Algebris UK Ltd Acquires 84,761 Shares of M&T Bank Corporation (NYSE:MTB)

Algebris UK Ltd boosted its holdings in M&T Bank Corporation (NYSE:MTB) by 277.7% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 115,289 shares of the financial services provider’s stock after acquiring an additional 84,761 shares during the quarter. M&T Bank accounts for about 3.5% of Algebris UK Ltd’s investment portfolio, making the stock its 15th biggest position. Algebris UK Ltd’s holdings in M&T Bank were worth $19,078,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MTB. FMR LLC grew its stake in 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 buying an additional 1,761,014 shares during the last quarter. Geode Capital Management LLC grew its stake in M&T Bank by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider’s stock worth $819,768,000 after buying an additional 40,948 shares during the last quarter. Northern Trust Corp grew its stake in M&T Bank by 14.7% during the fourth quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider’s stock worth $316,483,000 after buying an additional 215,100 shares during the last quarter. First Trust Advisors LP grew its stake in M&T Bank by 2.1% during the fourth quarter. First Trust Advisors LP now owns 1,605,724 shares of the financial services provider’s stock worth $301,892,000 after buying an additional 33,017 shares during the last quarter. Finally, Nuveen Asset Management LLC grew its stake in M&T Bank by 22.3% during the fourth quarter. Nuveen Asset Management LLC now owns 1,567,270 shares of the financial services provider’s stock worth $294,662,000 after buying an additional 286,049 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.

M&T Bank Price Performance

Shares of MTB stock opened at $194.05 on Tuesday. M&T Bank Corporation has a 52-week low of $150.75 and a 52-week high of $225.70. The stock has a market cap of $31.15 billion, a PE ratio of 12.57, a PEG ratio of 0.95 and a beta of 0.63. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.97 and a current ratio of 0.91. The firm’s 50 day moving average price is $189.66 and its two-hundred day moving average price is $184.48.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.04 by $0.24. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. The firm had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.39 billion. During the same period last year, the firm earned $3.73 earnings per share. As a group, analysts forecast that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 2nd were issued a $1.35 dividend. The ex-dividend date was Monday, June 2nd. This represents a $5.40 annualized dividend and a yield of 2.78%. M&T Bank’s dividend payout ratio (DPR) is presently 34.97%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on MTB shares. DA Davidson upped their price objective on shares of M&T Bank from $189.00 to $207.00 and gave the stock a “neutral” rating in a research note on Thursday, July 17th. Wall Street Zen raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, May 14th. Jefferies Financial Group set a $225.00 price objective on shares of M&T Bank and gave the stock a “buy” rating in a research note on Wednesday, May 21st. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $200.00 price objective on shares of M&T Bank in a research note on Monday, May 19th. Finally, TD Cowen started coverage on shares of M&T Bank in a research note on Thursday, May 15th. They set a “buy” rating and a $230.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $212.88.

Insiders Place Their Bets

In other M&T Bank news, Director Robert E. Sadler, Jr. sold 6,700 shares of the stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $183.52, for a total value of $1,229,584.00. Following the sale, the director directly owned 23,070 shares in the company, valued at approximately $4,233,806.40. This trade represents a 22.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the stock in a transaction on Monday, July 21st. The stock was sold at an average price of $197.48, for a total transaction of $252,181.96. Following the completion of the sale, the director owned 4,881 shares in the company, valued at approximately $963,899.88. This trade represents a 20.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 10,438 shares of company stock worth $1,967,346. Company insiders own 0.53% of the company’s stock.

M&T Bank 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.