Envestnet Asset Management Inc. Has $48.07 Million Stake in M&T Bank Corporation (NYSE:MTB)

Envestnet Asset Management Inc. raised its position in M&T Bank Corporation (NYSE:MTB) by 16.9% during the 1st quarter, HoldingsChannel.com reports. The firm owned 268,934 shares of the financial services provider’s stock after purchasing an additional 38,913 shares during the period. Envestnet Asset Management Inc.’s holdings in M&T Bank were worth $48,072,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Quadrant Capital Group LLC increased its position in shares of M&T Bank by 5.8% in the fourth quarter. Quadrant Capital Group LLC now owns 971 shares of the financial services provider’s stock valued at $183,000 after acquiring an additional 53 shares during the last quarter. Marcum Wealth LLC increased its position in shares of M&T Bank by 4.9% in the first quarter. Marcum Wealth LLC now owns 1,231 shares of the financial services provider’s stock valued at $220,000 after acquiring an additional 57 shares during the last quarter. Parallel Advisors LLC increased its position in shares of M&T Bank by 1.7% in the fourth quarter. Parallel Advisors LLC now owns 3,512 shares of the financial services provider’s stock valued at $660,000 after acquiring an additional 60 shares during the last quarter. Forum Financial Management LP increased its position in shares of M&T Bank by 2.2% in the fourth quarter. Forum Financial Management LP now owns 2,873 shares of the financial services provider’s stock valued at $540,000 after acquiring an additional 62 shares during the last quarter. Finally, Checchi Capital Advisers LLC increased its position in shares of M&T Bank by 4.4% in the first quarter. Checchi Capital Advisers LLC now owns 1,579 shares of the financial services provider’s stock valued at $282,000 after acquiring an additional 67 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Trading Down 1.2%

Shares of NYSE:MTB opened at $201.67 on Friday. M&T Bank Corporation has a 12-month low of $150.75 and a 12-month high of $225.70. The stock has a market cap of $32.37 billion, a PE ratio of 13.51, a P/E/G ratio of 1.46 and a beta of 0.63. The business has a 50 day moving average of $186.49 and a 200-day moving average of $184.07. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.39.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). M&T Bank had a return on equity of 10.18% and a net margin of 19.86%. The firm had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the prior year, the firm earned $3.09 EPS. As a group, equities research analysts forecast that M&T Bank Corporation will post 16.57 earnings per share for the current year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 2nd were paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.68%. The ex-dividend date of this dividend was Monday, June 2nd. M&T Bank’s dividend payout ratio (DPR) is currently 36.17%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on MTB. DA Davidson lowered their target price on M&T Bank from $205.00 to $189.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 15th. Morgan Stanley lifted their target price on M&T Bank from $206.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, June 20th. Royal Bank Of Canada reissued an “outperform” rating and set a $200.00 price target on shares of M&T Bank in a research report on Monday, May 19th. Piper Sandler lowered their price target on M&T Bank from $220.00 to $210.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 15th. Finally, Wall Street Zen raised M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, May 14th. One analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $211.48.

Insider Activity

In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of the business’s stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $183.52, for a total value of $1,229,584.00. Following the completion of the sale, the director directly owned 23,070 shares in the company, valued at approximately $4,233,806.40. The trade was a 22.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company 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.