M&T Bank Corporation (NYSE:MTB) Shares Sold by Monte Financial Group LLC

Monte Financial Group LLC reduced its holdings in M&T Bank Corporation (NYSE:MTB) by 1.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,849 shares of the financial services provider’s stock after selling 304 shares during the period. M&T Bank comprises 2.2% of Monte Financial Group LLC’s holdings, making the stock its 25th biggest position. Monte Financial Group LLC’s holdings in M&T Bank were worth $5,336,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. FMR LLC grew its position in M&T Bank by 14.3% during the 4th quarter. FMR LLC now owns 14,110,412 shares of the financial services provider’s stock worth $2,652,899,000 after purchasing an additional 1,761,014 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of M&T Bank by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider’s stock valued at $994,522,000 after buying an additional 252,583 shares during the period. Geode Capital Management LLC boosted its stake in shares of M&T Bank by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider’s stock worth $819,768,000 after buying an additional 40,948 shares during the last quarter. Norges Bank acquired a new stake in M&T Bank during the fourth quarter worth about $317,690,000. Finally, Northern Trust Corp grew its holdings in M&T Bank by 14.7% during the fourth quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider’s stock worth $316,483,000 after acquiring an additional 215,100 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insider Activity at M&T Bank

In other news, Director Robert E. Sadler, Jr. sold 6,700 shares of M&T Bank stock in a transaction on Thursday, June 12th. The stock was sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the transaction, the director now owns 23,070 shares in the company, valued at $4,233,806.40. The trade was a 22.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.53% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

MTB has been the subject of a number of analyst reports. Cowen assumed coverage on M&T Bank in a report on Wednesday, May 14th. They issued a “buy” rating for the company. Morgan Stanley lifted their target price on shares of M&T Bank from $206.00 to $215.00 and gave the company an “overweight” rating in a report on Friday. Truist Financial decreased their target price on shares of M&T Bank from $225.00 to $200.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. JPMorgan Chase & Co. dropped their price target on shares of M&T Bank from $212.50 to $186.50 and set a “neutral” rating on the stock in a research report on Thursday, April 3rd. Finally, Wall Street Zen raised shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, May 14th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, M&T Bank presently has a consensus rating of “Moderate Buy” and a consensus target price of $210.63.

M&T Bank Stock Up 1.7%

Shares of MTB opened at $184.74 on Friday. The stock has a 50 day moving average price of $176.69 and a 200 day moving average price of $184.29. M&T Bank Corporation has a one year low of $145.25 and a one year high of $225.70. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market capitalization of $29.65 billion, a price-to-earnings ratio of 12.37, a PEG ratio of 1.32 and a beta of 0.62.

M&T Bank (NYSE:MTB) last announced its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.41 by ($0.03). The business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.35 billion. M&T Bank had a return on equity of 10.18% and a net margin of 19.86%. During the same period last year, the firm earned $3.09 EPS. Equities research analysts forecast that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 2nd will be paid a dividend of $1.35 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $5.40 annualized dividend and a yield of 2.92%. M&T Bank’s dividend payout ratio is presently 36.17%.

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.