M&T Bank Corporation $MTB Stake Lessened by Arnhold LLC

Key Points

• Arnhold LLC has reduced its stake in M&T Bank Corporation (NYSE:MTB) by 3.7%, now owning 39,592 shares worth approximately $7,077,000.
• M&T Bank recently announced a dividend of $1.50 per share, reflecting an increase from the previous dividend of $1.35, which gives it a yield of 3.1%.
• Analyst ratings for M&T Bank show a consensus of Moderate Buy, with a target price averaging $212.88.

Arnhold LLC cut its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 3.7% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 39,592 shares of the financial services provider's stock after selling 1,500 shares during the quarter. Arnhold LLC's holdings in M&T Bank were worth $7,077,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Exchange Traded Concepts LLC boosted its position in shares of M&T Bank by 53.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 526 shares of the financial services provider's stock worth $94,000 after buying an additional 184 shares in the last quarter. Private Trust Co. NA raised its stake in M&T Bank by 16.5% in the 1st quarter. Private Trust Co. NA now owns 644 shares of the financial services provider's stock valued at $115,000 after purchasing an additional 91 shares during the last quarter. Concurrent Investment Advisors LLC acquired a new position in M&T Bank in the 1st quarter valued at about $225,000. Kingswood Wealth Advisors LLC raised its stake in M&T Bank by 4.4% in the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,076 shares of the financial services provider's stock valued at $370,000 after purchasing an additional 88 shares during the last quarter. Finally, Golden State Wealth Management LLC acquired a new position in M&T Bank in the 1st quarter valued at about $46,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Trading Up 3.7%

Shares of NYSE MTB traded up $7.1850 during midday trading on Friday, hitting $199.6150. The stock had a trading volume of 1,111,448 shares, compared to its average volume of 885,357. The company has a fifty day moving average price of $192.73 and a 200 day moving average price of $183.41. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47. M&T Bank Corporation has a 1-year low of $150.75 and a 1-year high of $225.70. The company has a market capitalization of $31.19 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 0.98 and a beta of 0.63.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.04 by $0.24. The firm had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%.During the same period in the prior year, the firm earned $3.73 EPS. On average, analysts predict that M&T Bank Corporation will post 16.57 earnings per share for the current year.

M&T Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 2nd will be given a dividend of $1.50 per share. This is a boost from M&T Bank's previous quarterly dividend of $1.35. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $6.00 annualized dividend and a yield of 3.0%. M&T Bank's dividend payout ratio is presently 34.97%.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MTB. Jefferies Financial Group set a $225.00 target price on shares of M&T Bank and gave the company a "buy" rating in a research note on Wednesday, May 21st. TD Cowen began coverage on shares of M&T Bank in a research note on Thursday, May 15th. They issued a "buy" rating and a $230.00 target price for the company. Morgan Stanley boosted their target price on shares of M&T Bank from $206.00 to $215.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. Wells Fargo & Company boosted their target price on shares of M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a research note on Thursday, July 17th. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $200.00 target price on shares of M&T Bank in a research note on Monday, May 19th. Thirteen equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, M&T Bank has an average rating of "Moderate Buy" and a consensus target price of $212.88.

Insiders Place Their Bets

In other news, Director Richard H. Jr. Ledgett sold 1,277 shares of the business's stock in a transaction on Monday, July 21st. The shares were sold at an average price of $197.48, for a total transaction of $252,181.96. Following the transaction, the director directly owned 4,881 shares of the company's stock, valued at approximately $963,899.88. The trade was a 20.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robert E. Sadler, Jr. sold 6,700 shares of the firm's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the sale, the director directly owned 23,070 shares of the company's stock, valued at approximately $4,233,806.40. The trade was a 22.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 10,438 shares of company stock worth $1,967,346 in the last 90 days. 0.53% of the stock is owned by company insiders.

M&T Bank Company Profile

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management, and investment services. It operates through the following segments: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.