Saudi Central Bank Grows Stock Holdings in M&T Bank Corporation $MTB

Saudi Central Bank lifted its stake in shares of M&T Bank Corporation (NYSE:MTB) by 83.9% during the 2nd quarter, HoldingsChannel reports. The fund owned 10,430 shares of the financial services provider’s stock after acquiring an additional 4,757 shares during the period. Saudi Central Bank’s holdings in M&T Bank were worth $2,482,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Commonwealth Retirement Investments LLC lifted its position in shares of M&T Bank by 0.4% in the fourth quarter. Commonwealth Retirement Investments LLC now owns 10,991 shares of the financial services provider’s stock worth $2,214,000 after purchasing an additional 44 shares in the last quarter. Wedbush Securities Inc. grew its position in M&T Bank by 2.4% in the fourth quarter. Wedbush Securities Inc. now owns 2,223 shares of the financial services provider’s stock valued at $448,000 after purchasing an additional 52 shares in the last quarter. CX Institutional grew its position in M&T Bank by 3.4% in the second quarter. CX Institutional now owns 1,650 shares of the financial services provider’s stock valued at $393,000 after purchasing an additional 54 shares in the last quarter. Bank of Jackson Hole Trust increased its stake in M&T Bank by 38.7% in the 4th quarter. Bank of Jackson Hole Trust now owns 215 shares of the financial services provider’s stock valued at $43,000 after buying an additional 60 shares during the last quarter. Finally, Thoroughbred Financial Services LLC increased its stake in M&T Bank by 2.1% in the 4th quarter. Thoroughbred Financial Services LLC now owns 3,465 shares of the financial services provider’s stock valued at $698,000 after buying an additional 70 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. JPMorgan Chase & Co. boosted their price target on shares of M&T Bank from $251.50 to $265.50 and gave the stock a “neutral” rating in a research report on Wednesday, July 29th. Wells Fargo & Company lifted their target price on M&T Bank from $215.00 to $224.00 and gave the company an “underweight” rating in a research report on Thursday, July 16th. Wall Street Zen upgraded M&T Bank from a “sell” rating to a “hold” rating in a report on Monday, July 20th. Robert W. Baird increased their price target on M&T Bank from $240.00 to $250.00 and gave the company a “neutral” rating in a research report on Thursday, July 16th. Finally, Evercore set a $260.00 price target on M&T Bank in a research report on Monday, July 6th. Seven investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $253.43.

Insider Activity

In other news, Director Rudina Seseri sold 623 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $241.04, for a total transaction of $150,167.92. Following the completion of the sale, the director owned 3,649 shares in the company, valued at $879,554.96. The trade was a 14.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.44% of the stock is currently owned by corporate insiders.

M&T Bank Price Performance

Shares of MTB opened at $240.05 on Tuesday. The firm has a market capitalization of $34.67 billion, a PE ratio of 12.67, a PEG ratio of 1.36 and a beta of 0.56. The company’s 50-day moving average is $244.91 and its 200-day moving average is $226.00. M&T Bank Corporation has a fifty-two week low of $174.76 and a fifty-two week high of $255.95. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.96 and a quick ratio of 0.96.

M&T Bank (NYSE:MTB) last posted its earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.66 by $0.69. The company had revenue of $2.53 billion during the quarter, compared to analysts’ expectations of $2.46 billion. M&T Bank had a net margin of 22.72% and a return on equity of 11.80%. During the same quarter last year, the company posted $4.28 EPS. Equities analysts forecast that M&T Bank Corporation will post 19.43 EPS for the current year.

M&T Bank Dividend Announcement

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

M&T Bank Company Profile

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.