Lecap Asset Management Ltd. Sells 2,905 Shares of M&T Bank Corporation (NYSE:MTB)

Lecap Asset Management Ltd. lowered its position in M&T Bank Corporation (NYSE:MTB - Free Report) by 31.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,379 shares of the financial services provider's stock after selling 2,905 shares during the quarter. Lecap Asset Management Ltd.'s holdings in M&T Bank were worth $1,140,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of MTB. Principal Securities Inc. raised its position in M&T Bank by 47.5% during the fourth quarter. Principal Securities Inc. now owns 410 shares of the financial services provider's stock valued at $77,000 after acquiring an additional 132 shares in the last quarter. Wealthspire Advisors LLC lifted its stake in shares of M&T Bank by 21.4% in the 4th quarter. Wealthspire Advisors LLC now owns 3,022 shares of the financial services provider's stock valued at $568,000 after purchasing an additional 532 shares during the last quarter. IFP Advisors Inc lifted its stake in shares of M&T Bank by 1,620.5% in the 4th quarter. IFP Advisors Inc now owns 7,536 shares of the financial services provider's stock valued at $1,417,000 after purchasing an additional 7,098 shares during the last quarter. Illinois Municipal Retirement Fund boosted its holdings in M&T Bank by 253.5% in the fourth quarter. Illinois Municipal Retirement Fund now owns 23,771 shares of the financial services provider's stock worth $4,469,000 after purchasing an additional 17,047 shares in the last quarter. Finally, Daner Wealth Management LLC acquired a new position in M&T Bank during the fourth quarter worth $259,000. 84.68% of the stock is owned by institutional investors and hedge funds.

M&T Bank Stock Performance

MTB stock traded up $2.39 during midday trading on Thursday, hitting $193.62. The stock had a trading volume of 977,584 shares, compared to its average volume of 1,182,005. The firm has a market capitalization of $31.08 billion, a price-to-earnings ratio of 12.97, a P/E/G ratio of 1.38 and a beta of 0.62. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.39. The stock has a 50-day simple moving average of $178.57 and a 200 day simple moving average of $183.84. M&T Bank Corporation has a 52 week low of $145.82 and a 52 week high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last posted its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.41 by ($0.03). The firm had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.35 billion. M&T Bank had a net margin of 19.86% and a return on equity of 10.18%. During the same quarter last year, the firm posted $3.09 EPS. As a group, equities research analysts anticipate that M&T Bank Corporation will post 16.57 earnings per share for the current year.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 2nd will be paid a dividend of $1.35 per share. The ex-dividend date is Monday, June 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.79%. M&T Bank's payout ratio is 36.17%.

Insiders Place Their Bets

In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of M&T Bank stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $183.52, for a total value of $1,229,584.00. Following the sale, the director now owns 23,070 shares of the company's stock, valued at approximately $4,233,806.40. This trade represents a 22.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.53% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on MTB. Truist Financial reduced their price target on M&T Bank from $225.00 to $200.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. Jefferies Financial Group set a $225.00 target price on M&T Bank and gave the stock a "buy" rating in a report on Wednesday, May 21st. TD Cowen began coverage on M&T Bank in a report on Thursday, May 15th. They set a "buy" rating and a $230.00 price target on the stock. Wells Fargo & Company dropped their price target on shares of M&T Bank from $185.00 to $175.00 and set an "underweight" rating on the stock in a research report on Tuesday, April 15th. Finally, Cowen assumed coverage on shares of M&T Bank in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $210.88.

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.