M&G Plc Invests $8.15 Million in M&T Bank Co. (NYSE:MTB)

M&G Plc acquired a new position in shares of M&T Bank Co. (NYSE:MTB) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 56,189 shares of the financial services provider’s stock, valued at approximately $8,147,000.

Several other large investors also recently made changes to their positions in the stock. Leuthold Group LLC bought a new position in M&T Bank in the first quarter valued at $3,125,000. Stevens Capital Management LP bought a new position in M&T Bank in the fourth quarter valued at $320,000. Matrix Asset Advisors Inc. NY grew its position in M&T Bank by 15.7% in the fourth quarter. Matrix Asset Advisors Inc. NY now owns 92,537 shares of the financial services provider’s stock valued at $12,685,000 after purchasing an additional 12,590 shares in the last quarter. Smead Capital Management Inc. bought a new position in M&T Bank in the fourth quarter valued at $59,418,000. Finally, Rafferty Asset Management LLC grew its position in M&T Bank by 72.1% in the fourth quarter. Rafferty Asset Management LLC now owns 239,934 shares of the financial services provider’s stock valued at $32,890,000 after purchasing an additional 100,526 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

Analyst Ratings Changes

MTB has been the subject of a number of analyst reports. Royal Bank of Canada raised their target price on shares of M&T Bank from $160.00 to $174.00 and gave the company an “outperform” rating in a research report on Friday. Bank of America lifted their price objective on shares of M&T Bank from $157.00 to $160.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. JPMorgan Chase & Co. lifted their price objective on shares of M&T Bank from $170.00 to $180.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. Wells Fargo & Company lifted their price objective on shares of M&T Bank from $145.00 to $150.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 16th. Finally, Evercore ISI lifted their price objective on shares of M&T Bank from $157.00 to $168.00 and gave the company an “in-line” rating in a research report on Tuesday, June 25th. Ten research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $166.79.

M&T Bank Stock Performance

M&T Bank stock traded down $2.13 during midday trading on Friday, hitting $165.25. The company’s stock had a trading volume of 1,260,933 shares, compared to its average volume of 955,890. M&T Bank Co. has a 1-year low of $108.53 and a 1-year high of $175.00. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.94 and a quick ratio of 1.00. The company has a 50-day moving average price of $150.48 and a two-hundred day moving average price of $143.72. The company has a market cap of $27.57 billion, a price-to-earnings ratio of 11.17, a PEG ratio of 3.91 and a beta of 0.77.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, topping the consensus estimate of $3.50 by $0.23. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. The business had revenue of $3.37 billion during the quarter, compared to analysts’ expectations of $2.27 billion. During the same quarter in the previous year, the company earned $5.12 EPS. As a group, sell-side analysts predict that M&T Bank Co. will post 13.9 earnings per share for the current year.

M&T Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 3rd were paid a $1.35 dividend. This is a boost from M&T Bank’s previous quarterly dividend of $1.30. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $5.40 annualized dividend and a yield of 3.27%. M&T Bank’s payout ratio is 36.51%.

Insiders Place Their Bets

In other M&T Bank news, EVP Christopher E. Kay sold 1,821 shares of M&T Bank stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $153.78, for a total value of $280,033.38. Following the completion of the sale, the executive vice president now owns 8,579 shares in the company, valued at approximately $1,319,278.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Christopher E. Kay sold 1,821 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $153.78, for a total value of $280,033.38. Following the completion of the transaction, the executive vice president now directly owns 8,579 shares in the company, valued at approximately $1,319,278.62. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Kirk W. Walters sold 16,179 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $148.01, for a total transaction of $2,394,653.79. Following the completion of the transaction, the director now owns 6,348 shares of the company’s stock, valued at $939,567.48. The disclosure for this sale can be found here. Insiders sold 95,915 shares of company stock worth $14,497,759 in the last quarter. 0.82% of the stock is currently owned by corporate 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.