Raymond James Financial Inc. Buys 2,111 Shares of M&T Bank Corporation $MTB

Key Points

• Raymond James Financial Inc. increased its stake in M&T Bank Corporation by 1.8%, holding approximately $21.09 million worth of shares as of the end of the first quarter.
• M&T Bank recently boosted its quarterly dividend to $1.50 per share, representing a yield of 3.0%, up from the previous $1.35.
• Analysts have rated M&T Bank stock with a consensus of "Moderate Buy", with a target price averaging $212.88 and several upgrades suggesting strong potential.

Raymond James Financial Inc. boosted its holdings in M&T Bank Corporation (NYSE:MTB - Free Report) by 1.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 117,972 shares of the financial services provider's stock after acquiring an additional 2,111 shares during the quarter. Raymond James Financial Inc. owned about 0.07% of M&T Bank worth $21,088,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Nuveen LLC bought a new stake in M&T Bank during the first quarter worth approximately $243,451,000. GAMMA Investing LLC lifted its position in shares of M&T Bank by 18,471.2% during the 1st quarter. GAMMA Investing LLC now owns 705,705 shares of the financial services provider's stock valued at $126,145,000 after acquiring an additional 701,905 shares during the last quarter. Invesco Ltd. boosted its stake in shares of M&T Bank by 15.2% during the 1st quarter. Invesco Ltd. now owns 3,552,666 shares of the financial services provider's stock worth $635,039,000 after acquiring an additional 468,758 shares in the last quarter. Nuveen Asset Management LLC grew its holdings in shares of M&T Bank by 22.3% in the 4th quarter. Nuveen Asset Management LLC now owns 1,567,270 shares of the financial services provider's stock worth $294,662,000 after acquiring an additional 286,049 shares during the last quarter. Finally, Brandywine Global Investment Management LLC grew its holdings in shares of M&T Bank by 390.5% in the 1st quarter. Brandywine Global Investment Management LLC now owns 349,506 shares of the financial services provider's stock worth $62,474,000 after acquiring an additional 278,246 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at M&T Bank

In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $183.52, for a total value of $1,229,584.00. Following the completion of the transaction, the director owned 23,070 shares of the company's stock, valued at $4,233,806.40. This represents a 22.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 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 value of $252,181.96. Following the transaction, the director owned 4,881 shares of the company's stock, valued at $963,899.88. This represents a 20.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 25,438 shares of company stock worth $4,964,196. Insiders own 0.53% of the company's stock.

Wall Street Analyst Weigh In

MTB has been the subject of a number of recent analyst reports. Wells Fargo & Company increased their price target on M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a research report on Thursday, July 17th. Cowen started coverage on shares of M&T Bank in a research note on Wednesday, May 14th. They set a "buy" rating for the company. Jefferies Financial Group set a $225.00 target price on shares of M&T Bank and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Wall Street Zen upgraded shares of M&T Bank from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. Finally, Morgan Stanley raised their price objective on shares of M&T Bank from $206.00 to $215.00 and gave the stock an "overweight" rating in a research note on Friday, June 20th. Thirteen 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. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $212.88.

M&T Bank Stock Performance

NYSE:MTB traded up $1.08 during mid-day trading on Friday, hitting $201.88. 748,468 shares of the company's stock traded hands, compared to its average volume of 881,987. M&T Bank Corporation has a 12 month low of $150.75 and a 12 month high of $225.70. The firm has a 50 day moving average of $194.34 and a two-hundred day moving average of $183.67. The firm has a market capitalization of $31.55 billion, a price-to-earnings ratio of 13.08, a price-to-earnings-growth ratio of 0.98 and a beta of 0.63. 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 earnings results on Wednesday, July 16th. The financial services provider reported $4.28 EPS for the quarter, beating the consensus estimate of $4.04 by $0.24. The firm had revenue of $2.40 billion during the quarter, compared to analysts' expectations of $2.39 billion. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. During the same period in the prior year, the company earned $3.73 EPS. On average, equities analysts forecast that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $1.50 per share. 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 yield of 3.0%. The ex-dividend date is Tuesday, September 2nd. M&T Bank's dividend payout ratio is presently 34.97%.

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.