M&T Bank Co. (NYSE:MTB) Shares Sold by Truist Financial Corp

Truist Financial Corp reduced its holdings in shares of M&T Bank Co. (NYSE:MTB) by 20.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 114,206 shares of the financial services provider’s stock after selling 29,649 shares during the quarter. Truist Financial Corp owned 0.07% of M&T Bank worth $17,286,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Meeder Advisory Services Inc. lifted its position in M&T Bank by 3.9% during the 1st quarter. Meeder Advisory Services Inc. now owns 1,879 shares of the financial services provider’s stock worth $273,000 after acquiring an additional 70 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its stake in shares of M&T Bank by 1.5% during the second quarter. Massmutual Trust Co. FSB ADV now owns 4,711 shares of the financial services provider’s stock valued at $713,000 after acquiring an additional 70 shares in the last quarter. Umpqua Bank increased its position in shares of M&T Bank by 5.3% during the second quarter. Umpqua Bank now owns 1,460 shares of the financial services provider’s stock worth $221,000 after acquiring an additional 73 shares during the last quarter. Fulton Bank N.A. lifted its stake in shares of M&T Bank by 2.3% in the first quarter. Fulton Bank N.A. now owns 3,619 shares of the financial services provider’s stock worth $526,000 after acquiring an additional 81 shares in the last quarter. Finally, Citizens Financial Group Inc. RI increased its holdings in M&T Bank by 6.7% during the 2nd quarter. Citizens Financial Group Inc. RI now owns 1,474 shares of the financial services provider’s stock worth $223,000 after purchasing an additional 92 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Stock Up 3.7 %

MTB stock opened at $178.74 on Friday. The firm has a market cap of $29.82 billion, a PE ratio of 12.09, a P/E/G ratio of 3.55 and a beta of 0.75. M&T Bank Co. has a 12 month low of $108.53 and a 12 month high of $180.63. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a 50 day simple moving average of $168.84 and a 200 day simple moving average of $155.72.

M&T Bank (NYSE:MTB) last announced its earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.50 by $0.23. The company had revenue of $3.37 billion for the quarter, compared to analyst estimates of $2.27 billion. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. During the same period in the previous year, the firm earned $5.12 earnings per share. Equities research analysts forecast that M&T Bank Co. will post 14.23 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were issued a $1.35 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.02%. M&T Bank’s payout ratio is currently 36.51%.

Insider Activity

In other news, Director Robert E. Sadler, Jr. sold 1,000 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total value of $172,230.00. Following the completion of the sale, the director now directly owns 31,796 shares of the company’s stock, valued at $5,476,225.08. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Robert E. Sadler, Jr. sold 1,000 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total value of $172,230.00. Following the transaction, the director now directly owns 31,796 shares of the company’s stock, valued at approximately $5,476,225.08. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Denis J. Salamone sold 10,000 shares of M&T Bank stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total value of $1,720,300.00. Following the sale, the director now directly owns 44,902 shares of the company’s stock, valued at approximately $7,724,491.06. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,699 shares of company stock worth $5,115,349. 0.82% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

MTB has been the subject of several research analyst reports. DA Davidson increased their target price on M&T Bank from $159.00 to $185.00 and gave the company a “neutral” rating in a research note on Friday, July 19th. Wedbush raised their price objective on shares of M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Wells Fargo & Company lowered M&T Bank from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $170.00 to $165.00 in a research report on Thursday, August 15th. Evercore ISI raised shares of M&T Bank from an “in-line” rating to an “outperform” rating and lifted their price objective for the stock from $187.00 to $210.00 in a report on Wednesday. Finally, Royal Bank of Canada raised their price target on shares of M&T Bank from $160.00 to $174.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, M&T Bank currently has a consensus rating of “Hold” and an average price target of $185.75.

About M&T Bank

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.