Sterling Capital Management LLC trimmed its holdings in M&T Bank Corporation (NYSE:MTB – Free Report) by 80.0% in the third quarter, Holdings Channel.com reports. The fund owned 5,343 shares of the financial services provider’s stock after selling 21,323 shares during the period. Sterling Capital Management LLC’s holdings in M&T Bank were worth $1,163,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Bank of New York Mellon Corp bought a new stake in M&T Bank during the second quarter worth approximately $330,978,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of M&T Bank by 2.6% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,060,517 shares of the financial services provider’s stock valued at $252,414,000 after buying an additional 26,486 shares in the last quarter. Davis Asset Management L.P. bought a new position in shares of M&T Bank in the second quarter valued at $97,584,000. Hsbc Holdings PLC increased its holdings in shares of M&T Bank by 18.9% in the second quarter. Hsbc Holdings PLC now owns 396,157 shares of the financial services provider’s stock valued at $94,364,000 after buying an additional 62,877 shares in the last quarter. Finally, Amundi lifted its position in shares of M&T Bank by 7.7% during the 2nd quarter. Amundi now owns 388,916 shares of the financial services provider’s stock valued at $92,566,000 after acquiring an additional 27,795 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.
Insiders Place Their Bets
In other news, CEO René Jones sold 19,396 shares of the stock in a transaction on Monday, September 14th. The stock was sold at an average price of $239.35, for a total value of $4,642,432.60. Following the completion of the sale, the chief executive officer owned 103,831 shares in the company, valued at $24,851,949.85. This represents a 15.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rudina Seseri sold 623 shares of the firm’s stock in a transaction on Friday, August 21st. The stock was sold at an average price of $241.04, for a total value of $150,167.92. Following the completion of the sale, the director directly owned 3,649 shares of the company’s stock, valued at approximately $879,554.96. This trade represents a 14.58% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 20,028 shares of company stock valued at $4,794,884 in the last 90 days. Corporate insiders own 0.44% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities research analysts have recently weighed in on the company. JPMorgan Chase & Co. reduced their price objective on M&T Bank from $265.50 to $248.50 and set a “neutral” rating for the company in a research note on Friday, October 2nd. Wall Street Zen raised M&T Bank from a “sell” rating to a “hold” rating in a research report on Monday, July 20th. Wells Fargo & Company boosted their target price on M&T Bank from $215.00 to $224.00 and gave the stock an “underweight” rating in a research report on Thursday, July 16th. UBS Group reduced their target price on M&T Bank from $255.00 to $238.00 and set a “neutral” rating for the company in a report on Monday, October 5th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of M&T Bank in a report on Tuesday, September 1st. Eight equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $247.12.
View Our Latest Analysis on MTB
M&T Bank Stock Up 0.1%
MTB stock opened at $221.99 on Tuesday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.89 and a quick ratio of 0.89. The firm has a market capitalization of $32.06 billion, a P/E ratio of 11.59, a P/E/G ratio of 1.28 and a beta of 0.61. M&T Bank Corporation has a 52-week low of $179.32 and a 52-week high of $255.95. The company’s 50 day simple moving average is $228.90 and its 200-day simple moving average is $224.77.
M&T Bank (NYSE:MTB – Get Free Report) last posted its quarterly earnings data on Friday, October 16th. The financial services provider reported $5.08 EPS for the quarter, topping analysts’ consensus estimates of $4.93 by $0.15. M&T Bank had a net margin of 22.63% and a return on equity of 11.86%. The firm had revenue of $2.54 billion during the quarter, compared to analyst estimates of $2.53 billion. During the same quarter last year, the business posted $4.82 EPS. As a group, equities research analysts anticipate that M&T Bank Corporation will post 19.48 EPS for the current year.
M&T Bank Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st were issued a $1.50 dividend. The ex-dividend date was Tuesday, September 1st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.7%. M&T Bank’s dividend payout ratio is presently 31.32%.
M&T Bank Company Profile
M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, M&T Bank, was founded in 1856 and provides financial products and services to individuals, businesses and institutions.
The company’s offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, credit cards, treasury management and other banking services. Through its wealth management and institutional businesses, including Wilmington Trust, M&T also provides investment management, fiduciary, trust, estate planning and related corporate services.
M&T Bank serves customers through branch locations and digital banking channels in several states, primarily across the Mid-Atlantic and Northeast, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and the District of Columbia.
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