3,701 Shares in M&T Bank Corporation $MTB Bought by United Services Automobile Association

Key Points

• United Services Automobile Association has acquired 3,701 shares of M&T Bank Corporation, valued at approximately $649,000, in the 1st quarter of 2023.
• Several institutional investors, including Wellington Management Group LLP, significantly increased their stakes in M&T Bank, indicating strong institutional interest in the stock.
• M&T Bank announced an increase in its quarterly dividend from $1.35 to $1.50 per share, representing an annualized yield of 3.0%.

United Services Automobile Association bought a new position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 3,701 shares of the financial services provider's stock, valued at approximately $649,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in MTB. Wellington Management Group LLP raised its stake in shares of M&T Bank by 33.1% during the 1st quarter. Wellington Management Group LLP now owns 9,894,065 shares of the financial services provider's stock worth $1,768,564,000 after purchasing an additional 2,460,315 shares in the last quarter. Nuveen LLC bought a new stake in shares of M&T Bank during the 1st quarter worth approximately $243,451,000. GAMMA Investing LLC raised its stake in shares of M&T Bank by 18,471.2% during the 1st quarter. GAMMA Investing LLC now owns 705,705 shares of the financial services provider's stock worth $126,145,000 after purchasing an additional 701,905 shares in the last quarter. Invesco Ltd. raised its stake in shares of M&T Bank by 15.2% during the 1st quarter. Invesco Ltd. now owns 3,552,666 shares of the financial services provider's stock worth $635,039,000 after purchasing an additional 468,758 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its stake in shares of M&T Bank by 22.3% during the 4th quarter. Nuveen Asset Management LLC now owns 1,567,270 shares of the financial services provider's stock worth $294,662,000 after purchasing an additional 286,049 shares in the last quarter. Institutional investors own 84.68% of the company's stock.

M&T Bank Stock Performance

NYSE MTB traded up $0.89 on Friday, reaching $198.72. The stock had a trading volume of 696,729 shares, compared to its average volume of 808,852. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a fifty day moving average of $195.47 and a two-hundred day moving average of $183.88. M&T Bank Corporation has a 1-year low of $150.75 and a 1-year high of $225.70. The company has a market cap of $31.05 billion, a P/E ratio of 12.87, a price-to-earnings-growth ratio of 0.97 and a beta of 0.67.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $4.28 EPS for the quarter, beating 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 firm had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.39 billion. During the same period in the prior year, the firm posted $3.73 EPS. On average, equities research analysts anticipate that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Increases Dividend

The business 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. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $6.00 annualized dividend and a dividend yield of 3.0%. M&T Bank's payout ratio is currently 38.86%.

Insider Transactions at M&T Bank

In other news, Director John P. Barnes sold 15,000 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $199.79, for a total transaction of $2,996,850.00. Following the sale, the director directly owned 17,866 shares of the company's stock, valued at approximately $3,569,448.14. This represents a 45.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Peter D'arcy sold 2,461 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total value of $485,579.91. Following the sale, the executive vice president directly owned 9,319 shares in the company, valued at approximately $1,838,731.89. This trade represents a 20.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,738 shares of company stock valued at $3,734,612. 0.53% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. Cantor Fitzgerald assumed coverage on M&T Bank in a research note on Wednesday. They set an "overweight" rating and a $228.00 price objective on the stock. Royal Bank Of Canada reissued an "outperform" rating and set a $200.00 target price on shares of M&T Bank in a report on Monday, May 19th. Jefferies Financial Group boosted their target price on M&T Bank from $220.00 to $240.00 and gave the stock a "buy" rating in a report on Wednesday, September 3rd. Morgan Stanley boosted their target price on M&T Bank from $206.00 to $215.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Finally, Citigroup boosted their target price on M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Fourteen research 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's stock. According to data from MarketBeat, M&T Bank has a consensus rating of "Moderate Buy" and an average price target of $214.31.

M&T Bank Company 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.