Redwood Financial Network Corp Makes New Investment in M&T Bank Corporation $MTB

Key Points

• Redwood Financial Network Corp acquired a new position in M&T Bank Corporation, purchasing 1,693 shares valued at approximately $303,000 during the first quarter.
• M&T Bank has announced an increase in its quarterly dividend from $1.35 to $1.50, reflecting an annual yield of 3.0% with a payout ratio of 38.86%.
• M&T Bank reported earnings of $4.28 EPS for the last quarter, exceeding the consensus estimate and showing a significant increase compared to the previous year's EPS of $3.73.

Redwood Financial Network Corp bought a new position in M&T Bank Corporation (NYSE:MTB - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 1,693 shares of the financial services provider's stock, valued at approximately $303,000.

A number of other institutional investors have also added to or reduced their stakes in the business. Nissay Asset Management Corp Japan ADV increased its stake in M&T Bank by 0.6% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 20,509 shares of the financial services provider's stock worth $3,666,000 after acquiring an additional 123 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in M&T Bank by 94.1% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 33,488 shares of the financial services provider's stock worth $5,985,000 after acquiring an additional 16,231 shares during the last quarter. Cinctive Capital Management LP bought a new position in M&T Bank in the 1st quarter worth about $3,625,000. Curi RMB Capital LLC increased its stake in M&T Bank by 56.5% in the 1st quarter. Curi RMB Capital LLC now owns 104,042 shares of the financial services provider's stock worth $18,597,000 after acquiring an additional 37,562 shares during the last quarter. Finally, Alliancebernstein L.P. increased its position in shares of M&T Bank by 3.3% during the 1st quarter. Alliancebernstein L.P. now owns 472,009 shares of the financial services provider's stock valued at $84,372,000 after purchasing an additional 14,973 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

Insider Activity

In related news, 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 transaction, the director directly owned 4,881 shares of the company's stock, valued at $963,899.88. The trade was a 20.74% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robert E. Sadler, Jr. sold 6,700 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $183.52, for a total value of $1,229,584.00. Following the completion of the sale, the director owned 23,070 shares of the company's stock, valued at approximately $4,233,806.40. This trade represents a 22.51% decrease in their position. The disclosure for this sale can be found here. Insiders sold 25,438 shares of company stock valued at $4,964,196 in the last three months. Corporate insiders own 0.53% of the company's stock.

M&T Bank Stock Performance

Shares of MTB stock opened at $199.63 on Friday. 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 fifty-two week low of $150.75 and a fifty-two week high of $225.70. The stock has a 50 day moving average price of $195.53 and a two-hundred day moving average price of $183.74. The company has a market capitalization of $31.20 billion, a P/E ratio of 12.93, a PEG ratio of 0.99 and a beta of 0.67.

M&T Bank (NYSE:MTB - Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 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 company had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same period in the previous year, the firm earned $3.73 earnings per share. Analysts expect that M&T Bank Corporation will post 16.57 earnings per share for the current year.

M&T Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 2nd will be paid a $1.50 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a positive change from M&T Bank's previous quarterly dividend of $1.35. This represents a $6.00 annualized dividend and a dividend yield of 3.0%. M&T Bank's payout ratio is presently 38.86%.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the company. Cowen assumed coverage on M&T Bank in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. Wells Fargo & Company increased their price objective 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. DA Davidson increased their price objective 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. Wall Street Zen upgraded M&T Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. Finally, TD Cowen assumed coverage on M&T Bank in a research report on Thursday, May 15th. They set a "buy" rating and a $230.00 price objective on the stock. Thirteen research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, M&T Bank currently has a consensus rating of "Moderate Buy" and a consensus target price of $213.63.

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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