Assenagon Asset Management S.A. Sells 34,935 Shares of M&T Bank Co. (NYSE:MTB)

Assenagon Asset Management S.A. reduced its position in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 23.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 112,242 shares of the financial services provider's stock after selling 34,935 shares during the period. Assenagon Asset Management S.A. owned about 0.07% of M&T Bank worth $20,063,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. FMR LLC grew its position in shares of M&T Bank by 14.3% in the 4th quarter. FMR LLC now owns 14,110,412 shares of the financial services provider's stock valued at $2,652,899,000 after buying an additional 1,761,014 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in M&T Bank by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider's stock worth $994,522,000 after acquiring an additional 252,583 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of M&T Bank by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider's stock worth $819,768,000 after purchasing an additional 40,948 shares in the last quarter. Norges Bank bought a new stake in shares of M&T Bank during the fourth quarter valued at approximately $317,690,000. Finally, Northern Trust Corp increased its stake in M&T Bank by 14.7% during the 4th quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider's stock valued at $316,483,000 after purchasing an additional 215,100 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

M&T Bank Price Performance

NYSE:MTB traded down $6.14 during trading hours on Friday, hitting $177.85. The stock had a trading volume of 1,301,595 shares, compared to its average volume of 1,164,222. The company has a 50 day simple moving average of $174.29 and a two-hundred day simple moving average of $185.87. The firm has a market capitalization of $28.55 billion, a price-to-earnings ratio of 12.16, a P/E/G ratio of 1.38 and a beta of 0.62. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. M&T Bank Co. has a one year low of $141.00 and a one year high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last announced its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.41 by ($0.03). M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. The company had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the previous year, the firm earned $3.09 earnings per share. Research analysts forecast that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 2nd will be issued a $1.35 dividend. The ex-dividend date is Monday, June 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.04%. M&T Bank's payout ratio is 36.17%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on MTB. Barclays lowered their price objective on M&T Bank from $235.00 to $220.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 15th. JPMorgan Chase & Co. reduced their target price on M&T Bank from $212.50 to $186.50 and set a "neutral" rating for the company in a report on Thursday, April 3rd. Jefferies Financial Group set a $225.00 price target on M&T Bank and gave the stock a "buy" rating in a report on Wednesday, May 21st. Wells Fargo & Company reduced their price objective on M&T Bank from $185.00 to $175.00 and set an "underweight" rating for the company in a research note on Tuesday, April 15th. Finally, Morgan Stanley lowered their target price on M&T Bank from $269.00 to $253.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $212.53.

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.