Zions Bancorporation National Association UT Invests $271,000 in M&T Bank Corporation (NYSE:MTB)

Key Points

• Zions Bancorporation invested approximately $271,000 in M&T Bank Corporation, acquiring 1,515 shares in the first quarter of the year.
• M&T Bank announced a quarterly dividend of $1.35 per share, yielding 2.9%, which was paid to shareholders on June 30th.
• The stock has experienced analyst upgrades, with Morgan Stanley raising its target price from $206.00 to $215.00 while maintaining an "overweight" rating.

Zions Bancorporation National Association UT bought a new position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 1,515 shares of the financial services provider's stock, valued at approximately $271,000.

Other institutional investors have also made changes to their positions in the company. Northern Trust Corp raised its stake in M&T Bank by 14.7% in the fourth quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider's stock valued at $316,483,000 after purchasing an additional 215,100 shares in the last quarter. First Trust Advisors LP lifted its stake in M&T Bank by 2.1% during the fourth quarter. First Trust Advisors LP now owns 1,605,724 shares of the financial services provider's stock worth $301,892,000 after purchasing an additional 33,017 shares during the last quarter. Nuveen Asset Management LLC increased its stake in shares of M&T Bank by 22.3% in the 4th quarter. Nuveen Asset Management LLC now owns 1,567,270 shares of the financial services provider's stock valued at $294,662,000 after purchasing an additional 286,049 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of M&T Bank by 2.2% during the 1st quarter. Bank of New York Mellon Corp now owns 1,442,381 shares of the financial services provider's stock worth $257,826,000 after buying an additional 30,643 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in M&T Bank by 16.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,088,949 shares of the financial services provider's stock valued at $204,733,000 after acquiring an additional 155,374 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on MTB. Robert W. Baird decreased their price target on shares of M&T Bank from $220.00 to $200.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Wall Street Zen upgraded M&T Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. Truist Financial reduced their price target on M&T Bank from $225.00 to $200.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Cowen initiated coverage on shares of M&T Bank in a report on Wednesday, May 14th. They issued a "buy" rating for the company. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 target price on the stock in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $212.88.

M&T Bank Stock Performance

M&T Bank stock traded up $2.17 during trading on Wednesday, hitting $193.25. The stock had a trading volume of 1,031,893 shares, compared to its average volume of 1,066,917. 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 stock's 50 day moving average is $191.07 and its two-hundred day moving average is $183.91. M&T Bank Corporation has a 1 year low of $150.75 and a 1 year high of $225.70. The stock has a market cap of $30.20 billion, a price-to-earnings ratio of 12.20, a price-to-earnings-growth ratio of 0.94 and a beta of 0.63.

M&T Bank (NYSE:MTB - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, topping the consensus estimate of $4.04 by $0.24. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. The firm had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter last year, the company earned $3.73 earnings per share. As a group, analysts predict that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 2nd were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date of this dividend was Monday, June 2nd. M&T Bank's dividend payout ratio is presently 34.97%.

Insider Transactions at M&T Bank

In other M&T Bank news, Director Richard H. Jr. Ledgett sold 1,277 shares of the firm's stock in a transaction on Monday, July 21st. The shares were sold at an average price of $197.48, for a total value of $252,181.96. Following the completion of 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Peter D'arcy sold 2,461 shares of the company's stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total transaction of $485,579.91. Following the completion of the transaction, the executive vice president directly owned 9,319 shares in the company, valued at approximately $1,838,731.89. The trade was a 20.89% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,438 shares of company stock valued at $1,967,346. 0.53% of the stock is currently owned by corporate insiders.

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.