Bank of Nova Scotia Cuts Stake in M&T Bank Corporation (NYSE:MTB)

Key Points

• Bank of Nova Scotia reduced its stake in M&T Bank Corporation (NYSE:MTB) by 75.0%, now holding 17,318 shares valued at approximately $3,096,000.
• Insiders at M&T Bank have sold a total of 10,438 shares, equating to a value of nearly $1.97 million over the past three months.
• M&T Bank recently reported earnings of $4.28 per share for the latest quarter, surpassing analysts' expectations and indicating a year-over-year increase in profitability.

Bank of Nova Scotia trimmed its stake in M&T Bank Corporation (NYSE:MTB - Free Report) by 75.0% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 17,318 shares of the financial services provider's stock after selling 51,860 shares during the quarter. Bank of Nova Scotia's holdings in M&T Bank were worth $3,096,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Wood Tarver Financial Group LLC acquired a new position in shares of M&T Bank in the fourth quarter valued at approximately $29,000. Banque Transatlantique SA acquired a new position in M&T Bank during the fourth quarter valued at approximately $38,000. Grove Bank & Trust lifted its position in shares of M&T Bank by 104.6% during the 1st quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock worth $40,000 after buying an additional 114 shares during the last quarter. Golden State Wealth Management LLC bought a new position in shares of M&T Bank in the first quarter worth about $46,000. Finally, Investors Research Corp boosted its position in M&T Bank by 31.1% in the first quarter. Investors Research Corp now owns 295 shares of the financial services provider's stock valued at $53,000 after buying an additional 70 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other M&T Bank news, Director Richard H. Jr. Ledgett sold 1,277 shares of the company's stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $197.48, for a total value of $252,181.96. Following the transaction, the director directly owned 4,881 shares in the company, valued at $963,899.88. This represents a 20.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Robert E. Sadler, Jr. sold 6,700 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the completion of the transaction, the director owned 23,070 shares in the company, valued at approximately $4,233,806.40. This trade represents 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 quarter. 0.53% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on MTB. Jefferies Financial Group set a $225.00 price target on M&T Bank and gave the company a "buy" rating in a research note on Wednesday, May 21st. Citigroup increased their price target on M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. TD Cowen assumed coverage on shares of M&T Bank in a research note on Thursday, May 15th. They issued a "buy" rating and a $230.00 price objective for the company. Wall Street Zen raised M&T Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. Finally, Piper Sandler lowered their price objective on shares of M&T Bank from $220.00 to $210.00 and set an "overweight" rating on the stock in a report on Tuesday, April 15th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $212.88.

M&T Bank Stock Performance

NYSE MTB traded down $1.88 during trading hours on Thursday, reaching $183.62. 852,741 shares of the company were exchanged, compared to its average volume of 1,151,475. The stock has a market capitalization of $28.69 billion, a P/E ratio of 11.89, a P/E/G ratio of 0.91 and a beta of 0.63. 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 business's 50 day simple moving average is $190.67 and its 200-day simple moving average is $184.20.

M&T Bank (NYSE:MTB - Get Free Report) last issued its 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 for the quarter, compared to analyst estimates 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 previous year, the company posted $3.73 earnings per share. On average, equities research analysts expect that M&T Bank Corporation will post 16.57 earnings per share for the current year.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 2nd were paid a $1.35 dividend. The ex-dividend date was Monday, June 2nd. This represents a $5.40 annualized dividend and a yield of 2.9%. M&T Bank's dividend payout ratio (DPR) is currently 34.97%.

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.