M&T Bank Corporation $MTB Shares Bought by Prudential PLC

Key Points

• Prudential PLC has increased its stake in M&T Bank Corporation by 23.4% during the first quarter, acquiring an additional 2,405 shares, bringing its total holdings to 12,686 shares valued at approximately $2.27 million.
• The quarterly earnings report revealed that M&T Bank posted $4.28 EPS, surpassing the consensus estimate of $4.04, with revenue slightly exceeding expectations at $2.40 billion.
• M&T Bank recently declared a quarterly dividend of $1.35 per share, yielding 2.8%, while maintaining a payout ratio of 34.97%.

Prudential PLC lifted its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 23.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 12,686 shares of the financial services provider's stock after buying an additional 2,405 shares during the period. Prudential PLC's holdings in M&T Bank were worth $2,268,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Wood Tarver Financial Group LLC acquired a new position in shares of M&T Bank in the fourth quarter worth approximately $29,000. Banque Transatlantique SA bought a new stake in shares of M&T Bank in the 4th quarter valued at $38,000. Grove Bank & Trust increased its position in shares of 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 buying an additional 114 shares during the period. Golden State Wealth Management LLC bought a new position in M&T Bank during the first quarter worth $46,000. Finally, Investors Research Corp boosted its position in M&T Bank by 31.1% during the first 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 last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

Insider Buying and Selling

In other M&T Bank news, EVP Peter D'arcy sold 2,461 shares of the company'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 transaction of $485,579.91. Following the completion of the sale, the executive vice president directly owned 9,319 shares of the company's stock, valued at approximately $1,838,731.89. This represents a 20.89% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the stock in a transaction 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 sale, the director directly owned 4,881 shares of the company's stock, valued at approximately $963,899.88. This trade represents a 20.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 10,438 shares of company stock valued at $1,967,346. 0.53% of the stock is owned by insiders.

Wall Street Analyst Weigh In

MTB has been the subject of a number of recent research reports. Jefferies Financial Group set a $225.00 price objective on M&T Bank and gave the stock a "buy" rating in a report on Wednesday, May 21st. Cowen assumed coverage on M&T Bank in a research report on Wednesday, May 14th. They issued a "buy" rating for the company. Royal Bank Of Canada reiterated an "outperform" rating and issued a $200.00 target price on shares of M&T Bank in a research note on Monday, May 19th. TD Cowen started coverage on shares of M&T Bank in a report on Thursday, May 15th. They set a "buy" rating and a $230.00 price target on the stock. Finally, DA Davidson raised their target price on M&T Bank from $189.00 to $207.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Thirteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, M&T Bank presently has a consensus rating of "Moderate Buy" and a consensus price target of $212.88.

M&T Bank Trading Up 0.2%

Shares of NYSE MTB traded up $0.4650 during midday trading on Tuesday, hitting $191.1350. 150,309 shares of the company traded hands, compared to its average volume of 1,255,717. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.97 and a current ratio of 0.97. M&T Bank Corporation has a 12-month low of $150.75 and a 12-month high of $225.70. The stock has a 50-day moving average price of $191.86 and a 200 day moving average price of $183.55. The firm has a market cap of $29.87 billion, a P/E ratio of 12.37, a P/E/G ratio of 0.93 and a beta of 0.63.

M&T Bank (NYSE:MTB - Get Free Report) last released its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 EPS for the quarter, topping analysts' consensus estimates of $4.04 by $0.24. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%.The firm had revenue of $2.40 billion for the quarter, compared to analysts' expectations of $2.39 billion. During the same period in the prior year, the firm posted $3.73 earnings per share. As a group, analysts expect that M&T Bank Corporation will post 16.57 earnings per share for the current year.

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.