Cetera Investment Advisers Cuts Position in M&T Bank Corporation (NYSE:MTB)

Key Points

• Cetera Investment Advisers has reduced its stake in M&T Bank Corporation (NYSE:MTB) by 6.0%, selling 1,909 shares, resulting in a total holding of 29,805 shares worth $5,328,000.
• M&T Bank's recent earnings report showed an EPS of $4.28, exceeding expectations, with a revenue of $2.40 billion for the quarter, indicating strong financial performance.
• The company announced a $1.35 quarterly dividend, representing a 2.9% yield and a payout ratio of 34.97%, reflecting its commitment to returning value to shareholders.

Cetera Investment Advisers trimmed its holdings in M&T Bank Corporation (NYSE:MTB - Free Report) by 6.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,805 shares of the financial services provider's stock after selling 1,909 shares during the quarter. Cetera Investment Advisers' holdings in M&T Bank were worth $5,328,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Wood Tarver Financial Group LLC purchased a new position in M&T Bank in the fourth quarter worth about $29,000. Banque Transatlantique SA bought a new position in shares of M&T Bank during the 4th quarter valued at approximately $38,000. Grove Bank & Trust raised its holdings in M&T Bank by 104.6% during the 1st quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock valued at $40,000 after buying an additional 114 shares during the period. Golden State Wealth Management LLC purchased a new stake in M&T Bank during the 1st quarter valued at $46,000. Finally, Investors Research Corp lifted 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 worth $53,000 after buying an additional 70 shares during the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Trading Up 1.8%

Shares of MTB traded up $3.29 during midday trading on Monday, hitting $188.28. 852,832 shares of the stock were exchanged, compared to its average volume of 1,290,553. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.97 and a current ratio of 0.91. The firm has a market cap of $30.22 billion, a P/E ratio of 12.19, a P/E/G ratio of 0.91 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 stock has a fifty day simple moving average of $190.33 and a 200 day simple moving average of $184.31.

M&T Bank (NYSE:MTB - Get Free Report) last issued 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 company had revenue of $2.40 billion for the quarter, compared to analyst estimates 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 earned $3.73 earnings per share. On average, research analysts anticipate that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors 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 yield of 2.9%. M&T Bank's dividend payout ratio (DPR) is 34.97%.

Insider Activity at M&T Bank

In other M&T Bank news, Director Richard H. Jr. Ledgett sold 1,277 shares of the 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 sale, the director owned 4,881 shares of the company's stock, valued at $963,899.88. This trade represents a 20.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Robert E. Sadler, Jr. sold 6,700 shares of the company'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 transaction, the director directly owned 23,070 shares of the company's stock, valued at approximately $4,233,806.40. This represents a 22.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,438 shares of company stock worth $1,967,346. Company insiders own 0.53% of the company's stock.

Analyst Ratings Changes

Several research analysts have issued reports on MTB shares. Wall Street Zen upgraded M&T Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. Piper Sandler dropped their price objective on M&T Bank from $220.00 to $210.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 15th. Royal Bank Of Canada reiterated an "outperform" rating and set a $200.00 price objective on shares of M&T Bank in a research note on Monday, May 19th. Deutsche Bank Aktiengesellschaft raised M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 price target on the stock in a research report on Thursday, April 24th. Finally, TD Cowen started coverage on M&T Bank in a research report on Thursday, May 15th. They set a "buy" rating and a $230.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $212.88.

About M&T Bank

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.