Price T Rowe Associates Inc. MD Has $43.05 Million Stock Position in M&T Bank Corporation $MTB

Key Points

• Price T Rowe Associates Inc. MD raised its holdings in M&T Bank Corporation by 3.1%, now owning approximately $43.05 million worth of stock.
• M&T Bank recently declared a quarterly dividend of $1.50 per share, up from $1.35, with a dividend yield of 3.0%.
• The company reported $4.28 earnings per share for the last quarter, surpassing analysts' expectations and indicating strong financial performance.

Price T Rowe Associates Inc. MD raised its holdings in M&T Bank Corporation (NYSE:MTB - Free Report) by 3.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 240,804 shares of the financial services provider's stock after acquiring an additional 7,261 shares during the quarter. Price T Rowe Associates Inc. MD owned approximately 0.15% of M&T Bank worth $43,045,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Marcum Wealth LLC increased its position in shares of M&T Bank by 4.9% during the first quarter. Marcum Wealth LLC now owns 1,231 shares of the financial services provider's stock worth $220,000 after buying an additional 57 shares during the period. Forum Financial Management LP increased its position in shares of M&T Bank by 2.2% during the fourth quarter. Forum Financial Management LP now owns 2,873 shares of the financial services provider's stock worth $540,000 after buying an additional 62 shares during the period. Checchi Capital Advisers LLC increased its position in shares of M&T Bank by 4.4% during the first quarter. Checchi Capital Advisers LLC now owns 1,579 shares of the financial services provider's stock worth $282,000 after buying an additional 67 shares during the period. Investors Research Corp increased its position in shares of M&T Bank by 31.1% during the first quarter. Investors Research Corp now owns 295 shares of the financial services provider's stock worth $53,000 after buying an additional 70 shares during the period. Finally, Mayflower Financial Advisors LLC increased its position in shares of M&T Bank by 3.9% during the first quarter. Mayflower Financial Advisors LLC now owns 1,876 shares of the financial services provider's stock worth $335,000 after buying an additional 70 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Stock Up 1.1%

M&T Bank stock opened at $202.35 on Thursday. M&T Bank Corporation has a 1-year low of $150.75 and a 1-year high of $225.70. The firm has a market capitalization of $31.62 billion, a price-to-earnings ratio of 13.11, a price-to-earnings-growth ratio of 0.98 and a beta of 0.63. The firm's fifty day moving average price is $193.95 and its two-hundred day moving average price is $183.64. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB - Get Free Report) last released 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 net margin of 20.44% and a return on equity of 10.35%. The firm had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.39 billion. During the same period last year, the firm earned $3.73 earnings per share. On average, equities research analysts predict that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 2nd will be given a dividend of $1.50 per share. 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. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.0%. M&T Bank's payout ratio is 34.97%.

Insider Activity

In related news, Director Richard H. Jr. Ledgett sold 1,277 shares of the firm's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $197.48, for a total transaction of $252,181.96. Following the transaction, the director directly owned 4,881 shares of the company's stock, valued at $963,899.88. This trade represents a 20.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert E. Sadler, Jr. sold 6,700 shares of the firm's stock in a transaction dated 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 transaction, the director directly owned 23,070 shares in the company, valued at $4,233,806.40. The trade was a 22.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,438 shares of company stock valued at $4,964,196 over the last ninety days. Company insiders own 0.53% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Jefferies Financial Group set a $225.00 price objective on shares of M&T Bank and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Wells Fargo & Company increased their target price 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. TD Cowen assumed coverage on shares of M&T Bank in a research note on Thursday, May 15th. They set a "buy" rating and a $230.00 target price on the stock. Citigroup increased 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 note on Wednesday, July 2nd. Finally, DA Davidson increased their target price on shares of M&T Bank from $189.00 to $207.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Thirteen investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average 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.

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