Bank of America Corp DE Lowers Stake in M&T Bank Co. (NYSE:MTB)

Bank of America Corp DE cut its position in shares of M&T Bank Co. (NYSE:MTBGet Rating) by 1.5% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 1,122,155 shares of the financial services provider’s stock after selling 17,212 shares during the quarter. Bank of America Corp DE’s holdings in M&T Bank were worth $190,206,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of MTB. Riverview Trust Co purchased a new stake in shares of M&T Bank during the first quarter worth about $27,000. Bank of New Hampshire purchased a new stake in shares of M&T Bank during the first quarter worth about $34,000. Cordasco Financial Network purchased a new stake in shares of M&T Bank during the first quarter worth about $34,000. Tcwp LLC purchased a new stake in shares of M&T Bank during the first quarter worth about $36,000. Finally, Quent Capital LLC grew its holdings in shares of M&T Bank by 548.5% during the first quarter. Quent Capital LLC now owns 214 shares of the financial services provider’s stock worth $36,000 after buying an additional 181 shares in the last quarter. 82.24% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Trading Down 0.8 %

NYSE MTB opened at $185.64 on Thursday. The company’s fifty day simple moving average is $179.27 and its 200-day simple moving average is $172.67. M&T Bank Co. has a 52 week low of $134.67 and a 52 week high of $193.42. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.13. The stock has a market cap of $33.31 billion, a P/E ratio of 17.40, a PEG ratio of 0.83 and a beta of 0.88.

M&T Bank (NYSE:MTBGet Rating) last posted its earnings results on Wednesday, July 20th. The financial services provider reported $3.10 EPS for the quarter, hitting analysts’ consensus estimates of $3.10. The business had revenue of $1.98 billion for the quarter, compared to analysts’ expectations of $2.05 billion. M&T Bank had a net margin of 23.21% and a return on equity of 10.76%. During the same period in the previous year, the company posted $3.45 earnings per share. Equities research analysts predict that M&T Bank Co. will post 15.33 EPS for the current fiscal year.

M&T Bank announced that its board has authorized a stock repurchase plan on Tuesday, July 19th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 9.7% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its shares are undervalued.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 1st will be paid a $1.20 dividend. The ex-dividend date of this dividend is Wednesday, August 31st. This represents a $4.80 dividend on an annualized basis and a dividend yield of 2.59%. M&T Bank’s dividend payout ratio (DPR) is presently 44.61%.

Insider Buying and Selling

In related news, EVP D Scott N. Warman sold 2,000 shares of M&T Bank stock in a transaction on Friday, September 9th. The shares were sold at an average price of $188.55, for a total value of $377,100.00. Following the completion of the sale, the executive vice president now owns 8,349 shares in the company, valued at $1,574,203.95. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other M&T Bank news, EVP D Scott N. Warman sold 2,000 shares of the business’s stock in a transaction on Friday, September 9th. The shares were sold at an average price of $188.55, for a total transaction of $377,100.00. Following the completion of the sale, the executive vice president now owns 8,349 shares in the company, valued at $1,574,203.95. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Robert J. Bojdak sold 1,290 shares of the business’s stock in a transaction on Monday, August 15th. The shares were sold at an average price of $188.80, for a total transaction of $243,552.00. Following the sale, the executive vice president now owns 17,785 shares of the company’s stock, valued at approximately $3,357,808. The disclosure for this sale can be found here. Over the last quarter, insiders sold 30,656 shares of company stock worth $5,604,091. Insiders own 0.73% of the company’s stock.

Wall Street Analyst Weigh In

MTB has been the topic of several research analyst reports. Deutsche Bank Aktiengesellschaft raised their target price on shares of M&T Bank from $200.00 to $255.00 and gave the stock a “buy” rating in a research report on Monday, September 12th. Jefferies Financial Group decreased their target price on shares of M&T Bank from $192.00 to $175.00 and set a “hold” rating on the stock in a research report on Monday, July 11th. Morgan Stanley raised their target price on shares of M&T Bank from $203.00 to $222.00 and gave the stock an “overweight” rating in a research report on Thursday, July 21st. Wells Fargo & Company decreased their target price on shares of M&T Bank from $195.00 to $175.00 and set an “equal weight” rating on the stock in a research report on Friday, July 1st. Finally, Wolfe Research reduced their price target on shares of M&T Bank from $214.00 to $187.00 and set an “outperform” rating on the stock in a research report on Thursday, May 26th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $202.64.

M&T Bank Company Profile

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M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial lending and leasing, letters of credit, and cash management services for middle-market and large commercial customers.

Further Reading

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Institutional Ownership by Quarter for M&T Bank (NYSE:MTB)

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