Wellington Management Group LLP Has $1.77 Billion Holdings in M&T Bank Corporation $MTB

Key Points

• Wellington Management Group LLP increased its stake in M&T Bank Corporation by 33.1%, acquiring 2,460,315 shares in the first quarter, bringing its total ownership to approximately 6.16% of the company.
• M&T Bank has a current market cap of $29.74 billion and recently reported earnings of $4.28 per share, exceeding expectations and reflecting a strong return on equity of 10.35%.
• The bank announced a quarterly dividend of $1.35 per share, representing an annualized yield of 2.8%, indicating a stable distribution of profits to shareholders amidst recent growth.

Wellington Management Group LLP raised its position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 33.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,894,065 shares of the financial services provider's stock after acquiring an additional 2,460,315 shares during the period. Wellington Management Group LLP owned approximately 6.16% of M&T Bank worth $1,768,564,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in MTB. Wood Tarver Financial Group LLC bought a new stake in shares of M&T Bank in the fourth quarter valued at approximately $29,000. Banque Transatlantique SA bought a new stake in shares of M&T Bank in the fourth quarter valued at approximately $38,000. Grove Bank & Trust boosted its stake in shares of M&T Bank by 104.6% in the first quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock valued at $40,000 after buying an additional 114 shares during the period. Golden State Wealth Management LLC bought a new stake in shares of M&T Bank in the first quarter valued at approximately $46,000. Finally, Investors Research Corp boosted its stake in shares of M&T Bank by 31.1% in the first quarter. Investors Research Corp now owns 295 shares of the financial services provider's stock valued at $53,000 after buying an additional 70 shares during the period. Institutional investors own 84.68% of the company's stock.

M&T Bank Price Performance

Shares of NYSE:MTB traded up $7.1850 during trading on Friday, hitting $199.6150. 1,110,393 shares of the company were exchanged, compared to its average volume of 1,254,166. The business's 50 day moving average is $192.29 and its 200-day moving average is $183.63. The company has a market capitalization of $31.19 billion, a P/E ratio of 12.93, a price-to-earnings-growth ratio of 0.95 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. M&T Bank Corporation has a 1-year low of $150.75 and a 1-year high of $225.70.

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 (EPS) for the quarter, topping 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 net margin of 20.44% and a return on equity of 10.35%. During the same period in the prior year, the business earned $3.73 earnings per share. Equities analysts forecast that M&T Bank Corporation will post 16.57 earnings per share for the current year.

M&T Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 2nd will be issued a $1.50 dividend. The ex-dividend date is Tuesday, September 2nd. This is a positive change from M&T Bank's previous quarterly dividend of $1.35. This represents a $6.00 dividend on an annualized basis and a yield of 3.0%. M&T Bank's dividend payout ratio (DPR) is currently 38.86%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MTB. Wall Street Zen upgraded M&T Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Morgan Stanley boosted their price target on M&T Bank from $206.00 to $215.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. DA Davidson boosted their price target on M&T Bank from $189.00 to $207.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Wells Fargo & Company boosted their price objective on shares of M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a research report on Thursday, July 17th. Finally, Jefferies Financial Group set a $225.00 price objective on shares of M&T Bank and gave the company a "buy" rating in a research report on Wednesday, May 21st. Thirteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $212.88.

Insider Activity at M&T Bank

In related news, 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 completion of the sale, the executive vice president directly owned 9,319 shares in the company, valued at $1,838,731.89. This represents a 20.89% 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 stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $183.52, for a total value of $1,229,584.00. Following the completion of the sale, the director owned 23,070 shares of the company's stock, valued at $4,233,806.40. The trade was a 22.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,438 shares of company stock worth $1,967,346 over the last three months. Company insiders own 0.53% of the company's stock.

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.