Oppenheimer Asset Management Inc. Raises Stock Position in M&T Bank Corporation (NYSE:MTB)

Oppenheimer Asset Management Inc. increased its holdings in shares of M&T Bank Corporation (NYSE:MTB) by 1.3% in the 1st quarter, HoldingsChannel reports. The firm owned 101,911 shares of the financial services provider’s stock after acquiring an additional 1,353 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in M&T Bank were worth $18,217,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in MTB. FMR LLC raised its holdings in shares of M&T Bank by 14.3% during the fourth quarter. FMR LLC now owns 14,110,412 shares of the financial services provider’s stock worth $2,652,899,000 after purchasing an additional 1,761,014 shares during the last quarter. Norges Bank purchased a new position in shares of M&T Bank during the fourth quarter worth $317,690,000. GAMMA Investing LLC raised its holdings in shares of M&T Bank by 18,471.2% during the first quarter. GAMMA Investing LLC now owns 705,705 shares of the financial services provider’s stock worth $126,145,000 after purchasing an additional 701,905 shares during the last quarter. Nuveen Asset Management LLC increased its holdings in M&T Bank by 22.3% in the fourth quarter. Nuveen Asset Management LLC now owns 1,567,270 shares of the financial services provider’s stock valued at $294,662,000 after buying an additional 286,049 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. purchased a new position in M&T Bank in the fourth quarter valued at $48,939,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Performance

MTB opened at $184.74 on Monday. M&T Bank Corporation has a twelve month low of $145.82 and a twelve month high of $225.70. The firm has a market capitalization of $29.65 billion, a PE ratio of 12.37, a PEG ratio of 1.34 and a beta of 0.62. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.39. The firm’s 50-day moving average price is $176.69 and its 200 day moving average price is $183.90.

M&T Bank (NYSE:MTB) last released its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). The business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.35 billion. M&T Bank had a return on equity of 10.18% and a net margin of 19.86%. During the same period last year, the business earned $3.09 earnings per share. As a group, sell-side analysts expect that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 2nd will be given a dividend of $1.35 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.92%. M&T Bank’s payout ratio is 36.17%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Piper Sandler cut their price objective on shares of M&T Bank from $220.00 to $210.00 and set an “overweight” rating for the company in a report on Tuesday, April 15th. Wells Fargo & Company cut their price objective on shares of M&T Bank from $185.00 to $175.00 and set an “underweight” rating for the company in a report on Tuesday, April 15th. Citigroup cut their price objective on shares of M&T Bank from $230.00 to $195.00 and set a “neutral” rating for the company in a report on Monday, March 24th. JPMorgan Chase & Co. cut their price objective on shares of M&T Bank from $212.50 to $186.50 and set a “neutral” rating for the company in a report on Thursday, April 3rd. Finally, Deutsche Bank Aktiengesellschaft raised shares of M&T Bank from a “hold” rating to a “buy” rating and set a $210.00 price objective for the company in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, M&T Bank presently has an average rating of “Moderate Buy” and a consensus price target of $210.63.

Insider Buying and Selling

In other M&T Bank news, Director Robert E. Sadler, Jr. sold 6,700 shares of the company’s stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $183.52, for a total value of $1,229,584.00. Following the completion of the sale, the director now directly owns 23,070 shares in the company, valued at $4,233,806.40. This represents a 22.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.53% of the stock is currently owned by company insiders.

M&T Bank Company Profile

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.