Bessemer Group Inc. Cuts Stock Holdings in M&T Bank Corporation (NYSE:MTB)

Bessemer Group Inc. decreased its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 31.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 27,989 shares of the financial services provider's stock after selling 12,573 shares during the quarter. Bessemer Group Inc.'s holdings in M&T Bank were worth $5,003,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. FMR LLC boosted its position in shares of M&T Bank by 14.3% during the fourth quarter. FMR LLC now owns 14,110,412 shares of the financial services provider's stock worth $2,652,899,000 after acquiring an additional 1,761,014 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of 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 during the last quarter. Geode Capital Management LLC boosted its position in shares of M&T Bank by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider's stock worth $819,768,000 after acquiring an additional 40,948 shares during the last quarter. Norges Bank bought a new position in shares of M&T Bank during the fourth quarter worth $317,690,000. Finally, Northern Trust Corp boosted its position in shares of M&T Bank by 14.7% during the fourth quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider's stock worth $316,483,000 after acquiring an additional 215,100 shares during the last quarter. Institutional investors own 84.68% of the company's stock.

M&T Bank Trading Up 0.2%

Shares of M&T Bank stock traded up $0.38 during trading on Friday, hitting $193.87. The stock had a trading volume of 1,351,607 shares, compared to its average volume of 1,182,960. The stock has a market cap of $31.12 billion, a PE ratio of 12.98, a PEG ratio of 1.40 and a beta of 0.62. M&T Bank Corporation has a 12 month low of $145.82 and a 12 month high of $225.70. The firm's fifty day simple moving average is $179.92 and its 200-day simple moving average is $183.53. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.97 and a quick ratio of 0.97.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing the consensus estimate of $3.41 by ($0.03). The company had revenue of $2.31 billion during the quarter, compared to analysts' expectations 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 period in the prior year, the business earned $3.09 EPS. As a group, sell-side analysts expect that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 2nd will be paid a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 2.79%. The ex-dividend date is Monday, June 2nd. M&T Bank's dividend payout ratio is presently 36.17%.

Wall Street Analysts Forecast Growth

MTB has been the subject of several research reports. Cowen initiated coverage on shares of M&T Bank in a research report on Wednesday, May 14th. They set a "buy" rating for the company. Barclays lowered their price objective on shares of M&T Bank from $235.00 to $220.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 15th. JPMorgan Chase & Co. lowered their price objective on shares of M&T Bank from $212.50 to $186.50 and set a "neutral" rating for the company in a research report on Thursday, April 3rd. Jefferies Financial Group set a $225.00 price objective on shares of M&T Bank and gave the company a "buy" rating in a research report on Wednesday, May 21st. Finally, Piper Sandler lowered their price objective on shares of M&T Bank from $220.00 to $210.00 and set an "overweight" rating for the company in a research report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $210.88.

Insider Buying and Selling

In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of the firm's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $183.52, for a total value of $1,229,584.00. Following the transaction, the director now owns 23,070 shares of the company's stock, valued at $4,233,806.40. This trade represents a 22.51% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.53% of the stock is currently owned by insiders.

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.