M&T Bank Co. (NYSE:MTB) Shares Sold by USA Financial Formulas

USA Financial Formulas reduced its holdings in M&T Bank Co. (NYSE:MTB) by 11.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,819 shares of the financial services provider’s stock after selling 765 shares during the quarter. USA Financial Formulas’ holdings in M&T Bank were worth $1,094,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MTB. FMR LLC increased its holdings in shares of M&T Bank by 13.9% in the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after buying an additional 1,508,846 shares in the last quarter. State Street Corp boosted its position in shares of M&T Bank by 6.4% in the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $1,562,725,000 after purchasing an additional 527,854 shares during the period. Marshall Wace LLP lifted its stake in M&T Bank by 232.1% during the second quarter. Marshall Wace LLP now owns 676,745 shares of the financial services provider’s stock valued at $102,432,000 after buying an additional 472,997 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new position in shares of M&T Bank in the third quarter worth approximately $44,422,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of M&T Bank by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock valued at $897,216,000 after acquiring an additional 190,837 shares during the period. 84.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on MTB shares. The Goldman Sachs Group boosted their target price on shares of M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Piper Sandler increased their price objective on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 27th. Truist Financial initiated coverage on M&T Bank in a research report on Tuesday, January 7th. They set a “buy” rating and a $233.00 price objective for the company. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Finally, Wolfe Research raised shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective on the stock in a research report on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $216.86.

Insider Buying and Selling

In other M&T Bank news, Vice Chairman Kevin J. Pearson sold 7,500 shares of the company’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $195.88, for a total transaction of $1,469,100.00. Following the transaction, the insider now directly owns 40,502 shares in the company, valued at approximately $7,933,531.76. This represents a 15.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Rene F. Jones sold 23,071 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the completion of the transaction, the chief executive officer now directly owns 77,226 shares in the company, valued at $14,972,576.88. This trade represents a 23.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 84,994 shares of company stock worth $17,211,278 in the last quarter. Insiders own 0.82% of the company’s stock.

M&T Bank Stock Performance

Shares of NYSE:MTB opened at $201.05 on Thursday. The stock has a market capitalization of $33.36 billion, a price-to-earnings ratio of 14.88, a price-to-earnings-growth ratio of 2.16 and a beta of 0.79. The business’s fifty day moving average price is $203.21 and its two-hundred day moving average price is $182.94. M&T Bank Co. has a fifty-two week low of $128.31 and a fifty-two week high of $225.70. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 0.99.

M&T Bank (NYSE:MTB) last posted its earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.60 by $0.48. The company had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.30 billion. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. As a group, analysts predict that M&T Bank Co. will post 14.58 EPS for the current fiscal year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.69%. M&T Bank’s dividend payout ratio (DPR) is currently 39.97%.

M&T Bank Company 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.