M&T Bank Co. (NYSE:MTB) Stake Trimmed by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC cut its position in shares of M&T Bank Co. (NYSE:MTB) by 0.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 92,678 shares of the financial services provider’s stock after selling 678 shares during the quarter. Chevy Chase Trust Holdings LLC owned 0.06% of M&T Bank worth $13,479,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in MTB. Massachusetts Financial Services Co. MA grew its holdings in shares of M&T Bank by 0.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,730,853 shares of the financial services provider’s stock valued at $237,265,000 after buying an additional 4,419 shares in the last quarter. Norges Bank acquired a new position in shares of M&T Bank in the fourth quarter worth $232,322,000. Dimensional Fund Advisors LP raised its holdings in shares of M&T Bank by 7.4% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,451,856 shares of the financial services provider’s stock worth $199,037,000 after acquiring an additional 100,008 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of M&T Bank by 8.2% during the fourth quarter. The Manufacturers Life Insurance Company now owns 546,751 shares of the financial services provider’s stock worth $74,949,000 after acquiring an additional 41,523 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its stake in M&T Bank by 7.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock valued at $72,357,000 after purchasing an additional 35,692 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Price Performance

Shares of M&T Bank stock traded up $1.75 during midday trading on Wednesday, hitting $151.55. 309,766 shares of the company were exchanged, compared to its average volume of 1,029,233. 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 50 day simple moving average of $148.74 and a 200-day simple moving average of $142.54. M&T Bank Co. has a 52 week low of $108.53 and a 52 week high of $156.65. The firm has a market cap of $25.29 billion, a P/E ratio of 10.13, a PEG ratio of 2.91 and a beta of 0.77.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Monday, April 15th. The financial services provider reported $3.02 EPS for the quarter, missing analysts’ consensus estimates of $3.13 by ($0.11). M&T Bank had a net margin of 19.52% and a return on equity of 10.68%. The firm had revenue of $2.26 billion during the quarter, compared to analyst estimates of $2.26 billion. During the same quarter last year, the firm earned $4.09 earnings per share. Research analysts forecast that M&T Bank Co. will post 13.99 earnings per share for the current year.

M&T Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 3rd were given a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.56%. The ex-dividend date of this dividend was Monday, June 3rd. This is a boost from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s payout ratio is 36.51%.

Insider Activity

In other M&T Bank news, Director John P. Barnes sold 43,426 shares of the business’s stock in a transaction dated 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 sale, the director now directly owns 35,480 shares of the company’s stock, valued at approximately $5,481,660. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Doris P. Meister sold 1,638 shares of the business’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total transaction of $226,387.98. Following the completion of the transaction, the executive vice president now directly owns 3,362 shares in the company, valued at approximately $464,662.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John P. Barnes sold 43,426 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $154.50, for a total transaction of $6,709,317.00. Following the transaction, the director now owns 35,480 shares of the company’s stock, valued at approximately $5,481,660. The disclosure for this sale can be found here. In the last ninety days, insiders sold 97,553 shares of company stock valued at $14,724,147. Company insiders own 0.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on MTB. Bank of America increased their price objective on M&T Bank from $157.00 to $160.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. DA Davidson reiterated a “neutral” rating and issued a $159.00 price objective on shares of M&T Bank in a report on Tuesday, April 16th. Jefferies Financial Group raised their target price on M&T Bank from $160.00 to $161.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. JPMorgan Chase & Co. upped their price target on M&T Bank from $170.00 to $180.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Finally, Evercore ISI boosted their target price on M&T Bank from $157.00 to $168.00 and gave the stock an “in-line” rating in a report on Tuesday, June 25th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $161.58.

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.