M&T Bank Co. (NYSE:MTB) Shares Sold by JGP Wealth Management LLC

JGP Wealth Management LLC decreased its position in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 24.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,434 shares of the financial services provider's stock after selling 1,712 shares during the quarter. JGP Wealth Management LLC's holdings in M&T Bank were worth $971,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in MTB. Rhumbline Advisers boosted its stake in shares of M&T Bank by 6.2% in the 1st quarter. Rhumbline Advisers now owns 317,789 shares of the financial services provider's stock valued at $56,805,000 after purchasing an additional 18,490 shares in the last quarter. Beese Fulmer Investment Management Inc. acquired a new stake in shares of M&T Bank in the 1st quarter valued at approximately $311,000. Investors Research Corp boosted its stake in shares of M&T Bank by 31.1% in the 1st quarter. Investors Research Corp now owns 295 shares of the financial services provider's stock valued at $53,000 after purchasing an additional 70 shares in the last quarter. Tompkins Financial Corp boosted its stake in shares of M&T Bank by 9.2% in the 1st quarter. Tompkins Financial Corp now owns 1,186 shares of the financial services provider's stock valued at $212,000 after purchasing an additional 100 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in shares of M&T Bank by 18,471.2% in the 1st quarter. GAMMA Investing LLC now owns 705,705 shares of the financial services provider's stock valued at $126,145,000 after purchasing an additional 701,905 shares in the last quarter. Institutional investors own 84.68% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Barclays dropped 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 report on Tuesday, April 15th. DA Davidson dropped their price objective on shares of M&T Bank from $205.00 to $189.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Royal Bank of Canada reiterated an "outperform" rating and issued a $200.00 price objective on shares of M&T Bank in a report on Monday, May 19th. Wells Fargo & Company lowered their price target on shares of M&T Bank from $185.00 to $175.00 and set an "underweight" rating for the company in a report on Tuesday, April 15th. Finally, Truist Financial lowered their price target on shares of M&T Bank from $225.00 to $200.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $212.53.

Insider Activity at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the sale, the executive vice president now directly owns 10,751 shares in the company, valued at approximately $1,852,827.34. This trade represents a 13.92% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.53% of the stock is owned by corporate insiders.

M&T Bank Trading Up 0.4%

M&T Bank stock traded up $0.76 during mid-day trading on Thursday, hitting $180.63. The company's stock had a trading volume of 368,287 shares, compared to its average volume of 1,155,026. The company has a 50 day moving average of $172.50 and a 200-day moving average of $187.24. The stock has a market cap of $28.99 billion, a PE ratio of 12.35, a P/E/G ratio of 1.38 and a beta of 0.58. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. M&T Bank Co. has a one year low of $139.78 and a one year high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings data 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). M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. The business had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period last year, the company earned $3.09 EPS. On average, research analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 2nd will be given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date is Monday, June 2nd. M&T Bank's payout ratio is currently 36.17%.

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.