Vanguard Group Inc. Sells 61,219 Shares of M&T Bank Co. (NYSE:MTB)

Vanguard Group Inc. cut its position in shares of M&T Bank Co. (NYSE:MTB) by 0.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,435,157 shares of the financial services provider’s stock after selling 61,219 shares during the period. Vanguard Group Inc. owned about 11.66% of M&T Bank worth $2,664,171,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Envestnet Portfolio Solutions Inc. acquired a new stake in M&T Bank in the 3rd quarter valued at $615,000. Envestnet Asset Management Inc. boosted its stake in M&T Bank by 33.2% in the third quarter. Envestnet Asset Management Inc. now owns 217,986 shares of the financial services provider’s stock worth $27,564,000 after purchasing an additional 54,344 shares in the last quarter. Pearl River Capital LLC acquired a new position in M&T Bank in the third quarter worth $1,154,000. CI Investments Inc. boosted its stake in M&T Bank by 2.9% in the third quarter. CI Investments Inc. now owns 3,722 shares of the financial services provider’s stock worth $471,000 after purchasing an additional 104 shares in the last quarter. Finally, V Square Quantitative Management LLC raised its position in shares of M&T Bank by 488.2% during the third quarter. V Square Quantitative Management LLC now owns 1,794 shares of the financial services provider’s stock worth $227,000 after acquiring an additional 1,489 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

M&T Bank Trading Up 1.8 %

NYSE MTB opened at $144.79 on Tuesday. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a market cap of $24.16 billion, a P/E ratio of 9.79, 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 stock’s 50-day moving average is $146.58 and its 200-day moving average is $141.08.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.13 by ($0.11). The firm had revenue of $2.26 billion for the quarter, compared to the consensus estimate 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 quarter in the previous year, the business posted $4.09 earnings per share. Sell-side analysts anticipate that M&T Bank Co. will post 14.02 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Monday, June 3rd will be paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 3.73%. This is an increase from M&T Bank’s previous quarterly dividend of $1.30. The ex-dividend date is Monday, June 3rd. M&T Bank’s dividend payout ratio (DPR) is currently 36.51%.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, Director John P. Barnes sold 43,426 shares of the firm’s stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $154.50, for a total value of $6,709,317.00. Following the completion of the transaction, the director now directly owns 35,480 shares in the company, valued at $5,481,660. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director John P. Barnes sold 43,426 shares of M&T Bank stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $154.50, for a total transaction of $6,709,317.00. Following the completion of the transaction, the director now directly owns 35,480 shares in the company, valued at approximately $5,481,660. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Doris P. Meister sold 1,638 shares of M&T Bank stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total value of $226,387.98. Following the transaction, the executive vice president now 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 ninety days. 0.82% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on MTB. Jefferies Financial Group boosted their target price on M&T Bank from $151.00 to $160.00 and gave the stock a “hold” rating in a research report on Tuesday, June 4th. Bank of America boosted their target price on M&T Bank from $157.00 to $160.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. StockNews.com downgraded M&T Bank from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. Keefe, Bruyette & Woods boosted their target price on M&T Bank from $162.00 to $170.00 and gave the stock a “market perform” rating in a research report on Tuesday, April 16th. Finally, Evercore ISI upped their price objective on M&T Bank from $146.00 to $157.00 and gave the company an “in-line” rating in a report on Thursday, March 28th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, M&T Bank has a consensus rating of “Hold” and an average price target of $159.79.

M&T Bank 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.