Principal Financial Group Inc. Has $35.47 Million Stock Holdings in M&T Bank Co. (NYSE:MTB)

Principal Financial Group Inc. lifted its holdings in shares of M&T Bank Co. (NYSE:MTB) by 1.4% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 199,111 shares of the financial services provider’s stock after buying an additional 2,797 shares during the period. Principal Financial Group Inc.’s holdings in M&T Bank were worth $35,466,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Oddo BHF Asset Management Sas acquired a new position in M&T Bank during the third quarter worth $1,834,000. Franklin Resources Inc. increased its holdings in shares of M&T Bank by 45.5% during the 3rd quarter. Franklin Resources Inc. now owns 21,481 shares of the financial services provider’s stock valued at $3,986,000 after acquiring an additional 6,717 shares during the last quarter. Wilmington Savings Fund Society FSB raised its stake in shares of M&T Bank by 80.6% in the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,901 shares of the financial services provider’s stock valued at $2,476,000 after acquiring an additional 6,205 shares in the last quarter. Sanctuary Advisors LLC lifted its holdings in M&T Bank by 14.7% in the 3rd quarter. Sanctuary Advisors LLC now owns 15,767 shares of the financial services provider’s stock worth $2,808,000 after purchasing an additional 2,018 shares during the last quarter. Finally, Toronto Dominion Bank boosted its position in M&T Bank by 71.1% during the third quarter. Toronto Dominion Bank now owns 83,019 shares of the financial services provider’s stock worth $14,787,000 after purchasing an additional 34,501 shares during the period. Institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Performance

NYSE MTB opened at $189.10 on Tuesday. The stock has a market cap of $31.38 billion, a P/E ratio of 14.00, a PEG ratio of 2.83 and a beta of 0.76. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44. M&T Bank Co. has a twelve month low of $128.31 and a twelve month high of $225.70. The company’s 50-day simple moving average is $204.21 and its 200 day simple moving average is $177.63.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.60 by $0.48. The company had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.30 billion. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. As a group, research analysts forecast that M&T Bank Co. will post 14.63 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 Tuesday, December 31st. Investors of record on Monday, December 2nd will be given a dividend of $1.35 per share. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.86%. M&T Bank’s dividend payout ratio (DPR) is presently 39.97%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on MTB. Wedbush boosted their price objective on shares of M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. Wells Fargo & Company boosted their target price on shares of M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a research report on Friday, November 15th. Evercore ISI raised their price target on M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Finally, Royal Bank of Canada upped their price target on M&T Bank from $190.00 to $208.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $215.50.

Insider Activity at M&T Bank

In other news, EVP Tracy S. Woodrow sold 2,121 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total transaction of $468,210.75. Following the sale, the executive vice president now owns 5,141 shares in the company, valued at approximately $1,134,875.75. This represents a 29.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Kevin J. Pearson sold 7,500 shares of M&T Bank stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $195.88, for a total value of $1,469,100.00. Following the completion of the transaction, the insider now directly owns 40,502 shares of the company’s stock, valued at $7,933,531.76. This represents a 15.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 84,994 shares of company stock valued at $17,211,278 in the last three months. Corporate insiders own 0.82% of the company’s stock.

M&T Bank 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.