Handelsbanken Fonder AB Reduces Stake in M&T Bank Corporation $MTB

Key Points

• Handelsbanken Fonder AB cut its M&T Bank stake by 40.6% in the second quarter, selling 13,046 shares and retaining 19,112 shares valued at approximately $4.55 million.
• Institutional investors and hedge funds own 84.68% of M&T Bank, with several firms increasing their positions while MUFG Securities EMEA opened a new holding.
• Analysts maintain a consensus “Hold” rating with an average price target of $252.28. M&T Bank recently exceeded quarterly earnings expectations, reporting $5.35 in EPS versus the $4.66 consensus estimate.

Handelsbanken Fonder AB lessened its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 40.6% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 19,112 shares of the financial services provider's stock after selling 13,046 shares during the period. Handelsbanken Fonder AB's holdings in M&T Bank were worth $4,549,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of MTB. Empowered Funds LLC lifted its holdings in M&T Bank by 11.9% in the first quarter. Empowered Funds LLC now owns 3,396 shares of the financial services provider's stock valued at $607,000 after acquiring an additional 362 shares during the last quarter. Woodline Partners LP raised its position in M&T Bank by 40.7% in the first quarter. Woodline Partners LP now owns 14,018 shares of the financial services provider's stock valued at $2,506,000 after purchasing an additional 4,054 shares during the period. Lazard Asset Management LLC lifted its stake in shares of M&T Bank by 24.6% in the 2nd quarter. Lazard Asset Management LLC now owns 2,900 shares of the financial services provider's stock valued at $562,000 after purchasing an additional 572 shares during the last quarter. MUFG Securities EMEA plc acquired a new position in shares of M&T Bank in the 2nd quarter valued at $92,000. Finally, Geneos Wealth Management Inc. grew its holdings in shares of M&T Bank by 4.3% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,727 shares of the financial services provider's stock worth $335,000 after purchasing an additional 71 shares during the period. Institutional investors and hedge funds own 84.68% of the company's stock.

Analysts Set New Price Targets

MTB has been the topic of several research analyst reports. Wells Fargo & Company boosted their price objective on shares of M&T Bank from $215.00 to $224.00 and gave the company an "underweight" rating in a report on Thursday, July 16th. Barclays increased their target price on shares of M&T Bank from $236.00 to $267.00 and gave the stock an "equal weight" rating in a research note on Thursday, July 16th. Keefe, Bruyette & Woods boosted their price target on shares of M&T Bank from $242.00 to $250.00 and gave the company a "market perform" rating in a research note on Thursday, July 16th. Jefferies Financial Group restated a "buy" rating and issued a $300.00 price objective on shares of M&T Bank in a report on Wednesday, July 15th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of M&T Bank in a research report on Thursday, June 4th. Seven research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $252.28.

M&T Bank Stock Up 0.4%

Shares of NYSE:MTB opened at $254.16 on Friday. The firm's 50 day moving average price is $241.26 and its 200 day moving average price is $224.60. The stock has a market cap of $36.71 billion, a price-to-earnings ratio of 13.42, a price-to-earnings-growth ratio of 1.17 and a beta of 0.57. M&T Bank Corporation has a fifty-two week low of $174.76 and a fifty-two week high of $255.68. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.53.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $5.35 EPS for the quarter, topping the consensus estimate of $4.66 by $0.69. The company had revenue of $2.53 billion during the quarter, compared to analysts' expectations 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 quarter in the previous year, the business posted $4.28 EPS. As a group, equities research analysts predict that M&T Bank Corporation will post 19.42 earnings per share for the current fiscal year.

M&T Bank Profile

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.

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