Goldman Sachs Group Inc. Sells 146,185 Shares of M&T Bank Co. (NYSE:MTB)

Goldman Sachs Group Inc. lowered its holdings in shares of M&T Bank Co. (NYSE:MTB) by 10.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,301,689 shares of the financial services provider’s stock after selling 146,185 shares during the quarter. Goldman Sachs Group Inc. owned about 0.78% of M&T Bank worth $178,435,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Norges Bank acquired a new position in shares of M&T Bank during the 4th quarter valued at about $232,322,000. Invesco Ltd. lifted its stake in shares of M&T Bank by 15.5% in the third quarter. Invesco Ltd. now owns 4,840,950 shares of the financial services provider’s stock worth $612,138,000 after buying an additional 650,796 shares during the last quarter. Smead Capital Management Inc. bought a new stake in shares of M&T Bank during the 4th quarter worth $59,418,000. Senvest Management LLC grew its stake in M&T Bank by 279.6% in the 3rd quarter. Senvest Management LLC now owns 426,700 shares of the financial services provider’s stock valued at $53,956,000 after buying an additional 314,300 shares during the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in M&T Bank in the 4th quarter valued at $34,645,000. 84.68% of the stock is owned by institutional investors and hedge funds.

M&T Bank Price Performance

MTB stock traded down $0.82 during trading on Friday, hitting $142.18. 591,699 shares of the stock traded hands, compared to its average volume of 665,149. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.46. The stock has a market cap of $23.72 billion, a price-to-earnings ratio of 9.61, a P/E/G ratio of 2.79 and a beta of 0.78. M&T Bank Co. has a one year low of $108.53 and a one year high of $156.65. The company has a 50 day simple moving average of $146.49 and a 200 day simple moving average of $140.87.

M&T Bank (NYSE:MTB) last announced its earnings results on Monday, April 15th. The financial services provider reported $3.02 EPS for the quarter, missing the consensus estimate of $3.13 by ($0.11). The business had revenue of $2.26 billion during the quarter, compared to analyst estimates of $2.26 billion. M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. During the same period in the previous year, the firm earned $4.09 earnings per share. Equities analysts expect that M&T Bank Co. will post 14.02 EPS for the current fiscal year.

M&T Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Monday, June 3rd will be paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 3.80%. The ex-dividend date of this dividend is Monday, June 3rd. This is a positive change from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s dividend payout ratio is 36.51%.

Insider Buying and Selling

In related news, EVP Doris P. Meister sold 1,638 shares of the company’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total value of $226,387.98. Following the completion of the sale, the executive vice president now owns 3,362 shares in the company, valued at $464,662.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director John P. Barnes sold 43,426 shares of the company’s stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $154.50, for a total value of $6,709,317.00. Following the completion of the sale, the director now owns 35,480 shares in the company, valued at approximately $5,481,660. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Doris P. Meister sold 1,638 shares of the business’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $138.21, for a total value of $226,387.98. Following the completion of the transaction, the executive vice president now directly owns 3,362 shares of the company’s stock, valued at $464,662.02. The disclosure for this sale can be found here. Insiders sold a total of 97,553 shares of company stock worth $14,724,147 over the last three months. 0.82% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have issued reports on MTB. Piper Sandler upped their price target on shares of M&T Bank from $152.00 to $164.00 and gave the company an “overweight” rating in a report on Wednesday. DA Davidson reaffirmed a “neutral” rating and issued a $159.00 target price on shares of M&T Bank in a report on Tuesday, April 16th. StockNews.com lowered M&T Bank from a “hold” rating to a “sell” rating in a report on Friday, May 3rd. JPMorgan Chase & Co. raised their price objective on shares of M&T Bank from $170.00 to $180.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Finally, Wedbush reiterated an “outperform” rating and set a $170.00 target price on shares of M&T Bank in a research note on Wednesday, April 10th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, M&T Bank presently has an average rating of “Hold” and a consensus target price of $159.79.

About M&T Bank

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.