Lansforsakringar Fondforvaltning AB publ Sells 12,391 Shares of M&T Bank Corporation $MTB

Key Points

• Lansforsakringar Fondforvaltning AB publ reduced its holdings in M&T Bank Corporation by 5.4%, selling 12,391 shares during the first quarter.
• Several institutional investors, including Wellington Management Group LLP and GAMMA Investing LLC, have significantly increased their stakes in M&T Bank during the same period.
• M&T Bank reported quarterly earnings of $4.28 per share, exceeding expectations, and announced an increased quarterly dividend of $1.50 per share, up from $1.35.

Lansforsakringar Fondforvaltning AB publ trimmed its holdings in M&T Bank Corporation (NYSE:MTB - Free Report) by 5.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 216,856 shares of the financial services provider's stock after selling 12,391 shares during the quarter. Lansforsakringar Fondforvaltning AB publ owned 0.14% of M&T Bank worth $38,763,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Marcum Wealth LLC raised its stake in M&T Bank by 4.9% during the 1st quarter. Marcum Wealth LLC now owns 1,231 shares of the financial services provider's stock valued at $220,000 after purchasing an additional 57 shares during the last quarter. Forum Financial Management LP increased its holdings in shares of M&T Bank by 2.2% during the 4th quarter. Forum Financial Management LP now owns 2,873 shares of the financial services provider's stock worth $540,000 after purchasing an additional 62 shares during the period. Compound Planning Inc. increased its holdings in shares of M&T Bank by 3.0% during the 1st quarter. Compound Planning Inc. now owns 2,222 shares of the financial services provider's stock worth $397,000 after purchasing an additional 64 shares during the period. Checchi Capital Advisers LLC raised its position in shares of M&T Bank by 4.4% during the first quarter. Checchi Capital Advisers LLC now owns 1,579 shares of the financial services provider's stock valued at $282,000 after buying an additional 67 shares during the last quarter. Finally, Investors Research Corp lifted its stake in shares of M&T Bank by 31.1% in the first quarter. Investors Research Corp now owns 295 shares of the financial services provider's stock valued at $53,000 after buying an additional 70 shares during the period. Institutional investors and hedge funds own 84.68% of the company's stock.

M&T Bank Price Performance

Shares of M&T Bank stock traded up $1.08 during midday trading on Friday, hitting $201.88. 748,468 shares of the company were exchanged, compared to its average volume of 881,987. The firm has a 50 day simple moving average of $194.68 and a 200-day simple moving average of $183.59. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market cap of $31.55 billion, a P/E ratio of 13.08, a PEG ratio of 0.99 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.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, beating analysts' consensus estimates of $4.04 by $0.24. The firm had revenue of $2.40 billion for the quarter, compared to analysts' expectations of $2.39 billion. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%.During the same period in the prior year, the business posted $3.73 earnings per share. Research analysts forecast that M&T Bank Corporation will post 16.57 earnings per share for the current year.

M&T Bank Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a positive change from M&T Bank's previous quarterly dividend of $1.35. M&T Bank's payout ratio is currently 38.86%.

Insider Activity

In related news, Director John P. Barnes sold 15,000 shares of M&T Bank stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $199.79, for a total transaction of $2,996,850.00. Following the completion of the transaction, the director directly owned 17,866 shares of the company's stock, valued at $3,569,448.14. This trade represents a 45.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Peter D'arcy sold 2,461 shares of M&T Bank stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $197.31, for a total transaction of $485,579.91. Following 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. Over the last quarter, insiders sold 25,438 shares of company stock valued at $4,964,196. Company insiders own 0.53% of the company's stock.

Wall Street Analysts Forecast Growth

MTB has been the subject of several research reports. DA Davidson increased their target price on shares of M&T Bank from $189.00 to $207.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Cowen initiated coverage on shares of M&T Bank in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. Wall Street Zen upgraded shares of M&T Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. TD Cowen initiated coverage on shares of M&T Bank in a research note on Thursday, May 15th. They issued a "buy" rating and a $230.00 target price for the company. Finally, Wells Fargo & Company boosted their price target on shares of M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a report on Thursday, July 17th. Thirteen research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, M&T Bank has a consensus rating of "Moderate Buy" and an average target price of $212.88.

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.