Vanguard Group Inc. Trims Stock Holdings in M&T Bank Co. (NYSE:MTB)

Vanguard Group Inc. lessened its stake in shares of M&T Bank Co. (NYSE:MTB) by 0.8% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,284,542 shares of the financial services provider’s stock after selling 150,615 shares during the quarter. Vanguard Group Inc. owned approximately 11.56% of M&T Bank worth $2,804,744,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the company. HHM Wealth Advisors LLC acquired a new position in shares of M&T Bank in the fourth quarter valued at approximately $25,000. General Partner Inc. acquired a new stake in shares of M&T Bank during the first quarter worth $27,000. Fidelis Capital Partners LLC acquired a new stake in shares of M&T Bank during the first quarter worth $30,000. BKM Wealth Management LLC purchased a new stake in shares of M&T Bank in the fourth quarter valued at $32,000. Finally, CVA Family Office LLC acquired a new position in M&T Bank in the fourth quarter valued at $33,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Stock Down 1.3 %

Shares of MTB stock traded down $2.13 on Friday, hitting $165.25. The stock had a trading volume of 1,260,933 shares, compared to its average volume of 955,890. M&T Bank Co. has a 52-week low of $108.53 and a 52-week high of $175.00. The firm has a market capitalization of $27.57 billion, a price-to-earnings ratio of 11.17, a P/E/G ratio of 3.86 and a beta of 0.77. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.00 and a current ratio of 0.94. The stock’s 50 day moving average is $150.48 and its 200-day moving average is $143.76.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, beating analysts’ consensus estimates of $3.50 by $0.23. The company had revenue of $3.37 billion during the quarter, compared to analysts’ expectations of $2.27 billion. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. During the same period in the prior year, the company posted $5.12 EPS. As a group, research analysts expect that M&T Bank Co. will post 13.95 earnings per share for the current year.

M&T Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 3rd were given a dividend of $1.35 per share. The ex-dividend date was Monday, June 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.27%. This is an increase from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s dividend payout ratio (DPR) is presently 36.51%.

Analyst Ratings Changes

A number of analysts have issued reports on MTB shares. Evercore ISI raised their price target on M&T Bank from $157.00 to $168.00 and gave the stock an “in-line” rating in a research note on Tuesday, June 25th. Citigroup boosted their target price on shares of M&T Bank from $180.00 to $195.00 and gave the company a “buy” rating in a report on Friday. DA Davidson upped their price target on shares of M&T Bank from $159.00 to $185.00 and gave the stock a “neutral” rating in a research report on Friday. Piper Sandler reiterated an “overweight” rating and issued a $164.00 price target on shares of M&T Bank in a report on Friday, June 21st. Finally, Wells Fargo & Company upped their price objective on M&T Bank from $145.00 to $150.00 and gave the stock an “equal weight” rating in a report on Tuesday, April 16th. Ten investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $166.79.

Insider Buying and Selling

In other M&T Bank news, EVP Christopher E. Kay sold 1,821 shares of the firm’s stock in a transaction on Friday, May 10th. The shares were sold at an average price of $153.78, for a total transaction of $280,033.38. Following the completion of the transaction, the executive vice president now directly owns 8,579 shares of the company’s stock, valued at approximately $1,319,278.62. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, EVP Christopher E. Kay sold 1,821 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $153.78, for a total transaction of $280,033.38. Following the transaction, the executive vice president now directly owns 8,579 shares in the company, valued at $1,319,278.62. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kirk W. Walters sold 16,179 shares of the business’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $148.01, for a total transaction of $2,394,653.79. Following the sale, the director now owns 6,348 shares of the company’s stock, valued at approximately $939,567.48. The disclosure for this sale can be found here. Over the last quarter, insiders sold 95,915 shares of company stock worth $14,497,759. Insiders own 0.82% of the company’s stock.

M&T Bank Company Profile

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.