Manning & Napier Advisors LLC Lowers Position in M&T Bank Corporation (NYSE:MTB)

Manning & Napier Advisors LLC cut its stake in M&T Bank Corporation (NYSE:MTB - Free Report) by 74.9% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,449 shares of the financial services provider's stock after selling 16,271 shares during the quarter. Manning & Napier Advisors LLC's holdings in M&T Bank were worth $974,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. FMR LLC raised its position in M&T Bank by 14.3% in the 4th quarter. FMR LLC now owns 14,110,412 shares of the financial services provider's stock valued at $2,652,899,000 after buying an additional 1,761,014 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of M&T Bank by 5.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider's stock valued at $994,522,000 after purchasing an additional 252,583 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of M&T Bank by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider's stock valued at $819,768,000 after purchasing an additional 40,948 shares in the last quarter. Norges Bank purchased a new position in M&T Bank during the fourth quarter worth about $317,690,000. Finally, Northern Trust Corp boosted its holdings in M&T Bank by 14.7% during the fourth quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider's stock worth $316,483,000 after purchasing an additional 215,100 shares during the last quarter. Institutional investors own 84.68% of the company's stock.

M&T Bank Trading Up 0.2%

MTB stock traded up $0.38 during trading on Friday, hitting $193.87. 1,351,607 shares of the company traded hands, compared to its average volume of 1,184,215. The company has a 50-day moving average of $179.24 and a 200-day moving average of $183.75. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.97 and a current ratio of 0.97. M&T Bank Corporation has a 1 year low of $145.82 and a 1 year high of $225.70. The firm has a market capitalization of $31.12 billion, a PE ratio of 12.98, a P/E/G ratio of 1.39 and a beta of 0.62.

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 earnings per share for the quarter, missing the consensus estimate of $3.41 by ($0.03). M&T Bank had a net margin of 19.86% and a return on equity of 10.18%. The company had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the previous year, the firm posted $3.09 EPS. Analysts predict that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 2nd will be issued 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 dividend yield of 2.79%. M&T Bank's dividend payout ratio is currently 36.17%.

Insider Buying and Selling

In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of the firm's stock in a transaction 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 completion of the sale, the director now owns 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 sale was disclosed in a legal filing with the SEC, which is available through this link. 0.53% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on MTB. Evercore ISI reduced their target price on M&T Bank from $234.00 to $205.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Deutsche Bank Aktiengesellschaft upgraded shares of M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 target price for the company in a research note on Thursday, April 24th. Morgan Stanley boosted their price objective on M&T Bank from $206.00 to $215.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. Cowen assumed coverage on shares of M&T Bank in a research note on Wednesday, May 14th. They issued a "buy" rating on the stock. Finally, Piper Sandler lowered their price target on M&T Bank from $220.00 to $210.00 and set an "overweight" rating on the stock 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 assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target 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.