Saudi Central Bank Boosts Holdings in M&T Bank Corporation $MTB

Key Points

• Saudi Central Bank increased its M&T Bank stake by 83.9% in the second quarter, bringing its holdings to 10,430 shares valued at approximately $2.48 million. Institutional investors collectively own 84.68% of MTB.
• M&T Bank exceeded quarterly expectations, reporting $5.35 in EPS versus the $4.66 consensus estimate and revenue of $2.53 billion. Analysts have an overall “Hold” rating and an average price target of $253.43.
• The bank declared a quarterly dividend of $1.50 per share, equal to $6.00 annually and a 2.5% yield. MTB shares opened at $240.05, near the middle of their 12-month trading range.

Saudi Central Bank raised its position in M&T Bank Corporation (NYSE:MTB - Free Report) by 83.9% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 10,430 shares of the financial services provider's stock after buying an additional 4,757 shares during the quarter. Saudi Central Bank's holdings in M&T Bank were worth $2,482,000 as of its most recent filing with the SEC.

A number of other large investors also recently bought and sold shares of MTB. LSV Asset Management increased its stake in shares of M&T Bank by 14.5% during the fourth quarter. LSV Asset Management now owns 391,900 shares of the financial services provider's stock worth $78,960,000 after acquiring an additional 49,500 shares during the period. Adams Diversified Equity Fund Inc. raised its holdings in M&T Bank by 22.8% during the first quarter. Adams Diversified Equity Fund Inc. now owns 119,900 shares of the financial services provider's stock worth $24,786,000 after purchasing an additional 22,300 shares in the last quarter. Danske Bank A S acquired a new stake in M&T Bank in the second quarter valued at about $34,683,000. Bank of New York Mellon Corp purchased a new stake in M&T Bank in the 2nd quarter valued at approximately $330,978,000. Finally, Allstate Corp boosted its holdings in M&T Bank by 99.4% in the 4th quarter. Allstate Corp now owns 11,242 shares of the financial services provider's stock valued at $2,265,000 after purchasing an additional 5,604 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on MTB shares. Keefe, Bruyette & Woods increased their target price on M&T Bank from $242.00 to $250.00 and gave the stock a "market perform" rating in a research note on Thursday, July 16th. Wall Street Zen raised M&T Bank from a "sell" rating to a "hold" rating in a report on Monday, July 20th. Cantor Fitzgerald raised their target price on M&T Bank from $262.00 to $285.00 and gave the company an "overweight" rating in a report on Wednesday, August 19th. Robert W. Baird boosted their target price on shares of M&T Bank from $240.00 to $250.00 and gave the stock a "neutral" rating in a research report on Thursday, July 16th. Finally, Deutsche Bank Aktiengesellschaft cut shares of M&T Bank from a "buy" rating to a "hold" rating and set a $250.00 price objective for the company. in a research note on Thursday, July 23rd. Seven research analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $253.43.

M&T Bank Stock Up 0.1%

MTB stock opened at $240.05 on Tuesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.96 and a quick ratio of 0.96. The company's 50 day simple moving average is $244.91 and its 200-day simple moving average is $226.00. M&T Bank Corporation has a 12 month low of $174.76 and a 12 month high of $255.95. The firm has a market capitalization of $34.67 billion, a PE ratio of 12.67, a P/E/G ratio of 1.36 and a beta of 0.56.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.66 by $0.69. M&T Bank had a return on equity of 11.80% and a net margin of 22.72%.The firm had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.46 billion. During the same period in the previous year, the firm posted $4.28 EPS. Equities analysts expect that M&T Bank Corporation will post 19.43 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st will be issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Tuesday, September 1st. M&T Bank's payout ratio is 31.68%.

Insider Buying and Selling at M&T Bank

In other news, Director Rudina Seseri sold 623 shares of the company's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $241.04, for a total value of $150,167.92. Following the sale, the director directly owned 3,649 shares in the company, valued at $879,554.96. This represents a 14.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.44% of the stock is currently owned by company insiders.

M&T Bank Profile

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.

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