Russell Investments Group Ltd. Purchases 81,150 Shares of M&T Bank Corporation $MTB

Key Points

• Russell Investments Group Ltd. increased its stake in M&T Bank Corporation by 110.6% during the first quarter, acquiring 81,150 additional shares, bringing the total ownership to approximately $27.58 million.
• Insider transactions indicate notable sales by directors, with Director Robert E. Sadler, Jr. selling 6,700 shares and EVP Peter D'arcy selling 2,461 shares, reflecting significant decreases in their ownership positions.
• Analysts maintain a consensus "Moderate Buy" rating for M&T Bank, with target prices ranging from $200.00 to $230.00, as the stock's current price shows growth potential following positive quarterly earnings reports.

Russell Investments Group Ltd. raised its stake in M&T Bank Corporation (NYSE:MTB - Free Report) by 110.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 154,533 shares of the financial services provider's stock after purchasing an additional 81,150 shares during the quarter. Russell Investments Group Ltd. owned 0.10% of M&T Bank worth $27,584,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Exchange Traded Concepts LLC lifted its position in M&T Bank by 53.8% in the first quarter. Exchange Traded Concepts LLC now owns 526 shares of the financial services provider's stock valued at $94,000 after purchasing an additional 184 shares during the last quarter. Private Trust Co. NA raised its holdings in shares of M&T Bank by 16.5% during the first quarter. Private Trust Co. NA now owns 644 shares of the financial services provider's stock valued at $115,000 after acquiring an additional 91 shares in the last quarter. Concurrent Investment Advisors LLC bought a new position in shares of M&T Bank during the first quarter valued at approximately $225,000. Kingswood Wealth Advisors LLC raised its holdings in shares of M&T Bank by 4.4% during the first quarter. Kingswood Wealth Advisors LLC now owns 2,076 shares of the financial services provider's stock valued at $370,000 after acquiring an additional 88 shares in the last quarter. Finally, Golden State Wealth Management LLC bought a new position in shares of M&T Bank during the first quarter valued at approximately $46,000. Institutional investors own 84.68% of the company's stock.

M&T Bank Stock Performance

NYSE:MTB traded down $0.9790 on Thursday, hitting $192.2010. The stock had a trading volume of 904,544 shares, compared to its average volume of 864,267. The stock has a market cap of $30.04 billion, a price-to-earnings ratio of 12.45, a price-to-earnings-growth 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. The business's 50-day simple moving average is $192.29 and its two-hundred day simple moving average is $183.63. 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 posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share 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 firm had revenue of $2.40 billion for the quarter, compared to analysts' expectations of $2.39 billion. During the same period in the previous year, the firm earned $3.73 EPS. As a group, research analysts predict 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 disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd 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 3.1%. The ex-dividend date of this dividend is Tuesday, September 2nd. This is an increase from M&T Bank's previous quarterly dividend of $1.35. M&T Bank's payout ratio is presently 34.97%.

Insider Activity

In other news, EVP Peter D'arcy sold 2,461 shares of M&T Bank stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total transaction of $485,579.91. Following the transaction, the executive vice president directly owned 9,319 shares of the company's stock, valued at $1,838,731.89. The trade was a 20.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Robert E. Sadler, Jr. sold 6,700 shares of M&T Bank stock in a transaction that occurred on 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 sale, the director directly owned 23,070 shares in the company, valued at $4,233,806.40. This trade represents a 22.51% decrease in their position. 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 in the last ninety days. Corporate insiders own 0.53% of the company's stock.

Analyst Upgrades and Downgrades

MTB has been the subject of a number of recent analyst reports. DA Davidson upped their target price on M&T Bank from $189.00 to $207.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Jefferies Financial Group set a $225.00 price objective on M&T Bank and gave the company a "buy" rating in a research report on Wednesday, May 21st. Deutsche Bank Aktiengesellschaft raised M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 price objective on the stock in a research report on Thursday, April 24th. 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. Finally, Wells Fargo & Company increased their price target on shares of M&T Bank from $175.00 to $185.00 and gave the stock an "underweight" rating in a research note on Thursday, July 17th. Thirteen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus 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.