Harvest Fund Management Co. Ltd Sells 1,394 Shares of M&T Bank Corporation (NYSE:MTB)

Harvest Fund Management Co. Ltd decreased its holdings in shares of M&T Bank Corporation (NYSE:MTB) by 87.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 199 shares of the financial services provider’s stock after selling 1,394 shares during the period. Harvest Fund Management Co. Ltd’s holdings in M&T Bank were worth $36,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of MTB. FMR LLC grew its position in shares of 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 valued at $2,652,899,000 after acquiring an additional 1,761,014 shares during the period. GAMMA Investing LLC boosted its holdings in M&T Bank by 18,471.2% in the 1st quarter. GAMMA Investing LLC now owns 705,705 shares of the financial services provider’s stock worth $126,145,000 after buying an additional 701,905 shares during the period. Nuveen Asset Management LLC boosted its holdings in M&T Bank by 22.3% in 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 buying an additional 286,049 shares during the period. D. E. Shaw & Co. Inc. bought a new position in M&T Bank in the 4th quarter worth $48,939,000. Finally, Lansforsakringar Fondforvaltning AB publ bought a new position in M&T Bank in the 4th quarter worth $43,101,000. Institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Down 2.0%

Shares of NYSE MTB opened at $184.85 on Friday. The firm’s 50-day moving average price is $190.33 and its 200-day moving average price is $184.51. The company has a current ratio of 0.91, a quick ratio of 0.97 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $29.67 billion, a price-to-earnings ratio of 11.97, a P/E/G ratio of 0.93 and a beta of 0.63. M&T Bank Corporation has a 12-month low of $150.75 and a 12-month high of $225.70.

M&T Bank (NYSE:MTB) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.04 by $0.24. The firm had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.39 billion. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. During the same period in the prior year, the company earned $3.73 EPS. On average, equities research analysts anticipate that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 2nd were given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Monday, June 2nd. M&T Bank’s dividend payout ratio is currently 34.97%.

Insider Activity

In related news, Director Richard H. Jr. Ledgett sold 1,277 shares of the stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $197.48, for a total value of $252,181.96. Following the sale, the director directly owned 4,881 shares of the company’s stock, valued at $963,899.88. This represents a 20.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Robert E. Sadler, Jr. sold 6,700 shares of the stock in a transaction dated 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 completion of the sale, the director directly owned 23,070 shares in the company, valued at $4,233,806.40. This trade represents a 22.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,438 shares of company stock worth $1,967,346. 0.53% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Truist Financial dropped 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 report on Tuesday, April 15th. Piper Sandler dropped their target price on shares of M&T Bank from $220.00 to $210.00 and set an “overweight” rating for the company in a report on Tuesday, April 15th. Citigroup upped their target price on shares of M&T Bank from $200.00 to $212.00 and gave the stock a “neutral” rating in a report on Wednesday, July 2nd. Morgan Stanley upped their target price on shares of M&T Bank from $206.00 to $215.00 and gave the stock an “overweight” rating in a report on Friday, June 20th. Finally, Deutsche Bank Aktiengesellschaft raised shares of M&T Bank from a “hold” rating to a “buy” rating and set a $210.00 target price for the company in a report on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $212.88.

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.