Beck Mack & Oliver LLC Sells 2,195 Shares of M&T Bank Corporation $MTB

Key Points

• Beck Mack & Oliver LLC sold 2,195 shares of M&T Bank Corporation, decreasing its stake by 10.3%, leaving it with 19,103 shares valued at $3,415,000 as of the latest SEC filing.
• M&T Bank recently announced an increase in its quarterly dividend from $1.35 to $1.50 per share, reflecting a dividend yield of 3.0% and a payout ratio of 34.97%.
• The company's stock price is currently at $201.88, and M&T Bank reported earnings of $4.28 per share in its last quarterly results, surpassing analysts' expectations.

Beck Mack & Oliver LLC lowered its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 10.3% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 19,103 shares of the financial services provider's stock after selling 2,195 shares during the period. Beck Mack & Oliver LLC's holdings in M&T Bank were worth $3,415,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP grew its holdings in M&T Bank by 33.1% during the first quarter. Wellington Management Group LLP now owns 9,894,065 shares of the financial services provider's stock worth $1,768,564,000 after buying an additional 2,460,315 shares in the last quarter. Nuveen LLC purchased a new position in M&T Bank during the 1st quarter worth $243,451,000. GAMMA Investing LLC grew its stake in shares of M&T Bank by 18,471.2% in the 1st quarter. GAMMA Investing LLC now owns 705,705 shares of the financial services provider's stock worth $126,145,000 after acquiring an additional 701,905 shares in the last quarter. Invesco Ltd. raised its holdings in shares of M&T Bank by 15.2% in the first quarter. Invesco Ltd. now owns 3,552,666 shares of the financial services provider's stock valued at $635,039,000 after purchasing an additional 468,758 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its position in shares of M&T Bank by 22.3% during the fourth quarter. Nuveen Asset Management LLC now owns 1,567,270 shares of the financial services provider's stock valued at $294,662,000 after purchasing an additional 286,049 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Peter D'arcy sold 2,461 shares of the stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $197.31, for a total value of $485,579.91. Following the transaction, the executive vice president owned 9,319 shares of the company's stock, valued at $1,838,731.89. This represents a 20.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of M&T Bank stock in a transaction on Monday, July 21st. The stock was sold at an average price of $197.48, for a total transaction of $252,181.96. Following the sale, the director directly owned 4,881 shares of the company's stock, valued at $963,899.88. This represents a 20.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 25,438 shares of company stock valued at $4,964,196 over the last 90 days. Company insiders own 0.53% of the company's stock.

M&T Bank Stock Up 0.5%

Shares of NYSE MTB opened at $201.88 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47. The company has a market cap of $31.55 billion, a P/E ratio of 13.08, a P/E/G ratio of 0.99 and a beta of 0.63. M&T Bank Corporation has a 52 week low of $150.75 and a 52 week high of $225.70. The business has a 50-day simple moving average of $194.68 and a two-hundred day simple moving average of $183.59.

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, topping analysts' consensus estimates of $4.04 by $0.24. The firm had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.39 billion. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. During the same period in the prior year, the firm posted $3.73 earnings per share. Research analysts anticipate that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

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

Analyst Upgrades and Downgrades

MTB has been the subject of several analyst reports. Morgan Stanley increased their price objective 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. TD Cowen began coverage on M&T Bank in a research report on Thursday, May 15th. They issued a "buy" rating and a $230.00 price objective on the stock. Wall Street Zen raised M&T Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. DA Davidson lifted their target price on M&T Bank from $189.00 to $207.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Finally, Jefferies Financial Group set a $225.00 price target on shares of M&T Bank and gave the company a "buy" rating in a research report on Wednesday, May 21st. Thirteen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, M&T Bank currently has a consensus rating of "Moderate Buy" and an average price target of $212.88.

M&T Bank 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.

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