JPMorgan Chase & Co. Sells 279,840 Shares of M&T Bank Corporation (NYSE:MTB)

Key Points

• JPMorgan Chase & Co. reduced its stake in M&T Bank Corporation by 4.6%, selling 279,840 shares and owning approximately 5.79 million shares valued at over $1 billion.
• M&T Bank recently announced a quarterly dividend of $1.35 per share, which equates to an annualized dividend yield of 2.9%.
• Multiple research analysts have upgraded M&T Bank stock, with Morgan Stanley increasing their target price from $206.00 to $215.00 and maintaining an "overweight" rating.

JPMorgan Chase & Co. lowered its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 4.6% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,789,073 shares of the financial services provider's stock after selling 279,840 shares during the quarter. JPMorgan Chase & Co. owned approximately 3.52% of M&T Bank worth $1,034,797,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Frank Rimerman Advisors LLC acquired a new position in M&T Bank during the 1st quarter valued at about $215,000. Angel Oak Capital Advisors LLC acquired a new position in M&T Bank during the 1st quarter valued at about $715,000. Townsquare Capital LLC lifted its position in M&T Bank by 219.7% during the 1st quarter. Townsquare Capital LLC now owns 4,521 shares of the financial services provider's stock valued at $808,000 after purchasing an additional 3,107 shares during the period. Donoghue Forlines LLC acquired a new position in M&T Bank during the 1st quarter valued at about $1,511,000. Finally, Zions Bancorporation National Association UT acquired a new position in M&T Bank during the 1st quarter valued at about $271,000. Institutional investors own 84.68% of the company's stock.

Insider Activity

In related news, Director Richard H. Jr. Ledgett sold 1,277 shares of the firm's stock in a transaction on Monday, July 21st. The shares were sold at an average price of $197.48, for a total value of $252,181.96. Following the completion of the transaction, the director directly owned 4,881 shares of the company's stock, valued at approximately $963,899.88. This trade represents a 20.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Peter D'arcy sold 2,461 shares of the firm's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $197.31, for a total transaction of $485,579.91. Following the completion of the transaction, the executive vice president directly owned 9,319 shares of the company's stock, valued at $1,838,731.89. This represents a 20.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 10,438 shares of company stock worth $1,967,346 over the last ninety days. Insiders own 0.53% of the company's stock.

M&T Bank Price Performance

NYSE MTB opened at $187.22 on Monday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47. M&T Bank Corporation has a 12-month low of $150.75 and a 12-month high of $225.70. The company has a market capitalization of $29.26 billion, a PE ratio of 12.13, a price-to-earnings-growth ratio of 0.92 and a beta of 0.63. The firm's 50 day moving average is $190.77 and its 200-day moving average is $183.95.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.04 by $0.24. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. The company had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same period last year, the company earned $3.73 earnings per share. Equities research analysts anticipate 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. Stockholders 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 dividend yield of 2.9%. M&T Bank's dividend payout ratio (DPR) is 34.97%.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MTB shares. Morgan Stanley upped their target price on shares of M&T Bank from $206.00 to $215.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. Deutsche Bank Aktiengesellschaft upgraded shares of 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. Cowen started coverage on shares of M&T Bank in a research note on Wednesday, May 14th. They set a "buy" rating on the stock. Truist Financial reduced their price objective on shares of M&T Bank from $225.00 to $200.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $200.00 price objective on shares of M&T Bank in a research note on Monday, May 19th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $212.88.

M&T Bank Company 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.

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