Raymond James Financial Inc. Has $21.09 Million Stake in M&T Bank Corporation $MTB

Raymond James Financial Inc. grew its holdings in shares of M&T Bank Corporation (NYSE:MTB) by 1.8% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 117,972 shares of the financial services provider’s stock after purchasing an additional 2,111 shares during the period. Raymond James Financial Inc. owned about 0.07% of M&T Bank worth $21,088,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in MTB. Invesco Ltd. boosted its stake in shares of M&T Bank by 15.2% in the first quarter. Invesco Ltd. now owns 3,552,666 shares of the financial services provider’s stock valued at $635,039,000 after buying an additional 468,758 shares during the period. Northern Trust Corp lifted its position in shares of M&T Bank by 14.7% during the 4th quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider’s stock valued at $316,483,000 after acquiring an additional 215,100 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of M&T Bank by 0.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,611,137 shares of the financial services provider’s stock worth $287,932,000 after purchasing an additional 12,580 shares in the last quarter. Nuveen Asset Management LLC grew its holdings in shares of M&T Bank by 22.3% during the 4th quarter. Nuveen Asset Management LLC now owns 1,567,270 shares of the financial services provider’s stock worth $294,662,000 after purchasing an additional 286,049 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of M&T Bank by 2.2% in the first quarter. Bank of New York Mellon Corp now owns 1,442,381 shares of the financial services provider’s stock worth $257,826,000 after purchasing an additional 30,643 shares during the period. 84.68% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. TD Cowen assumed coverage on M&T Bank in a research note on Thursday, May 15th. They set a “buy” rating and a $230.00 target price for the company. Royal Bank Of Canada restated an “outperform” rating and issued a $200.00 target price on shares of M&T Bank in a research report on Monday, May 19th. DA Davidson boosted their target price on shares of M&T Bank from $189.00 to $207.00 and gave the stock a “neutral” rating in a research note on Thursday, July 17th. Cowen began coverage on shares of M&T Bank in a report on Wednesday, May 14th. They set a “buy” rating for the company. Finally, Citigroup raised their price objective on M&T Bank from $200.00 to $212.00 and gave the company a “neutral” rating in a report on Wednesday, July 2nd. Thirteen research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $212.88.

M&T Bank Stock Performance

NYSE MTB opened at $200.35 on Wednesday. The company has a market capitalization of $31.31 billion, a price-to-earnings ratio of 12.98, a PEG ratio of 0.97 and a beta of 0.63. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47. M&T Bank Corporation has a twelve month low of $150.75 and a twelve month high of $225.70. The stock has a fifty day simple moving average of $193.53 and a 200 day simple moving average of $183.51.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.39 billion. During the same quarter in the previous year, the company posted $3.73 EPS. Sell-side analysts expect that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 3.0%. This is a boost from M&T Bank’s previous quarterly dividend of $1.35. The ex-dividend date is Tuesday, September 2nd. M&T Bank’s dividend payout ratio is currently 34.97%.

Insider Activity

In other news, Director John P. Barnes sold 15,000 shares of the business’s stock in a transaction dated 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 directly owned 17,866 shares of the company’s stock, valued at $3,569,448.14. The trade was a 45.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the business’s stock in a transaction on Monday, July 21st. The shares were sold at an average price of $197.48, for a total transaction of $252,181.96. Following the transaction, the director 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. Insiders sold 25,438 shares of company stock worth $4,964,196 over the last ninety days. Corporate insiders own 0.53% of the company’s stock.

M&T Bank Company Profile

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.