Nuveen LLC bought a new position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,361,961 shares of the financial services provider's stock, valued at approximately $243,451,000. Nuveen LLC owned approximately 0.83% of M&T Bank at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. Wood Tarver Financial Group LLC purchased a new position in shares of M&T Bank in the 4th quarter valued at about $29,000. Banque Transatlantique SA purchased a new position in M&T Bank in the fourth quarter valued at approximately $38,000. Grove Bank & Trust raised its holdings in M&T Bank by 104.6% during the first quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock worth $40,000 after purchasing an additional 114 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in shares of M&T Bank during the 1st quarter worth approximately $46,000. Finally, Investors Research Corp lifted its stake in M&T Bank by 31.1% in the first quarter. Investors Research Corp now owns 295 shares of the financial services provider's stock valued at $53,000 after buying an additional 70 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company's stock.
M&T Bank Trading Up 0.4%
Shares of M&T Bank stock traded up $0.85 during trading hours on Thursday, reaching $194.06. The stock had a trading volume of 761,128 shares, compared to its average volume of 1,269,796. The firm has a 50 day simple moving average of $191.33 and a two-hundred day simple moving average of $183.98. M&T Bank Corporation has a 1 year low of $150.75 and a 1 year high of $225.70. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $30.33 billion, a price-to-earnings ratio of 12.57, a P/E/G ratio of 0.94 and a beta of 0.63.
M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings results 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 net margin of 20.44% and a return on equity of 10.35%. The business had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.39 billion. During the same period last year, the business earned $3.73 EPS. As a group, equities research analysts anticipate that M&T Bank Corporation will post 16.57 earnings per share for the current year.
M&T Bank Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 2nd were given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Monday, June 2nd. M&T Bank's dividend payout ratio is currently 34.97%.
Insider Activity at M&T Bank
In related news, Director Richard H. Jr. Ledgett sold 1,277 shares of the business's stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $197.48, for a total transaction of $252,181.96. Following the completion of the transaction, the director owned 4,881 shares in the company, valued at $963,899.88. The trade was a 20.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Peter D'arcy sold 2,461 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The shares were sold at an average price of $197.31, for a total value of $485,579.91. Following the completion of the sale, the executive vice president owned 9,319 shares in the company, valued at approximately $1,838,731.89. This represents a 20.89% 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 quarter. Insiders own 0.53% of the company's stock.
Analyst Upgrades and Downgrades
MTB has been the topic of a number of recent research reports. Citigroup lifted their target price on shares of M&T Bank from $200.00 to $212.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. 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. DA Davidson boosted their price target on M&T Bank from $189.00 to $207.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Cowen initiated coverage on M&T Bank in a research note on Wednesday, May 14th. They issued a "buy" rating on the stock. Finally, Morgan Stanley raised their target price on M&T Bank from $206.00 to $215.00 and gave the company an "overweight" rating in a report on Friday, June 20th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $212.88.
Check Out Our Latest Analysis on MTB
About M&T Bank
(
Free Report)
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.
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