Massachusetts Financial Services Co. MA Trims Stake in M&T Bank Corporation (NYSE:MTB)

Massachusetts Financial Services Co. MA decreased its position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 10.9% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,505,268 shares of the financial services provider's stock after selling 183,419 shares during the period. Massachusetts Financial Services Co. MA owned approximately 0.92% of M&T Bank worth $269,067,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Wood Tarver Financial Group LLC purchased a new stake in M&T Bank in the fourth quarter worth about $29,000. Banque Transatlantique SA purchased a new stake in M&T Bank in the fourth quarter worth about $38,000. Grove Bank & Trust lifted its holdings in M&T Bank by 104.6% in the first quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock worth $40,000 after buying an additional 114 shares during the period. Golden State Wealth Management LLC purchased a new stake in M&T Bank in the first quarter worth about $46,000. Finally, Loomis Sayles & Co. L P purchased a new stake in M&T Bank in the fourth quarter worth about $52,000. Hedge funds and other institutional investors own 84.68% of the company's stock.

M&T Bank Price Performance

Shares of MTB traded up $2.80 during midday trading on Thursday, hitting $195.32. 1,097,445 shares of the company traded hands, compared to its average volume of 1,203,084. The firm has a 50 day moving average of $187.89 and a 200-day moving average of $184.26. M&T Bank Corporation has a 52 week low of $150.75 and a 52 week high of $225.70. The stock has a market cap of $31.35 billion, a price-to-earnings ratio of 13.09, a PEG ratio of 1.40 and a beta of 0.63. 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 (NYSE:MTB - Get Free Report) last announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 EPS for the quarter, beating analysts' consensus estimates of $4.04 by $0.24. M&T Bank had a net margin of 19.86% and a return on equity of 10.18%. The firm had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter last year, the firm earned $3.73 EPS. On average, analysts forecast that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 2nd were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date was Monday, June 2nd. M&T Bank's payout ratio is 36.17%.

Insider Activity at M&T Bank

In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $183.52, for a total value of $1,229,584.00. Following the completion of the transaction, the director owned 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.53% of the company's stock.

Analysts Set New Price Targets

Several analysts have commented on MTB shares. JPMorgan Chase & Co. lowered their price objective on shares of M&T Bank from $212.50 to $186.50 and set a "neutral" rating for the company in a report on Thursday, April 3rd. Morgan Stanley boosted 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 note on Friday, June 20th. Cowen started coverage on shares of M&T Bank in a research note on Wednesday, May 14th. They set a "buy" rating for the company. Truist Financial reduced their price objective on M&T Bank from $225.00 to $200.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Finally, Royal Bank Of Canada restated an "outperform" rating and issued 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 given a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat.com, M&T Bank presently has an average rating of "Moderate Buy" and a consensus target price of $212.88.

About M&T Bank

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.