M&T Bank Corporation $MTB Shares Newly Acquired by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of M&T Bank Corporation (NYSE:MTB) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 35,792 shares of the financial services provider’s stock, valued at approximately $7,788,000.

A number of other hedge funds have also recently bought and sold shares of MTB. Bank of New York Mellon Corp purchased a new stake in M&T Bank during the 2nd quarter worth approximately $330,978,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of M&T Bank by 2.6% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,060,517 shares of the financial services provider’s stock valued at $252,414,000 after buying an additional 26,486 shares during the last quarter. Davis Asset Management L.P. purchased a new position in shares of M&T Bank during the 2nd quarter valued at approximately $97,584,000. Hsbc Holdings PLC boosted its stake in shares of M&T Bank by 18.9% during the 2nd quarter. Hsbc Holdings PLC now owns 396,157 shares of the financial services provider’s stock valued at $94,364,000 after buying an additional 62,877 shares during the last quarter. Finally, Amundi grew its position in shares of M&T Bank by 7.7% during the second quarter. Amundi now owns 388,916 shares of the financial services provider’s stock worth $92,566,000 after buying an additional 27,795 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Price Performance

Shares of MTB opened at $224.67 on Thursday. M&T Bank Corporation has a 52 week low of $179.75 and a 52 week high of $255.95. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.54. The firm has a market cap of $32.45 billion, a price-to-earnings ratio of 11.73, a PEG ratio of 1.28 and a beta of 0.64. The stock has a 50 day moving average of $225.19 and a 200-day moving average of $225.22.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Friday, October 16th. The financial services provider reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.93 by $0.15. M&T Bank had a return on equity of 11.86% and a net margin of 22.63%. The business had revenue of $2.54 billion for the quarter, compared to analyst estimates of $2.53 billion. During the same period in the prior year, the company posted $4.82 EPS. As a group, analysts forecast that M&T Bank Corporation will post 19.48 EPS for the current year.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st were paid a dividend of $1.50 per share. The ex-dividend date was Tuesday, September 1st. This represents a $6.00 annualized dividend and a yield of 2.7%. M&T Bank’s payout ratio is presently 31.32%.

Insider Buying and Selling at M&T Bank

In other news, CEO Rene F. Jones sold 19,396 shares of M&T Bank stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $239.35, for a total value of $4,642,432.60. Following the completion of the transaction, the chief executive officer directly owned 103,831 shares of the company’s stock, valued at approximately $24,851,949.85. The trade was a 15.74% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rudina Seseri sold 623 shares of M&T Bank stock in a transaction dated 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 of the company’s stock, valued at $879,554.96. This trade represents a 14.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.44% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

MTB has been the subject of a number of research analyst reports. Cantor Fitzgerald dropped their price target on shares of M&T Bank from $285.00 to $255.00 and set an “overweight” rating for the company in a research note on Wednesday, October 14th. Wolfe Research downgraded shares of M&T Bank from a “peer perform” rating to an “underperform” rating and set a $198.00 price objective on the stock. in a research note on Tuesday, October 27th. Evercore set a $230.00 price objective on shares of M&T Bank in a research note on Thursday, October 1st. Truist Financial decreased their price objective on shares of M&T Bank from $250.00 to $235.00 and set a “hold” rating for the company in a report on Tuesday, October 20th. Finally, Barclays boosted their target price on shares of M&T Bank from $236.00 to $267.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 16th. Eight equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, M&T Bank currently has a consensus rating of “Hold” and a consensus target price of $244.89.

About M&T Bank

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, M&T Bank, was founded in 1856 and provides financial products and services to individuals, businesses and institutions.

The company’s offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, credit cards, treasury management and other banking services. Through its wealth management and institutional businesses, including Wilmington Trust, M&T also provides investment management, fiduciary, trust, estate planning and related corporate services.

M&T Bank serves customers through branch locations and digital banking channels in several states, primarily across the Mid-Atlantic and Northeast, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and the District of Columbia.