M&T Bank Co. (NYSE:MTB) Stake Cut by Carret Asset Management LLC

Carret Asset Management LLC lowered its stake in shares of M&T Bank Co. (NYSE:MTB) by 7.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,536 shares of the financial services provider’s stock after selling 200 shares during the period. Carret Asset Management LLC’s holdings in M&T Bank were worth $369,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the stock. GSA Capital Partners LLP acquired a new stake in M&T Bank during the third quarter valued at $833,000. Stevens Capital Management LP acquired a new position in M&T Bank in the 4th quarter worth about $320,000. Matrix Asset Advisors Inc. NY increased its position in M&T Bank by 15.7% in the 4th quarter. Matrix Asset Advisors Inc. NY now owns 92,537 shares of the financial services provider’s stock worth $12,685,000 after purchasing an additional 12,590 shares during the last quarter. Smead Capital Management Inc. acquired a new position in M&T Bank in the 4th quarter worth about $59,418,000. Finally, Rafferty Asset Management LLC increased its position in M&T Bank by 72.1% in the 4th quarter. Rafferty Asset Management LLC now owns 239,934 shares of the financial services provider’s stock worth $32,890,000 after purchasing an additional 100,526 shares during the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Stock Performance

MTB opened at $149.22 on Thursday. The firm has a market capitalization of $24.90 billion, a P/E ratio of 10.09, a price-to-earnings-growth ratio of 2.98 and a beta of 0.77. The stock’s 50 day moving average price is $148.50 and its two-hundred day moving average price is $142.12. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.46. M&T Bank Co. has a 12-month low of $108.53 and a 12-month high of $156.65.

M&T Bank (NYSE:MTB) last released its earnings results 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 business had revenue of $2.26 billion during the quarter, compared to analyst estimates of $2.26 billion. M&T Bank had a net margin of 19.52% and a return on equity of 10.68%. During the same period last year, the business earned $4.09 EPS. On average, equities analysts forecast that M&T Bank Co. will post 13.99 earnings per share for the current year.

M&T Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 3rd were given a $1.35 dividend. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.62%. This is an increase from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s dividend payout ratio (DPR) is currently 36.51%.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. Bank of America upped 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. JPMorgan Chase & Co. upped their target price on M&T Bank from $170.00 to $180.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Wedbush reaffirmed an “outperform” rating and issued a $170.00 target price on shares of M&T Bank in a research report on Wednesday, April 10th. Wells Fargo & Company increased their price objective on M&T Bank from $145.00 to $150.00 and gave the company an “equal weight” rating in a report on Tuesday, April 16th. Finally, Jefferies Financial Group increased their price objective on M&T Bank from $160.00 to $161.00 and gave the company a “hold” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $161.58.

Insiders Place Their Bets

In other M&T Bank news, EVP Doris P. Meister sold 1,638 shares of the firm’s 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 completion of the sale, the executive vice president now owns 3,362 shares in the company, valued at approximately $464,662.02. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related 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 transaction of $6,709,317.00. Following the completion of the transaction, 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 Securities & Exchange Commission, which is available through this link. Also, EVP Doris P. Meister sold 1,638 shares of the firm’s 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 approximately $464,662.02. The disclosure for this sale can be found here. In the last quarter, insiders sold 97,553 shares of company stock worth $14,724,147. 0.82% of the stock is currently owned by company insiders.

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.