Buffington Mohr McNeal Decreases Holdings in M&T Bank Corporation (NYSE:MTB)

Buffington Mohr McNeal trimmed its holdings in M&T Bank Corporation (NYSE:MTB - Free Report) by 44.8% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 1,850 shares of the financial services provider's stock after selling 1,500 shares during the period. Buffington Mohr McNeal's holdings in M&T Bank were worth $331,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in MTB. QRG Capital Management Inc. grew its position in M&T Bank by 35.6% in the fourth quarter. QRG Capital Management Inc. now owns 2,675 shares of the financial services provider's stock worth $503,000 after acquiring an additional 702 shares during the period. Private Trust Co. NA grew its position in M&T Bank by 16.7% in the fourth quarter. Private Trust Co. NA now owns 553 shares of the financial services provider's stock worth $104,000 after acquiring an additional 79 shares during the period. Fisher Asset Management LLC grew its position in M&T Bank by 33.8% in the fourth quarter. Fisher Asset Management LLC now owns 21,387 shares of the financial services provider's stock worth $4,021,000 after acquiring an additional 5,408 shares during the period. US Bancorp DE boosted its position in shares of M&T Bank by 24.3% during the fourth 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. Finally, Modera Wealth Management LLC purchased a new position in shares of M&T Bank during the fourth quarter worth $202,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms have recently commented on MTB. Wells Fargo & Company lowered their price target on M&T Bank from $185.00 to $175.00 and set an "underweight" rating for the company in a research report on Tuesday, April 15th. DA Davidson lowered their price target on M&T Bank from $205.00 to $189.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Piper Sandler lowered their price target on 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. Cowen began coverage on M&T Bank in a research report on Wednesday, May 14th. They set a "buy" rating for the company. Finally, Truist Financial lowered their price target on M&T Bank from $225.00 to $200.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, M&T Bank has an average rating of "Moderate Buy" and an average price target of $211.48.

M&T Bank Stock Performance

Shares of NYSE MTB traded up $2.52 during midday trading on Thursday, reaching $202.58. 838,320 shares of the company were exchanged, compared to its average volume of 1,188,657. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.39. M&T Bank Corporation has a 1 year low of $145.82 and a 1 year high of $225.70. The stock has a fifty day simple moving average of $182.06 and a 200 day simple moving average of $183.60. The stock has a market cap of $32.52 billion, a P/E ratio of 13.57, a PEG ratio of 1.45 and a beta of 0.63.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.41 by ($0.03). M&T Bank had a return on equity of 10.18% and a net margin of 19.86%. The company had revenue of $2.31 billion for the quarter, compared to analysts' expectations of $2.35 billion. During the same period in the prior year, the business earned $3.09 EPS. On average, research analysts forecast that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 2nd were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 2.67%. The ex-dividend date was Monday, June 2nd. M&T Bank's dividend payout ratio is presently 36.17%.

Insiders Place Their Bets

In other M&T Bank news, Director Robert E. Sadler, Jr. sold 6,700 shares of M&T Bank stock in a transaction that occurred on 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 owned 23,070 shares of the company's stock, valued at approximately $4,233,806.40. The trade was a 22.51% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.53% of the company's stock.

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.