock has a market capitalization of $31.19 billion, a price-to-earnings ratio of 12.93, a P/E/G ratio of 0.94 and a beta of 0.63. The company's 50-day moving average price is $192.73 and its 200 day moving average price is $183.65. M&T Bank Corporation has a 52 week low of $150.75 and a 52 week high of $225.70.

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. The company had revenue of $2.40 billion during the quarter, compared to analysts' expectations of $2.39 billion. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%.During the same period in the prior year, the business posted $3.73 EPS. On average, equities research analysts forecast that M&T Bank Corporation will post 16.57 earnings per share for the current year.

M&T Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd will be paid a $1.50 dividend. 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. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.0%. M&T Bank's dividend payout ratio (DPR) is currently 34.97%.

Insider Activity

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

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Wall Street Zen upgraded shares of M&T Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. DA Davidson upped their price target on shares of M&T Bank from $189.00 to $207.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Jefferies Financial Group set a $225.00 price objective on M&T Bank and gave the stock a "buy" rating in a report on Wednesday, May 21st. Wells Fargo & Company boosted their price objective on M&T Bank from $175.00 to $185.00 and gave the stock an "underweight" rating in a report on Thursday, July 17th. Finally, Cowen started coverage on M&T Bank in a report on Wednesday, May 14th. They set a "buy" rating for the company. Thirteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $212.88.

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.