TIAA Trust National Association Grows Position in M&T Bank Corporation $MTB

TIAA Trust National Association increased its position in shares of M&T Bank Corporation (NYSE:MTB) by 16.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,140 shares of the financial services provider’s stock after buying an additional 1,017 shares during the period. TIAA Trust National Association’s holdings in M&T Bank were worth $1,385,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in MTB. Wealth Preservation Advisors LLC purchased a new stake in shares of M&T Bank during the first quarter worth approximately $25,000. WPG Advisers LLC purchased a new stake in shares of M&T Bank during the first quarter worth approximately $25,000. Family Legacy Financial Solutions LLC purchased a new stake in shares of M&T Bank during the second quarter worth approximately $46,000. Cullen Frost Bankers Inc. increased its stake in shares of M&T Bank by 1,109.5% during the second quarter. Cullen Frost Bankers Inc. now owns 254 shares of the financial services provider’s stock worth $49,000 after buying an additional 233 shares during the period. Finally, Stone House Investment Management LLC purchased a new stake in shares of M&T Bank during the first quarter worth approximately $66,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Director John P. Barnes sold 15,000 shares of the stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $199.79, for a total value of $2,996,850.00. Following the completion of the transaction, the director owned 17,866 shares of the company’s stock, valued at approximately $3,569,448.14. This represents a 45.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.53% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on MTB shares. Wells Fargo & Company lifted their price target on shares of M&T Bank from $175.00 to $185.00 and gave the stock an “underweight” rating in a research note on Thursday, July 17th. DA Davidson raised their target price on shares of M&T Bank from $189.00 to $207.00 and gave the stock a “neutral” rating in a research report on Thursday, July 17th. Jefferies Financial Group raised their target price on shares of M&T Bank from $220.00 to $240.00 and gave the stock a “buy” rating in a research report on Wednesday, September 3rd. Piper Sandler began coverage on shares of M&T Bank in a research report on Monday, October 6th. They set an “overweight” rating and a $225.00 target price on the stock. Finally, Weiss Ratings lowered shares of M&T Bank from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Saturday, October 25th. One investment analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $217.76.

M&T Bank Stock Performance

MTB stock opened at $180.89 on Wednesday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.49. The firm has a market cap of $27.80 billion, a P/E ratio of 11.14, a P/E/G ratio of 0.87 and a beta of 0.62. M&T Bank Corporation has a 12-month low of $150.75 and a 12-month high of $225.70. The stock’s 50 day simple moving average is $192.20 and its 200 day simple moving average is $188.57.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Wednesday, March 9th. The financial services provider reported $3.54 earnings per share (EPS) for the quarter. The business had revenue of $1.54 billion for the quarter. M&T Bank had a return on equity of 10.62% and a net margin of 20.91%. As a group, equities research analysts predict that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 2nd were paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Tuesday, September 2nd. This is an increase from M&T Bank’s previous quarterly dividend of $1.35. M&T Bank’s dividend payout ratio (DPR) is currently 36.95%.

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.