Los Angeles Capital Management LLC Sells 29,252 Shares of M&T Bank Corporation (NYSE:MTB)

Los Angeles Capital Management LLC cut its holdings in M&T Bank Corporation (NYSE:MTB - Free Report) by 4.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 575,065 shares of the financial services provider's stock after selling 29,252 shares during the period. Los Angeles Capital Management LLC owned 0.35% of M&T Bank worth $102,793,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Wood Tarver Financial Group LLC purchased a new position in M&T Bank during the fourth quarter valued at approximately $29,000. Banque Transatlantique SA acquired a new position in M&T Bank during the 4th quarter worth about $38,000. Grove Bank & Trust lifted its stake in M&T Bank by 104.6% during the 1st quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock worth $40,000 after acquiring an additional 114 shares in the last quarter. Golden State Wealth Management LLC purchased a new stake in M&T Bank during the 1st quarter worth about $46,000. Finally, Loomis Sayles & Co. L P purchased a new stake in M&T Bank during the 4th quarter worth about $52,000. Institutional investors own 84.68% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on MTB. Robert W. Baird dropped their price target on M&T Bank from $220.00 to $200.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. Cowen assumed coverage on M&T Bank in a report on Wednesday, May 14th. They issued a "buy" rating for the company. Deutsche Bank Aktiengesellschaft raised M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 price objective for the company in a report on Thursday, April 24th. Wall Street Zen raised M&T Bank from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. Finally, Piper Sandler lowered their price objective on M&T Bank from $220.00 to $210.00 and set an "overweight" rating for the company in a research report on Tuesday, April 15th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, M&T Bank has a consensus rating of "Moderate Buy" and a consensus price target of $212.88.

M&T Bank Stock Performance

Shares of M&T Bank stock opened at $196.15 on Friday. The company has a 50 day moving average of $188.64 and a 200-day moving average of $184.34. M&T Bank Corporation has a 1-year low of $150.75 and a 1-year high of $225.70. The company has a current ratio of 0.91, a quick ratio of 0.97 and a debt-to-equity ratio of 0.47. The company has a market cap of $31.49 billion, a PE ratio of 12.70, a price-to-earnings-growth ratio of 1.38 and a beta of 0.63.

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 (EPS) for the quarter, beating the consensus estimate 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 firm had revenue of $2.40 billion during the quarter, compared to analysts' expectations of $2.39 billion. During the same period in the prior year, the company posted $3.73 EPS. As a group, equities research analysts forecast that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 2nd were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date was Monday, June 2nd. M&T Bank's payout ratio is 34.97%.

Insider Buying and Selling

In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of the firm's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the transaction, the director directly owned 23,070 shares of the company's stock, valued at $4,233,806.40. This trade represents a 22.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.53% of the company's stock.

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.

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