Royal Bank of Canada Sells 31,058 Shares of M&T Bank Corporation $MTB

Key Points

• The Royal Bank of Canada reduced its stake in M&T Bank Corporation by 8.2%, selling 31,058 shares, and now holds approximately $62.3 million worth of shares.
• M&T Bank has received multiple analyst upgrades, with target prices ranging from $185 to $240, reflecting a consensus rating of "Moderate Buy" and an average target of $213.63.
• The bank recently announced an increase in its quarterly dividend, raising it from $1.35 to $1.50, resulting in a dividend yield of 3.0%.

Royal Bank of Canada cut its holdings in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 8.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 348,697 shares of the financial services provider's stock after selling 31,058 shares during the period. Royal Bank of Canada owned 0.22% of M&T Bank worth $62,328,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Wealth Preservation Advisors LLC acquired a new position in M&T Bank during the 1st quarter valued at about $25,000. WPG Advisers LLC acquired a new stake in shares of M&T Bank in the 1st quarter valued at approximately $25,000. Wood Tarver Financial Group LLC acquired a new stake in shares of M&T Bank in the 4th quarter valued at approximately $29,000. Grove Bank & Trust raised its position in shares of M&T Bank by 104.6% in the 1st quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 114 shares during the period. Finally, Golden State Wealth Management LLC acquired a new stake in shares of M&T Bank in the 1st quarter valued at approximately $46,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Stock Up 0.3%

Shares of NYSE MTB traded up $0.55 during trading hours on Tuesday, hitting $199.77. The company had a trading volume of 443,438 shares, compared to its average volume of 1,225,959. The stock has a market capitalization of $31.22 billion, a P/E ratio of 12.94, a price-to-earnings-growth ratio of 0.98 and a beta of 0.67. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47. M&T Bank Corporation has a 1-year low of $150.75 and a 1-year high of $225.70. The firm's 50 day moving average is $195.64 and its 200-day moving average is $183.58.

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, beating the consensus estimate of $4.04 by $0.24. The company had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%.During the same quarter in the prior year, the firm posted $3.73 EPS. On average, analysts expect 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 announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd will be issued 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 dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, September 2nd. M&T Bank's payout ratio is 38.86%.

Insider Transactions at M&T Bank

In other M&T Bank news, Director Robert E. Sadler, Jr. sold 6,700 shares of M&T Bank stock in a transaction dated 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 transaction, the director 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John P. Barnes sold 15,000 shares of the business's stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $199.79, for a total value of $2,996,850.00. Following the sale, the director owned 17,866 shares in the company, valued at approximately $3,569,448.14. This trade represents a 45.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 25,438 shares of company stock worth $4,964,196 over the last ninety days. Corporate insiders own 0.53% of the company's stock.

Wall Street Analysts Forecast Growth

MTB has been the topic of a number of analyst reports. Citigroup increased their price target on shares of M&T Bank from $200.00 to $212.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Wall Street Zen raised M&T Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. DA Davidson increased their target price on M&T Bank from $189.00 to $207.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Morgan Stanley increased their target price on M&T Bank from $206.00 to $215.00 and gave the stock an "overweight" rating in a research note on Friday, June 20th. Finally, TD Cowen initiated coverage on M&T Bank in a research note on Thursday, May 15th. They set a "buy" rating and a $230.00 target price for the company. Thirteen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target 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.