Tocqueville Asset Management L.P. Has $27.66 Million Stake in M&T Bank Corporation $MTB

Key Points

• Tocqueville Asset Management L.P. has reduced its holdings in M&T Bank Corporation by 8.6%, selling 14,489 shares during the first quarter, bringing its total ownership to about $27.66 million.
• Analysts have recently updated their ratings on M&T Bank, with multiple firms raising price targets, including DA Davidson to $207 and Deutsche Bank to $210.
• M&T Bank reported earnings per share of $4.28, surpassing analysts' estimates, with revenues of $2.40 billion for the quarter, indicating strong financial performance compared to the previous year.

Tocqueville Asset Management L.P. decreased its position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 8.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 154,736 shares of the financial services provider's stock after selling 14,489 shares during the period. Tocqueville Asset Management L.P. owned about 0.10% of M&T Bank worth $27,659,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Wood Tarver Financial Group LLC bought a new stake in shares of M&T Bank during the fourth quarter valued at approximately $29,000. Banque Transatlantique SA bought a new stake in shares of M&T Bank during the fourth quarter valued at approximately $38,000. Grove Bank & Trust grew its stake in shares of M&T Bank by 104.6% during the first quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 114 shares during the last quarter. Golden State Wealth Management LLC bought a new stake in shares of M&T Bank during the first quarter valued at approximately $46,000. Finally, Investors Research Corp grew its stake in shares of M&T Bank by 31.1% during the first 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. Institutional investors and hedge funds own 84.68% of the company's stock.

Wall Street Analysts Forecast Growth

MTB has been the topic of several research analyst reports. TD Cowen initiated coverage on shares of M&T Bank in a research note on Thursday, May 15th. They set a "buy" rating and a $230.00 price target on the stock. Wells Fargo & Company increased their price target on shares of M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a research note on Thursday, July 17th. 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 note on Wednesday, July 2nd. Morgan Stanley increased their price target on shares of M&T Bank from $206.00 to $215.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. Finally, Wall Street Zen raised shares of M&T Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Thirteen research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $212.88.

Insider Transactions at M&T Bank

In other 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 transaction of $252,181.96. Following the transaction, the director directly owned 4,881 shares of the company's stock, valued at $963,899.88. This trade represents a 20.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robert E. Sadler, Jr. sold 6,700 shares of M&T Bank stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the transaction, the director directly owned 23,070 shares in the company, valued at approximately $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 valued at $1,967,346 over the last three months. 0.53% of the stock is currently owned by corporate insiders.

M&T Bank Trading Up 1.8%

MTB stock traded up $3.3990 during midday trading on Wednesday, reaching $193.7590. The company's stock had a trading volume of 630,549 shares, compared to its average volume of 1,254,693. 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 cap of $30.28 billion, a PE ratio of 12.55, 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 business's 50-day simple moving average is $191.95 and its 200-day simple moving average is $183.59.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, topping analysts' consensus estimates of $4.04 by $0.24. The company had revenue of $2.40 billion for the quarter, compared to analysts' expectations of $2.39 billion. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. During the same period last year, the firm posted $3.73 earnings per share. As a group, sell-side analysts expect that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.1%. This is a boost from M&T Bank's previous quarterly dividend of $1.35. M&T Bank's dividend payout ratio (DPR) is currently 34.97%.

M&T Bank Profile

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.