Envestnet Asset Management Inc. Acquires 13,278 Shares of M&T Bank Co. (NYSE:MTB)

Envestnet Asset Management Inc. increased its holdings in shares of M&T Bank Co. (NYSE:MTB) by 5.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 241,213 shares of the financial services provider’s stock after acquiring an additional 13,278 shares during the period. Envestnet Asset Management Inc. owned approximately 0.14% of M&T Bank worth $36,510,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. General Partner Inc. purchased a new stake in shares of M&T Bank in the 1st quarter worth approximately $27,000. Fidelis Capital Partners LLC bought a new position in shares of M&T Bank in the first quarter worth approximately $30,000. Principal Securities Inc. bought a new stake in shares of M&T Bank during the fourth quarter valued at approximately $34,000. Oakworth Capital Inc. bought a new position in M&T Bank in the 2nd quarter valued at approximately $35,000. Finally, Versant Capital Management Inc lifted its holdings in shares of M&T Bank by 82.7% during the second quarter. Versant Capital Management Inc now owns 444 shares of the financial services provider’s stock valued at $67,000 after purchasing an additional 201 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Performance

Shares of NYSE MTB opened at $179.56 on Friday. The stock has a market cap of $29.96 billion, a PE ratio of 12.14, a price-to-earnings-growth ratio of 3.32 and a beta of 0.76. M&T Bank Co. has a 1 year low of $108.53 and a 1 year high of $180.25. The firm has a fifty day moving average price of $167.47 and a 200-day moving average price of $153.44. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.00 and a quick ratio of 1.00.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 EPS for the quarter, beating analysts’ consensus estimates of $3.50 by $0.23. The business had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $2.27 billion. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. During the same period last year, the firm earned $5.12 earnings per share. Equities analysts anticipate that M&T Bank Co. will post 14.24 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd will be paid a $1.35 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $5.40 annualized dividend and a yield of 3.01%. M&T Bank’s payout ratio is 36.51%.

Analysts Set New Price Targets

MTB has been the topic of a number of recent analyst reports. DA Davidson raised their price target on shares of M&T Bank from $159.00 to $185.00 and gave the company a “neutral” rating in a report on Friday, July 19th. Morgan Stanley increased their price target on M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a report on Monday, August 5th. Evercore ISI lifted their price objective on M&T Bank from $157.00 to $168.00 and gave the stock an “in-line” rating in a report on Tuesday, June 25th. Bank of America increased their target price on M&T Bank from $160.00 to $188.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Finally, Keefe, Bruyette & Woods boosted their price target on M&T Bank from $170.00 to $180.00 and gave the company a “market perform” rating in a research note on Friday, July 19th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $175.85.

Insiders Place Their Bets

In other news, Director Denis J. Salamone sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total value of $1,720,300.00. Following the transaction, the director now owns 44,902 shares of the company’s stock, valued at $7,724,491.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Robert E. Sadler, Jr. sold 1,000 shares of M&T Bank stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $172.23, for a total value of $172,230.00. Following the sale, the director now directly owns 31,796 shares of the company’s stock, valued at $5,476,225.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Denis J. Salamone sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total value of $1,720,300.00. Following the transaction, the director now directly owns 44,902 shares of the company’s stock, valued at $7,724,491.06. The disclosure for this sale can be found here. Insiders sold 32,699 shares of company stock worth $5,115,349 in the last three months. 0.82% of the stock is owned by company insiders.

M&T Bank Company Profile

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.