Victory Capital Management Inc. cut its holdings in M&T Bank Co. (NYSE:MTB) by 6.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 26,243 shares of the financial services provider’s stock after selling 1,946 shares during the period. Victory Capital Management Inc.’s holdings in M&T Bank were worth $4,121,000 at the end of the most recent reporting period.
A number of other institutional investors have also bought and sold shares of MTB. First Hawaiian Bank raised its stake in shares of M&T Bank by 111.7% during the first quarter. First Hawaiian Bank now owns 4,265 shares of the financial services provider’s stock valued at $669,000 after acquiring an additional 2,250 shares during the last quarter. Domani Wealth LLC bought a new position in shares of M&T Bank during the first quarter valued at about $217,000. Baltimore Washington Financial Advisors Inc. bought a new position in shares of M&T Bank during the first quarter valued at about $313,000. Banco Santander S.A. bought a new position in shares of M&T Bank during the fourth quarter valued at about $23,961,000. Finally, UMB Bank N A MO raised its stake in shares of M&T Bank by 10.4% during the fourth quarter. UMB Bank N A MO now owns 2,041 shares of the financial services provider’s stock valued at $292,000 after acquiring an additional 192 shares during the last quarter. 81.50% of the stock is owned by institutional investors and hedge funds.
MTB has been the subject of several recent analyst reports. Barclays reaffirmed a “buy” rating and set a $217.00 price objective on shares of M&T Bank in a research note on Wednesday, April 17th. ValuEngine raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 13th. UBS Group set a $169.00 price objective on shares of M&T Bank and gave the company a “hold” rating in a research note on Tuesday, April 2nd. Zacks Investment Research downgraded shares of M&T Bank from a “buy” rating to a “hold” rating in a research note on Friday, March 29th. Finally, Citigroup boosted their price target on shares of M&T Bank from $162.00 to $172.00 and gave the company a “neutral” rating in a research report on Tuesday, March 19th. Eight equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $179.25.
Shares of NYSE MTB traded up $2.17 during midday trading on Friday, hitting $164.92. 554,659 shares of the company traded hands, compared to its average volume of 825,480. M&T Bank Co. has a 12-month low of $133.78 and a 12-month high of $180.77. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.06 and a quick ratio of 1.06. The stock has a market capitalization of $22.72 billion, a P/E ratio of 12.82, a P/E/G ratio of 1.51 and a beta of 1.08.
M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Monday, April 15th. The financial services provider reported $3.35 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.30 by $0.05. M&T Bank had a net margin of 30.84% and a return on equity of 14.46%. The company had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter in the previous year, the company earned $2.23 earnings per share. Research analysts anticipate that M&T Bank Co. will post 14.63 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Monday, June 3rd will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a dividend yield of 2.43%. The ex-dividend date of this dividend is Friday, May 31st. M&T Bank’s dividend payout ratio is currently 31.10%.
In other M&T Bank news, insider Brian E. Hickey sold 4,000 shares of the company’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $168.53, for a total value of $674,120.00. Following the sale, the insider now owns 17,819 shares in the company, valued at $3,003,036.07. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Gary N. Geisel sold 1,001 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $173.00, for a total transaction of $173,173.00. Following the completion of the sale, the director now owns 17,512 shares in the company, valued at approximately $3,029,576. The disclosure for this sale can be found here. Insiders have sold 13,221 shares of company stock worth $2,259,658 in the last quarter. 0.54% of the stock is owned by corporate insiders.
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M&T Bank Profile
M&T Bank Corporation operates as the holding company for Manufacturers and Traders Trust Company; and Wilmington Trust, National Association that provide banking services. The company's Business Banking segment offers deposits, business loans and leases, and credit cards; and cash management, payroll, and letters of credit services to small businesses and professionals.
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