M&T Bank Corporation $MTB Shares Sold by BI Asset Management Fondsmaeglerselskab A S

BI Asset Management Fondsmaeglerselskab A S cut its stake in M&T Bank Corporation (NYSE:MTB) by 42.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,457 shares of the financial services provider’s stock after selling 14,300 shares during the period. BI Asset Management Fondsmaeglerselskab A S’s holdings in M&T Bank were worth $3,478,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MTB. Exchange Traded Concepts LLC increased its position in shares of M&T Bank by 53.8% during the 1st quarter. Exchange Traded Concepts LLC now owns 526 shares of the financial services provider’s stock valued at $94,000 after purchasing an additional 184 shares during the period. Private Trust Co. NA boosted its stake in M&T Bank by 16.5% during the first quarter. Private Trust Co. NA now owns 644 shares of the financial services provider’s stock valued at $115,000 after buying an additional 91 shares in the last quarter. Concurrent Investment Advisors LLC acquired a new position in M&T Bank during the first quarter worth about $225,000. Kingswood Wealth Advisors LLC raised its position in M&T Bank by 4.4% in the first quarter. Kingswood Wealth Advisors LLC now owns 2,076 shares of the financial services provider’s stock worth $370,000 after acquiring an additional 88 shares in the last quarter. Finally, Golden State Wealth Management LLC acquired a new stake in M&T Bank in the 1st quarter valued at about $46,000. Institutional investors own 84.68% of the company’s stock.

M&T Bank Price Performance

Shares of NYSE:MTB opened at $193.2560 on Thursday. The company’s fifty day moving average is $192.13 and its two-hundred day moving average is $183.66. The company has a market cap of $30.20 billion, a P/E ratio of 12.52, a price-to-earnings-growth 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. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 EPS for the quarter, topping the consensus estimate of $4.04 by $0.24. The business had revenue of $2.40 billion during the quarter, compared to analysts’ expectations of $2.39 billion. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%.During the same quarter last year, the firm posted $3.73 earnings per share. Equities analysts expect that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd will be issued a $1.50 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.1%. This is a positive change from M&T Bank’s previous quarterly dividend of $1.35. M&T Bank’s dividend payout ratio is currently 34.97%.

Insider Transactions at M&T Bank

In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of the firm’s stock in a transaction that occurred on Thursday, June 12th. The shares were 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 approximately $4,233,806.40. This trade represents a 22.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the business’s stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $197.48, for a total transaction of $252,181.96. Following the transaction, the director directly owned 4,881 shares in the company, valued at $963,899.88. The trade was a 20.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 10,438 shares of company stock valued at $1,967,346 over the last three months. 0.53% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Morgan Stanley lifted their price objective on shares of M&T Bank from $206.00 to $215.00 and gave the stock an “overweight” rating in a research note on Friday, June 20th. Jefferies Financial Group set a $225.00 price target on M&T Bank and gave the company a “buy” rating in a report on Wednesday, May 21st. Cowen assumed coverage on M&T Bank in a research report on Wednesday, May 14th. They set a “buy” rating for the company. Wells Fargo & Company lifted their target price on M&T Bank from $175.00 to $185.00 and gave the stock an “underweight” rating in a report on Thursday, July 17th. Finally, Wall Street Zen raised M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, May 14th. Thirteen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $212.88.

About M&T Bank

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.