Bank of New York Mellon Corp Buys 30,643 Shares of M&T Bank Corporation (NYSE:MTB)

Bank of New York Mellon Corp grew its position in M&T Bank Corporation (NYSE:MTB - Free Report) by 2.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,442,381 shares of the financial services provider's stock after acquiring an additional 30,643 shares during the quarter. Bank of New York Mellon Corp owned 0.88% of M&T Bank worth $257,826,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the company. Exchange Traded Concepts LLC lifted its position in shares of M&T Bank by 53.8% during 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 during the period. US Bancorp DE lifted its position in shares of M&T Bank by 24.3% during the 4th quarter. US Bancorp DE now owns 8,382 shares of the financial services provider's stock worth $1,576,000 after buying an additional 1,639 shares during the period. Kingswood Wealth Advisors LLC lifted its position in shares of M&T Bank by 4.4% during the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,076 shares of the financial services provider's stock worth $370,000 after buying an additional 88 shares during the period. American Century Companies Inc. lifted its position in shares of M&T Bank by 0.9% during the 4th quarter. American Century Companies Inc. now owns 67,987 shares of the financial services provider's stock worth $12,782,000 after buying an additional 610 shares during the period. Finally, Golden State Wealth Management LLC bought a new position in shares of M&T Bank during the 1st quarter worth approximately $46,000. Institutional investors own 84.68% of the company's stock.

Insider Activity at M&T Bank

In other news, Director Robert E. Sadler, Jr. sold 6,700 shares of the business's stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $183.52, for a total value of $1,229,584.00. Following the sale, the director directly owned 23,070 shares in the company, valued at $4,233,806.40. The trade was a 22.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.53% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. JPMorgan Chase & Co. dropped their price target 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. Truist Financial dropped their price target on M&T Bank from $225.00 to $200.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Jefferies Financial Group set a $225.00 target price on M&T Bank and gave the company a "buy" rating in a research note on Wednesday, May 21st. Deutsche Bank Aktiengesellschaft raised M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 target price for the company in a research note on Thursday, April 24th. Finally, Robert W. Baird lowered their target price on M&T Bank from $220.00 to $200.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. One equities 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. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $211.48.

M&T Bank Trading Down 0.9%

MTB stock traded down $1.92 during midday trading on Monday, hitting $200.66. 742,169 shares of the company's stock were exchanged, compared to its average volume of 1,187,399. The stock's fifty day moving average price is $183.43 and its 200-day moving average price is $183.63. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.97 and a current ratio of 0.97. The company has a market cap of $32.21 billion, a PE ratio of 13.44, a price-to-earnings-growth ratio of 1.46 and a beta of 0.63. M&T Bank Corporation has a one year low of $146.71 and a one year high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last posted its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing the consensus estimate of $3.41 by ($0.03). The business had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.35 billion. M&T Bank had a return on equity of 10.18% and a net margin of 19.86%. During the same quarter in the prior year, the firm posted $3.09 earnings per share. Research analysts predict that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 2nd were issued a $1.35 dividend. The ex-dividend date was Monday, June 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.69%. M&T Bank's dividend payout ratio (DPR) is 36.17%.

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.