Bank of America Corp DE Sells 284,003 Shares of M&T Bank Corporation $MTB

Key Points

• Bank of America reduced its M&T Bank stake by 17.7%, selling 284,003 shares in the second quarter and retaining 1.32 million shares worth approximately $315.3 million. Institutional investors collectively own 84.68% of M&T Bank.
• M&T Bank reported quarterly earnings of $5.35 per share, surpassing estimates of $4.66, while revenue reached $2.53 billion versus the $2.46 billion consensus forecast.
• The bank declared a quarterly dividend of $1.50 per share, or $6.00 annualized, representing a 2.7% yield. Analysts maintain a consensus “Hold” rating with an average price target of $255.97.

Bank of America Corp DE lessened its position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 17.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,324,600 shares of the financial services provider's stock after selling 284,003 shares during the period. Bank of America Corp DE owned approximately 0.92% of M&T Bank worth $315,268,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Commonwealth Retirement Investments LLC boosted its holdings in M&T Bank by 0.4% in the 4th quarter. Commonwealth Retirement Investments LLC now owns 10,991 shares of the financial services provider's stock valued at $2,214,000 after purchasing an additional 44 shares during the period. CX Institutional increased its holdings in shares of M&T Bank by 3.4% in the second quarter. CX Institutional now owns 1,650 shares of the financial services provider's stock worth $393,000 after purchasing an additional 54 shares during the period. Thoroughbred Financial Services LLC increased its holdings in shares of M&T Bank by 2.1% in the fourth quarter. Thoroughbred Financial Services LLC now owns 3,465 shares of the financial services provider's stock worth $698,000 after purchasing an additional 70 shares during the period. Root Financial Partners LLC raised its position in shares of M&T Bank by 23.2% in the fourth quarter. Root Financial Partners LLC now owns 382 shares of the financial services provider's stock worth $77,000 after buying an additional 72 shares in the last quarter. Finally, V Square Quantitative Management LLC raised its position in shares of M&T Bank by 4.5% in the first quarter. V Square Quantitative Management LLC now owns 1,891 shares of the financial services provider's stock worth $391,000 after buying an additional 82 shares in the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Price Performance

Shares of NYSE:MTB opened at $225.80 on Thursday. The stock has a market cap of $32.61 billion, a PE ratio of 11.92, a PEG ratio of 1.33 and a beta of 0.56. The company's fifty day moving average is $244.54 and its 200 day moving average is $226.51. M&T Bank Corporation has a 52 week low of $174.76 and a 52 week high of $255.95. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.53.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share for the quarter, topping the consensus estimate of $4.66 by $0.69. M&T Bank had a net margin of 22.72% and a return on equity of 11.80%. The business had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.46 billion. During the same period in the previous year, the firm posted $4.28 earnings per share. Research analysts anticipate that M&T Bank Corporation will post 19.45 earnings per share for the current year.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 1st. M&T Bank's payout ratio is 31.68%.

Insider Buying and Selling at M&T Bank

In related news, Director Rudina Seseri sold 623 shares of the stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $241.04, for a total transaction of $150,167.92. Following the completion of the sale, the director directly owned 3,649 shares in the company, valued at $879,554.96. This represents a 14.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.44% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. DA Davidson boosted their target price on M&T Bank from $263.00 to $266.00 and gave the stock a "neutral" rating in a research report on Thursday, July 16th. JPMorgan Chase & Co. raised their price target on M&T Bank from $251.50 to $265.50 and gave the company a "neutral" rating in a report on Wednesday, July 29th. Morgan Stanley upgraded M&T Bank from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $253.00 to $304.00 in a research report on Tuesday, September 8th. Cantor Fitzgerald boosted their price objective on M&T Bank from $262.00 to $285.00 and gave the stock an "overweight" rating in a report on Wednesday, August 19th. Finally, UBS Group upped their price objective on shares of M&T Bank from $252.00 to $255.00 and gave the stock a "neutral" rating in a research report on Monday, August 3rd. Eight analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $255.97.

M&T Bank Profile

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, Manufacturers and Traders Trust Company, commonly known as M&T Bank, provides financial products and services to individuals, businesses, institutions and government entities.

The company's offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, credit cards, treasury management and other business banking services.

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