Mirae Asset Global Investments Co. Ltd. Has $2.95 Million Holdings in M&T Bank Corporation (NYSE:MTB)

Mirae Asset Global Investments Co. Ltd. reduced its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 87.6% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,815 shares of the financial services provider's stock after selling 118,636 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in M&T Bank were worth $2,947,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. QRG Capital Management Inc. boosted its stake in M&T Bank by 35.6% in the 4th quarter. QRG Capital Management Inc. now owns 2,675 shares of the financial services provider's stock worth $503,000 after purchasing an additional 702 shares in the last quarter. Private Trust Co. NA raised its holdings in shares of M&T Bank by 16.7% in the fourth quarter. Private Trust Co. NA now owns 553 shares of the financial services provider's stock worth $104,000 after buying an additional 79 shares during the last quarter. Fisher Asset Management LLC lifted its stake in shares of M&T Bank by 33.8% during the fourth quarter. Fisher Asset Management LLC now owns 21,387 shares of the financial services provider's stock worth $4,021,000 after buying an additional 5,408 shares during the period. US Bancorp DE grew its holdings in shares of M&T Bank by 24.3% during the fourth quarter. US Bancorp DE now owns 8,382 shares of the financial services provider's stock valued at $1,576,000 after buying an additional 1,639 shares during the last quarter. Finally, Modera Wealth Management LLC acquired a new position in shares of M&T Bank in the 4th quarter valued at $202,000. Institutional investors own 84.68% of the company's stock.

Insider Buying and Selling 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 sale, the director owned 23,070 shares of the company's stock, valued at $4,233,806.40. This trade represents a 22.51% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.53% of the company's stock.

M&T Bank Stock Up 1.3%

M&T Bank stock traded up $2.52 during midday trading on Thursday, hitting $202.58. 838,320 shares of the stock were exchanged, compared to its average volume of 1,186,161. M&T Bank Corporation has a 1 year low of $145.82 and a 1 year high of $225.70. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market cap of $32.52 billion, a P/E ratio of 13.57, a P/E/G ratio of 1.43 and a beta of 0.63. The company has a 50 day moving average price of $182.06 and a two-hundred day moving average price of $183.60.

M&T Bank (NYSE:MTB - Get Free Report) last released its earnings results on Monday, April 14th. The financial services provider reported $3.38 EPS 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 business had revenue of $2.31 billion for the quarter, compared to analysts' expectations of $2.35 billion. During the same quarter last year, the company posted $3.09 earnings per share. On average, sell-side analysts predict 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. Stockholders of record on Monday, June 2nd were given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date was Monday, June 2nd. M&T Bank's payout ratio is 36.17%.

Wall Street Analyst Weigh In

MTB has been the subject of several research reports. Robert W. Baird decreased their price objective on shares of M&T Bank from $220.00 to $200.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Cowen assumed coverage on shares of M&T Bank in a research report on Wednesday, May 14th. They set a "buy" rating for the company. Jefferies Financial Group set a $225.00 price target on M&T Bank and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Piper Sandler decreased their price objective on M&T Bank from $220.00 to $210.00 and set an "overweight" rating for the company in a report on Tuesday, April 15th. Finally, JPMorgan Chase & Co. lowered their target price on M&T Bank from $212.50 to $186.50 and set a "neutral" rating on the stock in a research note on Thursday, April 3rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, M&T Bank presently has a consensus rating of "Moderate Buy" and an average price target of $211.48.

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.