M&T Bank Corporation $MTB Stock Position Lifted by Resona Asset Management Co. Ltd.

Key Points

• Resona Asset Management Co. Ltd. increased its stake in M&T Bank Corporation by 6.7% during the first quarter, holding 51,323 shares valued at approximately $9.15 million.
• Company insiders have sold a total of 10,438 shares recently, indicating a decrease in their positions, with insider ownership sitting at just 0.53%.
• M&T Bank reported a quarterly earnings per share of $4.28, exceeding analysts' estimates, while also announcing a dividend of $1.35 per share, representing a dividend yield of 2.8%.

Resona Asset Management Co. Ltd. grew its holdings in M&T Bank Corporation (NYSE:MTB - Free Report) by 6.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 51,323 shares of the financial services provider's stock after purchasing an additional 3,226 shares during the period. Resona Asset Management Co. Ltd.'s holdings in M&T Bank were worth $9,148,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Stone House Investment Management LLC purchased a new stake in M&T Bank in the first quarter worth about $66,000. HighTower Advisors LLC grew its position in M&T Bank by 3.5% during the 1st quarter. HighTower Advisors LLC now owns 55,343 shares of the financial services provider's stock worth $9,893,000 after purchasing an additional 1,864 shares during the last quarter. Nuance Investments LLC acquired a new position in shares of M&T Bank in the 1st quarter valued at $6,086,000. AGF Management Ltd. raised its stake in shares of M&T Bank by 85.5% in the first quarter. AGF Management Ltd. now owns 313,183 shares of the financial services provider's stock worth $55,981,000 after purchasing an additional 144,394 shares during the last quarter. Finally, Public Sector Pension Investment Board raised its position in M&T Bank by 3.1% during the 1st quarter. Public Sector Pension Investment Board now owns 44,378 shares of the financial services provider's stock worth $7,933,000 after buying an additional 1,339 shares during the last quarter. Institutional investors own 84.68% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the stock. Morgan Stanley increased their price target on shares of M&T Bank from $206.00 to $215.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Cowen assumed coverage on shares of M&T Bank in a research note on Wednesday, May 14th. They set a "buy" rating for the company. Wall Street Zen upgraded M&T Bank from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. Jefferies Financial Group set a $225.00 price objective on M&T Bank and gave the company a "buy" rating in a report on Wednesday, May 21st. Finally, 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. Thirteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, M&T Bank has an average rating of "Moderate Buy" and a consensus price target of $212.88.

M&T Bank Trading Up 0.2%

Shares of MTB stock traded up $0.4650 on Tuesday, reaching $191.1350. 150,309 shares of the stock were exchanged, compared to its average volume of 1,255,717. M&T Bank Corporation has a 1-year low of $150.75 and a 1-year high of $225.70. The stock has a market cap of $29.87 billion, a P/E ratio of 12.37, a price-to-earnings-growth ratio of 0.93 and a beta of 0.63. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47. The firm has a 50 day moving average of $191.86 and a two-hundred day moving average of $183.55.

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 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 company had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same period last year, the business posted $3.73 EPS. On average, research analysts anticipate that M&T Bank Corporation will post 16.57 EPS for the current year.

Insiders Place Their Bets

In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of the firm's stock in a transaction on 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 completion of the sale, the director directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of M&T Bank stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $197.48, for a total value of $252,181.96. Following the sale, the director directly owned 4,881 shares in the company, valued at approximately $963,899.88. The trade was a 20.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,438 shares of company stock worth $1,967,346 over the last quarter. 0.53% of the stock is owned by corporate insiders.

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.