Engineers Gate Manager LP Sells 27,371 Shares of M&T Bank Corporation $MTB

Key Points

• Engineers Gate Manager LP reduced its M&T Bank stake by 87.3% in the second quarter, selling 27,371 shares and retaining 3,975 shares valued at approximately $946,000. Institutional investors collectively own 84.68% of the company.
• M&T Bank reported quarterly earnings of $5.35 per share, exceeding analysts’ $4.66 estimate, while revenue of $2.53 billion also surpassed expectations. The company announced a quarterly dividend of $1.50, equivalent to a 2.6% annualized yield.
• Analyst sentiment remains mixed: the stock has a consensus “Hold” rating and an average price target of $255.97, despite several recent target increases and an upgrade from Morgan Stanley.

Engineers Gate Manager LP cut its position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 87.3% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,975 shares of the financial services provider's stock after selling 27,371 shares during the quarter. Engineers Gate Manager LP's holdings in M&T Bank were worth $946,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in MTB. Commonwealth Retirement Investments LLC lifted its position in M&T Bank by 0.4% in the fourth quarter. Commonwealth Retirement Investments LLC now owns 10,991 shares of the financial services provider's stock worth $2,214,000 after purchasing an additional 44 shares during the period. Wedmont Private Capital boosted its position in shares of M&T Bank by 1.0% during the 2nd quarter. Wedmont Private Capital now owns 4,405 shares of the financial services provider's stock valued at $1,067,000 after acquiring an additional 45 shares in the last quarter. CX Institutional increased its stake in M&T Bank by 3.4% in the second quarter. CX Institutional now owns 1,650 shares of the financial services provider's stock valued at $393,000 after acquiring an additional 54 shares during the period. Cidel Asset Management Inc. increased its stake in M&T Bank by 5.4% in the second quarter. Cidel Asset Management Inc. now owns 1,196 shares of the financial services provider's stock valued at $285,000 after acquiring an additional 61 shares during the period. Finally, Thoroughbred Financial Services LLC raised its position in M&T Bank by 2.1% in the fourth quarter. Thoroughbred Financial Services LLC now owns 3,465 shares of the financial services provider's stock worth $698,000 after purchasing an additional 70 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

Insiders Place Their Bets

In other M&T Bank news, Director Rudina Seseri sold 623 shares of the company's stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $241.04, for a total transaction of $150,167.92. Following the transaction, the director directly owned 3,649 shares in the company, valued at approximately $879,554.96. This represents a 14.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.44% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MTB. Royal Bank Of Canada increased their target price on M&T Bank from $230.00 to $255.00 and gave the stock an "outperform" rating in a report on Thursday, July 16th. Morgan Stanley upgraded M&T Bank from an "equal weight" rating to an "overweight" rating and upped their price target for the company from $253.00 to $304.00 in a research report on Tuesday, September 8th. Robert W. Baird increased their price objective on M&T Bank from $240.00 to $250.00 and gave the stock a "neutral" rating in a research note on Thursday, July 16th. Cantor Fitzgerald lifted their price objective on M&T Bank from $262.00 to $285.00 and gave the company an "overweight" rating in a report on Wednesday, August 19th. Finally, Deutsche Bank Aktiengesellschaft downgraded shares of M&T Bank from a "buy" rating to a "hold" rating and set a $250.00 target price on the stock. in a research note on Thursday, July 23rd. Eight investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $255.97.

M&T Bank Stock Performance

Shares of NYSE:MTB opened at $227.04 on Friday. The business has a fifty day moving average of $244.00 and a 200-day moving average of $226.58. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.96 and a current ratio of 0.96. M&T Bank Corporation has a twelve month low of $174.76 and a twelve month high of $255.95. The firm has a market cap of $32.79 billion, a PE ratio of 11.99, a price-to-earnings-growth ratio of 1.29 and a beta of 0.56.

M&T Bank (NYSE:MTB - Get Free Report) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share for the quarter, topping analysts' consensus estimates of $4.66 by $0.69. The company had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.46 billion. M&T Bank had a net margin of 22.72% and a return on equity of 11.80%. During the same period in the previous year, the firm posted $4.28 earnings per share. On average, equities research analysts predict that M&T Bank Corporation will post 19.45 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st will be given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Tuesday, September 1st. M&T Bank's dividend payout ratio (DPR) is presently 31.68%.

M&T Bank Profile

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, Manufacturers and Traders Trust Company, commonly known as M&T Bank, provides financial products and services to individuals, businesses, institutions and government entities.

The company's offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, credit cards, treasury management and other business banking services.

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