M&T Bank Corporation $MTB Shares Purchased by Neuberger Berman Group LLC

Key Points

• Neuberger Berman Group LLC increased its stake in M&T Bank Corporation by 113.3%, owning 18,687 shares valued at approximately $3.34 million as of the latest SEC filing.
• Several institutional investors, including Nuveen LLC and GAMMA Investing LLC, have significantly increased their holdings in M&T Bank, indicating strong confidence in the financial services provider.
• M&T Bank recently announced a quarterly dividend of $1.35 per share, which represents a 2.8% yield, with a payout ratio of 34.97%.

Neuberger Berman Group LLC raised its holdings in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 113.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 18,687 shares of the financial services provider's stock after buying an additional 9,925 shares during the period. Neuberger Berman Group LLC's holdings in M&T Bank were worth $3,340,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Boston Partners bought a new stake in shares of M&T Bank during the 1st quarter valued at $2,070,000. Tokio Marine Asset Management Co. Ltd. raised its position in shares of M&T Bank by 16.1% during the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,152 shares of the financial services provider's stock valued at $921,000 after purchasing an additional 715 shares during the period. S Bank Fund Management Ltd bought a new position in shares of M&T Bank during the first quarter worth $226,000. National Pension Service boosted its position in shares of M&T Bank by 4.6% during the first quarter. National Pension Service now owns 255,470 shares of the financial services provider's stock worth $45,665,000 after acquiring an additional 11,339 shares during the last quarter. Finally, Russell Investments Group Ltd. boosted its position in shares of M&T Bank by 110.6% during the first quarter. Russell Investments Group Ltd. now owns 154,533 shares of the financial services provider's stock worth $27,584,000 after acquiring an additional 81,150 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

M&T Bank Stock Down 0.1%

NYSE MTB traded down $0.2080 during trading on Tuesday, reaching $190.4620. 328,695 shares of the company's stock traded hands, compared to its average volume of 1,256,951. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market cap of $29.76 billion, a price-to-earnings ratio of 12.33, a price-to-earnings-growth ratio of 0.93 and a beta of 0.63. The company's 50 day simple moving average is $191.86 and its two-hundred day simple moving average is $183.55. M&T Bank Corporation has a 12-month low of $150.75 and a 12-month high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last posted its 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 net margin of 20.44% and a return on equity of 10.35%. The business had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter last year, the firm posted $3.73 EPS. As a group, sell-side analysts forecast that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

Insider Transactions at M&T Bank

In other news, Director Richard H. Jr. Ledgett sold 1,277 shares of M&T Bank stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $197.48, for a total value of $252,181.96. Following the transaction, the director owned 4,881 shares of the company's stock, valued at $963,899.88. The trade was a 20.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Peter D'arcy sold 2,461 shares of M&T Bank stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total transaction of $485,579.91. Following the completion of the sale, the executive vice president owned 9,319 shares of the company's stock, valued at $1,838,731.89. This trade represents a 20.89% decrease in their ownership of the stock. 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 90 days. Insiders own 0.53% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MTB. Citigroup upped their target price on shares of M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Cowen initiated coverage on shares of M&T Bank in a research report on Wednesday, May 14th. They set a "buy" rating for the company. TD Cowen initiated coverage on shares of M&T Bank in a research report on Thursday, May 15th. They set a "buy" rating and a $230.00 price objective for the company. Wells Fargo & Company increased their price objective on shares of M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a research report on Thursday, July 17th. Finally, DA Davidson increased their price objective on shares of M&T Bank from $189.00 to $207.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Thirteen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, M&T Bank currently has an average rating of "Moderate Buy" and a consensus target price 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.