The Manufacturers Life Insurance Company Has $62.32 Million Stake in M&T Bank Corporation $MTB

The Manufacturers Life Insurance Company reduced its holdings in shares of M&T Bank Corporation (NYSE:MTB) by 4.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 261,834 shares of the financial services provider’s stock after selling 10,911 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.18% of M&T Bank worth $62,319,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Empowered Funds LLC grew its stake in M&T Bank by 11.9% in the 1st quarter. Empowered Funds LLC now owns 3,396 shares of the financial services provider’s stock valued at $607,000 after buying an additional 362 shares during the last quarter. Woodline Partners LP increased its stake in M&T Bank by 40.7% during the 1st quarter. Woodline Partners LP now owns 14,018 shares of the financial services provider’s stock worth $2,506,000 after acquiring an additional 4,054 shares during the period. Lazard Asset Management LLC grew its holdings in shares of M&T Bank by 24.6% during the 2nd quarter. Lazard Asset Management LLC now owns 2,900 shares of the financial services provider’s stock worth $562,000 after purchasing an additional 572 shares in the last quarter. MUFG Securities EMEA plc bought a new position in shares of M&T Bank in the second quarter worth $92,000. Finally, Geneos Wealth Management Inc. increased its position in shares of M&T Bank by 4.3% in the second quarter. Geneos Wealth Management Inc. now owns 1,727 shares of the financial services provider’s stock worth $335,000 after purchasing an additional 71 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. DA Davidson upped their price objective on shares of M&T Bank from $263.00 to $266.00 and gave the stock a “neutral” rating in a research report on Thursday, July 16th. Evercore set a $260.00 price objective on shares of M&T Bank in a research note on Monday, July 6th. Jefferies Financial Group reissued a “buy” rating and issued a $300.00 target price on shares of M&T Bank in a report on Wednesday, July 15th. Morgan Stanley upgraded shares of M&T Bank from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $253.00 to $304.00 in a research report on Tuesday. Finally, Wall Street Zen raised shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Monday, July 20th. Eight research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, M&T Bank presently has a consensus rating of “Hold” and an average target price of $255.97.

M&T Bank Price Performance

Shares of MTB stock opened at $239.75 on Friday. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.53. M&T Bank Corporation has a twelve month low of $174.76 and a twelve month high of $255.95. The company has a market cap of $34.63 billion, a P/E ratio of 12.66, a P/E/G ratio of 1.36 and a beta of 0.56. The business has a fifty day simple moving average of $244.86 and a 200 day simple moving average of $226.26.

M&T Bank (NYSE:MTB) last released its earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.66 by $0.69. The firm had revenue of $2.53 billion for the quarter, compared to analysts’ expectations of $2.46 billion. M&T Bank had a return on equity of 11.80% and a net margin of 22.72%.During the same quarter in the previous year, the business posted $4.28 earnings per share. On average, sell-side analysts forecast that M&T Bank Corporation will post 19.45 EPS for the current fiscal year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st will be issued a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $6.00 annualized dividend and a dividend yield of 2.5%. M&T Bank’s payout ratio is 31.68%.

Insider Transactions at M&T Bank

In related news, Director Rudina Seseri sold 623 shares of the company’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $241.04, for a total transaction of $150,167.92. Following the completion of the transaction, the director directly owned 3,649 shares in the company, valued at $879,554.96. This represents a 14.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.44% of the stock is currently owned by corporate insiders.

M&T Bank Company Profile

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, Manufacturers and Traders Trust Company, commonly known as M&T Bank, provides financial products and services to individuals, businesses, institutions and government entities.

The company’s offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, credit cards, treasury management and other business banking services.