Allianz Asset Management GmbH Raises Position in M&T Bank Corporation (NYSE:MTB)

Allianz Asset Management GmbH increased its holdings in M&T Bank Corporation (NYSE:MTB - Free Report) by 42.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,875 shares of the financial services provider's stock after acquiring an additional 3,849 shares during the period. Allianz Asset Management GmbH's holdings in M&T Bank were worth $2,301,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wood Tarver Financial Group LLC purchased a new stake in M&T Bank in the 4th quarter valued at about $29,000. Banque Transatlantique SA bought a new position in shares of M&T Bank during the 4th quarter valued at approximately $38,000. Grove Bank & Trust grew its position in shares of M&T Bank by 104.6% during the 1st quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 114 shares during the period. Golden State Wealth Management LLC bought a new position in shares of M&T Bank during the 1st quarter valued at approximately $46,000. Finally, Investors Research Corp grew its position in shares of M&T Bank by 31.1% during the 1st quarter. Investors Research Corp now owns 295 shares of the financial services provider's stock valued at $53,000 after acquiring an additional 70 shares during the period. Institutional investors and hedge funds own 84.68% of the company's stock.

M&T Bank Price Performance

NYSE:MTB traded down $3.85 during trading hours on Friday, hitting $184.85. The stock had a trading volume of 1,282,103 shares, compared to its average volume of 1,083,864. The company has a 50 day simple moving average of $190.23 and a two-hundred day simple moving average of $184.58. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.91 and a quick ratio of 0.97. M&T Bank Corporation has a one year low of $150.75 and a one year high of $225.70. The firm has a market capitalization of $29.67 billion, a price-to-earnings ratio of 12.05, a P/E/G ratio of 0.93 and a beta of 0.63.

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

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 2nd were given a dividend of $1.35 per share. The ex-dividend date was Monday, June 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.9%. M&T Bank's dividend payout ratio (DPR) is 34.97%.

Analyst Ratings Changes

A number of research firms have recently weighed in on MTB. JPMorgan Chase & Co. reduced their target price on shares of M&T Bank from $212.50 to $186.50 and set a "neutral" rating for the company in a research report on Thursday, April 3rd. Royal Bank Of Canada reissued an "outperform" rating and set a $200.00 target price on shares of M&T Bank in a research report on Monday, May 19th. Truist Financial reduced their target price on shares of M&T Bank from $225.00 to $200.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. DA Davidson raised their price objective 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. Finally, Cowen began coverage on shares of M&T Bank in a report on Wednesday, May 14th. They issued a "buy" rating for the company. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, M&T Bank presently has a consensus rating of "Moderate Buy" and an average target price of $212.88.

Insider Activity

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

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.