Envestnet Asset Management Inc. has increased its stake in M&T Bank Corporation (NYSE: MTB) by 16.9%, now holding a total of 268,934 shares valued at approximately $48.07 million. This increase was disclosed in a recent filing with the Securities and Exchange Commission (SEC) and reflects the firm’s confidence in the financial services provider.
During the first quarter of 2023, Envestnet acquired an additional 38,913 shares of M&T Bank, representing a 0.16% ownership of the company. The investment landscape for M&T Bank appears robust, as other institutional investors have also made significant moves. For instance, Wood Tarver Financial Group LLC purchased a new stake valued at $29,000, while Banque Transatlantique SA acquired a stake worth $38,000 in the same quarter.
Grove Bank & Trust notably increased its holdings by 104.6%, bringing its total to 223 shares valued at $40,000 after adding 114 shares. Other investors include Golden State Wealth Management LLC and Loomis Sayles & Co. L.P., who made new acquisitions worth $46,000 and $52,000, respectively. Overall, institutional investors and hedge funds own approximately 84.68% of M&T Bank’s stock.
Insider Activity and Stock Performance
In related news, M&T Bank Director Robert E. Sadler, Jr. sold 6,700 shares on June 12, 2023, at an average price of $183.52, totaling $1,229,584. Following this transaction, he retained 23,070 shares valued at around $4.23 million, a decrease of 22.51% in his ownership.
As of the most recent trading session, M&T Bank stock opened at $201.67. The company’s 50-day moving average price stands at $186.49, while the 200-day moving average is $184.07. M&T Bank has a market capitalization of $32.37 billion, with a price-to-earnings (P/E) ratio of 13.51 and a beta of 0.63. The stock has seen a one-year low of $150.75 and a high of $225.70.
M&T Bank recently reported its earnings results for the first quarter, revealing earnings per share of $3.38, slightly below the consensus estimate of $3.41. The firm generated $2.31 billion in revenue, which also fell short of the expected $2.35 billion. Despite these figures, the bank achieved a return on equity of 10.18% and a net margin of 19.86%. Analysts project that M&T Bank will report earnings of $16.57 per share for the current fiscal year.
Dividend Announcement
In addition to these developments, M&T Bank announced a quarterly dividend of $1.35 per share, which was paid on June 30, 2023. Shareholders recorded as of June 2, 2023, received this dividend, leading to an annualized total of $5.40 and a dividend yield of 2.68%. The company’s dividend payout ratio is currently 36.17%.
M&T Bank operates as a bank holding company, providing a variety of services including retail and commercial banking, trust, wealth management, and investment services. The company is segmented into Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and other divisions. As M&T Bank continues to navigate the financial landscape, its recent performance and strategic investments reflect a proactive approach to growth and shareholder value.
