SCS Capital Management LLC Buys Shares of 1,713 M&T Bank Corporation $MTB

SCS Capital Management LLC purchased a new stake in M&T Bank Corporation (NYSE:MTB) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 1,713 shares of the financial services provider’s stock, valued at approximately $306,000.

A number of other institutional investors also recently modified their holdings of MTB. Wellington Management Group LLP lifted its holdings in shares of M&T Bank by 33.1% in the first quarter. Wellington Management Group LLP now owns 9,894,065 shares of the financial services provider’s stock valued at $1,768,564,000 after purchasing an additional 2,460,315 shares in the last quarter. Nuveen LLC bought a new stake in M&T Bank during the first quarter worth about $243,451,000. GAMMA Investing LLC raised its holdings in 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 acquiring an additional 701,905 shares in the last quarter. Invesco Ltd. raised its holdings in M&T Bank by 15.2% during the first quarter. Invesco Ltd. now owns 3,552,666 shares of the financial services provider’s stock worth $635,039,000 after acquiring an additional 468,758 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its holdings 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 acquiring an additional 286,049 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently issued reports on MTB shares. TD Cowen started coverage on M&T Bank in a report on Thursday, May 15th. They set a “buy” rating and a $230.00 target price on the stock. Wells Fargo & Company upped their target price on M&T Bank from $175.00 to $185.00 and gave the stock an “underweight” rating in a report on Thursday, July 17th. Jefferies Financial Group upped their target price on M&T Bank from $220.00 to $240.00 and gave the stock a “buy” rating in a report on Wednesday, September 3rd. Citigroup upped their target price on M&T Bank from $200.00 to $212.00 and gave the stock a “neutral” rating in a report on Wednesday, July 2nd. Finally, DA Davidson boosted their price target on M&T Bank from $189.00 to $207.00 and gave the stock a “neutral” rating in a research report on Thursday, July 17th. Fourteen equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell 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 target price of $214.31.

Insider Activity

In other news, Director John P. Barnes sold 15,000 shares of the company’s stock in a transaction that occurred 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 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 Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the company’s stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $197.48, for a total value of $252,181.96. Following the completion of the transaction, the director directly owned 4,881 shares in the company, valued at $963,899.88. The trade was a 20.74% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,738 shares of company stock valued at $3,734,612. 0.53% of the stock is owned by insiders.

M&T Bank Price Performance

Shares of NYSE MTB opened at $198.03 on Friday. M&T Bank Corporation has a twelve month low of $150.75 and a twelve month high of $225.70. The business’s 50 day moving average price is $195.55 and its two-hundred day moving average price is $183.82. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47. The company has a market cap of $30.95 billion, a PE ratio of 12.83, a price-to-earnings-growth ratio of 0.97 and a beta of 0.67.

M&T Bank (NYSE:MTB) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 EPS for the quarter, beating the consensus estimate of $4.04 by $0.24. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%.The company had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter in the prior year, the business earned $3.73 earnings per share. On average, analysts predict that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd will be given a $1.50 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a positive change from M&T Bank’s previous quarterly dividend of $1.35. This represents a $6.00 annualized dividend and a dividend yield of 3.0%. M&T Bank’s dividend payout ratio (DPR) is currently 38.86%.

About M&T Bank

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.