Sei Investments Co. Grows Stake in M&T Bank Corporation $MTB

Key Points

• Sei Investments Co. increased its stake in M&T Bank by 12.6%, acquiring an additional 10,335 shares, bringing its total holdings to 92,608 shares valued at approximately $17 million.
• M&T Bank recently reported $4.28 earnings per share, exceeding analysts' expectations of $4.04, with revenues of $2.40 billion for the quarter.
• The company announced a $1.35 quarterly dividend, translating to an annual yield of 2.8% and a payout ratio of 34.97%.

Sei Investments Co. boosted its stake in M&T Bank Corporation (NYSE:MTB - Free Report) by 12.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 92,608 shares of the financial services provider's stock after purchasing an additional 10,335 shares during the period. Sei Investments Co. owned approximately 0.06% of M&T Bank worth $17,006,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Marcum Wealth LLC raised its position in shares of M&T Bank by 4.9% during the first quarter. Marcum Wealth LLC now owns 1,231 shares of the financial services provider's stock valued at $220,000 after buying an additional 57 shares during the last quarter. Forum Financial Management LP increased its holdings in M&T Bank by 2.2% in the 4th quarter. Forum Financial Management LP now owns 2,873 shares of the financial services provider's stock valued at $540,000 after acquiring an additional 62 shares during the last quarter. Checchi Capital Advisers LLC lifted its stake in M&T Bank by 4.4% in the 1st quarter. Checchi Capital Advisers LLC now owns 1,579 shares of the financial services provider's stock worth $282,000 after purchasing an additional 67 shares in the last quarter. Investors Research Corp boosted its holdings in shares of M&T Bank by 31.1% during the 1st quarter. Investors Research Corp now owns 295 shares of the financial services provider's stock valued at $53,000 after purchasing an additional 70 shares during the last quarter. Finally, Mayflower Financial Advisors LLC grew its position in shares of M&T Bank by 3.9% during the first quarter. Mayflower Financial Advisors LLC now owns 1,876 shares of the financial services provider's stock valued at $335,000 after purchasing an additional 70 shares in the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Trading Up 1.5%

NYSE:MTB traded up $2.8960 during mid-day trading on Wednesday, hitting $193.2560. 990,113 shares of the stock traded hands, compared to its average volume of 867,533. 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 52 week low of $150.75 and a 52 week high of $225.70. The stock has a market capitalization of $30.20 billion, a price-to-earnings ratio of 12.52, a PEG ratio of 0.93 and a beta of 0.63. The firm's 50 day moving average is $192.13 and its two-hundred day moving average is $183.66.

M&T Bank (NYSE:MTB - Get Free Report) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share (EPS) for the quarter, beating the consensus estimate 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 business had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.39 billion. During the same quarter in the previous year, the business earned $3.73 earnings per share. On average, equities research analysts predict that M&T Bank Corporation will post 16.57 earnings per share for the current year.

M&T Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 2nd will be given a $1.50 dividend. This is a boost from M&T Bank's previous quarterly dividend of $1.35. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $6.00 annualized dividend and a yield of 3.1%. M&T Bank's dividend payout ratio is currently 34.97%.

Analyst Ratings Changes

MTB has been the topic of several research reports. DA Davidson lifted their target price on M&T Bank from $189.00 to $207.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Jefferies Financial Group set a $225.00 price objective on M&T Bank and gave the stock a "buy" rating in a research note on Wednesday, May 21st. TD Cowen assumed coverage on M&T Bank in a report on Thursday, May 15th. They set a "buy" rating and a $230.00 price objective on the stock. Wall Street Zen raised shares of M&T Bank from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 price target on the stock in a research report on Thursday, April 24th. Thirteen investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, M&T Bank presently has a consensus rating of "Moderate Buy" and a consensus target price of $212.88.

Insiders Place Their Bets

In other M&T Bank news, 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 sale, the director owned 4,881 shares in the company, valued at $963,899.88. This trade represents a 20.74% 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 Robert E. Sadler, Jr. sold 6,700 shares of the business'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 sale, the director directly 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 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. Company insiders own 0.53% of the company's stock.

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.