Mirae Asset Global Investments Co. Ltd. bought a new stake in M&T Bank Co. (NYSE:MTB – Get Rating) in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 15,127 shares of the financial services provider's stock, valued at approximately $2,564,000.
A number of other large investors have also modified their holdings of MTB. Vanguard Group Inc. boosted its holdings in M&T Bank by 2.2% in the first quarter. Vanguard Group Inc. now owns 14,607,431 shares of the financial services provider's stock valued at $2,475,959,000 after purchasing an additional 316,266 shares during the last quarter. BlackRock Inc. boosted its holdings in M&T Bank by 8.8% in the first quarter. BlackRock Inc. now owns 11,292,279 shares of the financial services provider's stock valued at $1,914,040,000 after purchasing an additional 915,914 shares during the last quarter. Wellington Management Group LLP boosted its holdings in M&T Bank by 9.9% in the first quarter. Wellington Management Group LLP now owns 8,612,467 shares of the financial services provider's stock valued at $1,459,815,000 after purchasing an additional 777,422 shares during the last quarter. State Street Corp boosted its holdings in M&T Bank by 0.3% in the fourth quarter. State Street Corp now owns 7,481,488 shares of the financial services provider's stock valued at $1,149,007,000 after purchasing an additional 23,271 shares during the last quarter. Finally, Capital World Investors purchased a new position in M&T Bank in the first quarter valued at about $982,517,000. Institutional investors and hedge funds own 82.24% of the company's stock.
Get M&T Bank alerts:Insider Transactions at M&T Bank
In other news, Director Kirk W. Walters sold 21,116 shares of the stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $180.00, for a total value of $3,800,880.00. Following the completion of the sale, the director now owns 6,134 shares in the company, valued at $1,104,120. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other M&T Bank news, Director Gary N. Geisel sold 533 shares of the company's stock in a transaction that occurred on Friday, August 19th. The shares were sold at an average price of $189.34, for a total value of $100,918.22. Following the transaction, the director now owns 17,740 shares in the company, valued at approximately $3,358,891.60. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Kirk W. Walters sold 21,116 shares of M&T Bank stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $180.00, for a total transaction of $3,800,880.00. Following the sale, the director now directly owns 6,134 shares of the company's stock, valued at approximately $1,104,120. The disclosure for this sale can be found here. Insiders sold a total of 30,656 shares of company stock valued at $5,604,091 in the last three months. 0.73% of the stock is currently owned by corporate insiders.
M&T Bank Stock Performance
MTB opened at $178.91 on Monday. The firm has a market cap of $32.10 billion, a PE ratio of 16.63, a P/E/G ratio of 0.80 and a beta of 0.88. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.13. The business has a fifty day simple moving average of $181.01 and a 200-day simple moving average of $172.92. M&T Bank Co. has a fifty-two week low of $141.49 and a fifty-two week high of $193.42.M&T Bank (NYSE:MTB – Get Rating) last released its quarterly earnings data on Wednesday, July 20th. The financial services provider reported $3.10 earnings per share for the quarter, hitting the consensus estimate of $3.10. The business had revenue of $1.98 billion during the quarter, compared to analyst estimates of $2.05 billion. M&T Bank had a return on equity of 10.76% and a net margin of 23.21%. During the same period last year, the company posted $3.45 EPS. As a group, equities analysts predict that M&T Bank Co. will post 15.19 EPS for the current fiscal year.
M&T Bank declared that its board has authorized a share buyback program on Tuesday, July 19th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 9.7% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's management believes its stock is undervalued.
M&T Bank Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 1st will be paid a dividend of $1.20 per share. This represents a $4.80 annualized dividend and a dividend yield of 2.68%. The ex-dividend date of this dividend is Wednesday, August 31st. M&T Bank's dividend payout ratio is presently 44.61%.
Wall Street Analysts Forecast Growth
A number of research analysts recently commented on MTB shares. Morgan Stanley increased their price target on M&T Bank from $203.00 to $222.00 and gave the company an "overweight" rating in a report on Thursday, July 21st. StockNews.com downgraded M&T Bank from a "hold" rating to a "sell" rating in a report on Saturday, September 17th. Robert W. Baird raised M&T Bank from a "neutral" rating to an "outperform" rating and increased their target price for the stock from $175.00 to $200.00 in a report on Friday, June 17th. Wedbush increased their target price on M&T Bank to $188.00 in a report on Friday, July 22nd. Finally, Deutsche Bank Aktiengesellschaft increased their target price on M&T Bank from $200.00 to $255.00 and gave the stock a "buy" rating in a report on Monday, September 12th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $202.64.
M&T Bank Company Profile
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M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial lending and leasing, letters of credit, and cash management services for middle-market and large commercial customers.
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