Envestnet Asset Management Inc. Raises Position in M&T Bank Co. (NYSE:MTB)

Envestnet Asset Management Inc. lifted its stake in M&T Bank Co. (NYSE:MTBGet Rating) by 12.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 110,622 shares of the financial services provider’s stock after buying an additional 12,288 shares during the period. Envestnet Asset Management Inc. owned approximately 0.09% of M&T Bank worth $18,750,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. IFG Advisory LLC boosted its position in shares of M&T Bank by 20.6% in the first quarter. IFG Advisory LLC now owns 3,968 shares of the financial services provider’s stock worth $672,000 after buying an additional 679 shares during the period. Arizona State Retirement System boosted its holdings in M&T Bank by 2.2% in the first quarter. Arizona State Retirement System now owns 35,820 shares of the financial services provider’s stock valued at $6,071,000 after purchasing an additional 785 shares during the last quarter. First National Trust Co boosted its holdings in M&T Bank by 4.9% in the first quarter. First National Trust Co now owns 38,313 shares of the financial services provider’s stock valued at $6,494,000 after purchasing an additional 1,796 shares during the last quarter. Metis Global Partners LLC purchased a new position in M&T Bank in the first quarter valued at about $345,000. Finally, Ellis Investment Partners LLC boosted its holdings in M&T Bank by 50.4% in the first quarter. Ellis Investment Partners LLC now owns 779 shares of the financial services provider’s stock valued at $132,000 after purchasing an additional 261 shares during the last quarter. Hedge funds and other institutional investors own 87.61% of the company’s stock.

M&T Bank Stock Up 1.6 %

Shares of M&T Bank stock opened at $176.51 on Thursday. The company has a current ratio of 0.93, a quick ratio of 1.05 and a debt-to-equity ratio of 0.13. The business’s 50 day simple moving average is $167.25 and its 200-day simple moving average is $170.91. The stock has a market capitalization of $31.67 billion, a price-to-earnings ratio of 16.40, a PEG ratio of 0.80 and a beta of 0.91. M&T Bank Co. has a twelve month low of $131.42 and a twelve month high of $186.95.

M&T Bank (NYSE:MTBGet Rating) last announced its quarterly earnings results on Wednesday, July 20th. The financial services provider reported $1.08 earnings per share for the quarter, missing analysts’ consensus estimates of $2.75 by ($1.67). 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 firm earned $3.45 EPS. Equities research analysts forecast that M&T Bank Co. will post 14.86 earnings per share for the current year.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Wednesday, June 1st were given a $1.20 dividend. This represents a $4.80 annualized dividend and a yield of 2.72%. The ex-dividend date of this dividend was Tuesday, May 31st. M&T Bank’s dividend payout ratio is currently 44.61%.

M&T Bank declared that its Board of Directors has initiated a share repurchase plan on Tuesday, July 19th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 9.7% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s board believes its stock is undervalued.

Analyst Upgrades and Downgrades

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. JPMorgan Chase & Co. reduced their price target on M&T Bank from $200.00 to $195.00 and set a “neutral” rating for the company in a report on Friday, July 1st. Wolfe Research reduced their price target on M&T Bank from $214.00 to $187.00 and set an “outperform” rating for the company in a report on Thursday, May 26th. TheStreet downgraded M&T Bank from a “b” rating to a “c+” rating in a report on Wednesday, July 20th. Finally, Wedbush upped their price objective on M&T Bank to $188.00 in a research note on Friday, July 22nd. One analyst has rated the stock with a sell rating, four have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, M&T Bank currently has a consensus rating of “Moderate Buy” and an average price target of $198.71.

Insider Activity at M&T Bank

In related news, EVP Robert J. Bojdak sold 525 shares of the firm’s stock in a transaction that occurred on Wednesday, June 8th. The stock was sold at an average price of $177.82, for a total value of $93,355.50. Following the sale, the executive vice president now directly owns 19,075 shares in the company, valued at approximately $3,391,916.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other M&T Bank news, Vice Chairman Kevin J. Pearson sold 5,000 shares of the stock in a transaction on Tuesday, May 17th. The stock was sold at an average price of $169.71, for a total transaction of $848,550.00. Following the completion of the transaction, the insider now directly owns 39,008 shares of the company’s stock, valued at approximately $6,620,047.68. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Robert J. Bojdak sold 525 shares of the stock in a transaction on Wednesday, June 8th. The shares were sold at an average price of $177.82, for a total value of $93,355.50. Following the transaction, the executive vice president now directly owns 19,075 shares of the company’s stock, valued at $3,391,916.50. The disclosure for this sale can be found here. Insiders have sold a total of 7,725 shares of company stock worth $1,335,332 in the last three months. 0.73% of the stock is owned by company insiders.

M&T Bank 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.

Further Reading

Institutional Ownership by Quarter for M&T Bank (NYSE:MTB)

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