Assenagon Asset Management S.A. Acquires 91,336 Shares of M&T Bank Co. (NYSE:MTB)

Assenagon Asset Management S.A. lifted its holdings in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 5,518.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 92,991 shares of the financial services provider's stock after acquiring an additional 91,336 shares during the quarter. Assenagon Asset Management S.A. owned 0.06% of M&T Bank worth $12,747,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Raymond James & Associates boosted its stake in M&T Bank by 7.0% in the first quarter. Raymond James & Associates now owns 134,655 shares of the financial services provider's stock valued at $2,692,000 after acquiring an additional 8,765 shares during the last quarter. American Century Companies Inc. increased its position in M&T Bank by 112.8% in the first quarter. American Century Companies Inc. now owns 82,957 shares of the financial services provider's stock worth $1,658,000 after buying an additional 43,979 shares during the last quarter. US Bancorp DE lifted its position in shares of M&T Bank by 9.4% during the 1st quarter. US Bancorp DE now owns 15,149 shares of the financial services provider's stock valued at $303,000 after buying an additional 1,304 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its stake in shares of M&T Bank by 7.6% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 59,394 shares of the financial services provider's stock worth $1,187,000 after acquiring an additional 4,175 shares during the period. Finally, AlphaCrest Capital Management LLC purchased a new stake in M&T Bank in the 1st quarter worth about $306,000. 84.68% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Barclays upped their price objective on shares of M&T Bank from $150.00 to $170.00 and gave the company an "equal weight" rating in a report on Tuesday, January 2nd. Piper Sandler lowered their target price on shares of M&T Bank from $156.00 to $152.00 and set an "overweight" rating on the stock in a report on Friday, January 19th. StockNews.com lowered M&T Bank from a "hold" rating to a "sell" rating in a report on Wednesday, December 27th. Royal Bank of Canada reiterated an "outperform" rating and set a $160.00 price objective on shares of M&T Bank in a research note on Friday, January 19th. Finally, DA Davidson restated a "neutral" rating and issued a $159.00 target price on shares of M&T Bank in a research note on Wednesday, March 6th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, M&T Bank currently has an average rating of "Hold" and a consensus price target of $150.17.

M&T Bank Price Performance

NYSE:MTB traded up $0.64 during midday trading on Friday, hitting $145.44. The company had a trading volume of 820,144 shares, compared to its average volume of 1,236,139. The stock's fifty day moving average price is $139.34 and its 200-day moving average price is $131.49. M&T Bank Co. has a 52-week low of $108.53 and a 52-week high of $148.23. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $24.23 billion, a PE ratio of 9.22, a P/E/G ratio of 1.28 and a beta of 0.79.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings data on Thursday, January 18th. The financial services provider reported $2.74 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.10 by ($0.36). The firm had revenue of $3.32 billion during the quarter, compared to analysts' expectations of $2.27 billion. M&T Bank had a return on equity of 11.59% and a net margin of 21.49%. During the same quarter in the previous year, the company posted $4.57 earnings per share. As a group, research analysts expect that M&T Bank Co. will post 13.87 earnings per share for the current year.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Monday, March 4th will be paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 3.58%. The ex-dividend date is Friday, March 1st. M&T Bank's dividend payout ratio (DPR) is presently 32.95%.

Insider Transactions at M&T Bank

In related news, EVP Doris P. Meister sold 1,000 shares of the stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $132.30, for a total transaction of $132,300.00. Following the transaction, the executive vice president now owns 7,274 shares of the company's stock, valued at approximately $962,350.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other M&T Bank news, Director Kirk W. Walters sold 28,845 shares of M&T Bank stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $145.00, for a total value of $4,182,525.00. Following the transaction, the director now directly owns 6,367 shares of the company's stock, valued at approximately $923,215. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Doris P. Meister sold 1,000 shares of the stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $132.30, for a total value of $132,300.00. Following the sale, the executive vice president now directly owns 7,274 shares of the company's stock, valued at approximately $962,350.20. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,481 shares of company stock worth $5,114,624. 0.82% of the stock is currently owned by insiders.

M&T Bank Profile

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.