OMERS ADMINISTRATION Corp Raises Stock Position in M&T Bank Corporation $MTB

Key Points

• OMERS ADMINISTRATION Corp increased its stake in M&T Bank Corporation by 14.9%, purchasing an additional 2,139 shares, bringing its total holdings to 16,460 shares valued at approximately $2.9 million.
• Numerous institutional investors have also made significant increases in their holdings, with Wellington Management boosting theirs by 33.1%, reflecting strong interest in M&T Bank's stock.
• M&T Bank announced a quarterly dividend increase from $1.35 to $1.50 per share, which corresponds to an annualized dividend yield of 3.0%.

OMERS ADMINISTRATION Corp lifted its holdings in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 14.9% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,460 shares of the financial services provider's stock after buying an additional 2,139 shares during the period. OMERS ADMINISTRATION Corp's holdings in M&T Bank were worth $2,942,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in MTB. Wealth Preservation Advisors LLC purchased a new position in M&T Bank in the 1st quarter valued at approximately $25,000. Wood Tarver Financial Group LLC purchased a new position in shares of M&T Bank in the fourth quarter valued at $29,000. Banque Transatlantique SA purchased a new position in shares of M&T Bank in the fourth quarter valued at $38,000. Grove Bank & Trust raised its stake 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 worth $40,000 after buying an additional 114 shares during the last quarter. Finally, Golden State Wealth Management LLC purchased a new stake in shares of M&T Bank in the 1st quarter worth about $46,000. Hedge funds and other institutional investors own 84.68% of the company's stock.

Insider Transactions at M&T Bank

In other news, EVP Peter D'arcy sold 2,461 shares of the company's stock in a transaction 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 directly owned 9,319 shares in the company, valued at $1,838,731.89. This represents a 20.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of M&T Bank stock in a transaction 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 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 disclosure for this sale can be found here. In the last 90 days, insiders have sold 25,438 shares of company stock valued at $4,964,196. Corporate insiders own 0.53% of the company's stock.

M&T Bank Trading Down 0.5%

MTB traded down $0.97 during midday trading on Wednesday, hitting $198.01. The company's stock had a trading volume of 538,616 shares, compared to its average volume of 1,234,807. M&T Bank Corporation has a 52-week low of $150.75 and a 52-week high of $225.70. The firm has a 50-day moving average price of $195.09 and a two-hundred day moving average price of $183.62. 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 cap of $30.94 billion, a P/E ratio of 12.83, a PEG ratio of 0.99 and a beta of 0.67.

M&T Bank (NYSE:MTB - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share (EPS) for the quarter, topping 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 business had revenue of $2.40 billion for the quarter, compared to analysts' expectations of $2.39 billion. During the same period last year, the company earned $3.73 earnings per share. On average, research analysts anticipate 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 paid a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $6.00 annualized dividend and a dividend yield of 3.0%. This is a boost from M&T Bank's previous quarterly dividend of $1.35. M&T Bank's dividend payout ratio is presently 38.86%.

Wall Street Analyst Weigh In

Several analysts have issued reports on MTB shares. Wall Street Zen raised shares of M&T Bank from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. TD Cowen started coverage on M&T Bank in a report on Thursday, May 15th. They set a "buy" rating and a $230.00 target price on the stock. Morgan Stanley raised their price target on M&T Bank from $206.00 to $215.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. Jefferies Financial Group upped their price objective on M&T Bank from $220.00 to $240.00 and gave the company a "buy" rating in a research report on Wednesday. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $200.00 price objective on shares of M&T Bank in a research note on Monday, May 19th. 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. Based on data from MarketBeat, M&T Bank presently has a consensus rating of "Moderate Buy" and an average price target of $213.63.

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.