Mizuho Securities USA LLC Has $2.38 Million Stake in M&T Bank Corporation (NYSE:MTB)

Key Points

• Mizuho Securities USA LLC reduced its holdings in M&T Bank Corporation (NYSE: MTB) by 15.5%, owning 13,285 shares after selling 2,441 shares, equating to a value of approximately $2.375 million.
• M&T Bank reported earnings of $4.28 per share, exceeding the expectations of $4.04 and demonstrating a 20.44% net margin for the quarter ending July 16th.
• The bank declared a quarterly dividend of $1.35 per share, resulting in a dividend yield of 2.9%, with an annualized payout of $5.40.

Mizuho Securities USA LLC lowered its stake in M&T Bank Corporation (NYSE:MTB - Free Report) by 15.5% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 13,285 shares of the financial services provider's stock after selling 2,441 shares during the quarter. Mizuho Securities USA LLC's holdings in M&T Bank were worth $2,375,000 as of its most recent filing with the SEC.

A number of other large investors have also modified their holdings of MTB. FIL Ltd grew its stake in M&T Bank by 83.7% during the 4th quarter. FIL Ltd now owns 4,367 shares of the financial services provider's stock valued at $821,000 after purchasing an additional 1,990 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of M&T Bank in the 4th quarter worth approximately $21,783,000. Scotia Capital Inc. acquired a new position in M&T Bank during the 4th quarter valued at approximately $1,356,000. Treasurer of the State of North Carolina boosted its position in M&T Bank by 0.4% during the 4th quarter. Treasurer of the State of North Carolina now owns 75,012 shares of the financial services provider's stock valued at $14,103,000 after purchasing an additional 330 shares during the period. Finally, Argent Trust Co boosted its position in M&T Bank by 28.9% during the 4th quarter. Argent Trust Co now owns 1,956 shares of the financial services provider's stock valued at $368,000 after purchasing an additional 439 shares during the period. Institutional investors and hedge funds own 84.68% of the company's stock.

Insider Activity at M&T Bank

In other M&T Bank news, Director Richard H. Jr. Ledgett sold 1,277 shares of the company's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $197.48, for a total transaction of $252,181.96. Following the completion of the sale, the director directly owned 4,881 shares in the company, valued at $963,899.88. This represents a 20.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert E. Sadler, Jr. sold 6,700 shares of the company'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 sale, the director owned 23,070 shares of the company's stock, valued at $4,233,806.40. The trade was a 22.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,438 shares of company stock worth $1,967,346. Company insiders own 0.53% of the company's stock.

Analyst Ratings Changes

Several brokerages have weighed in on MTB. Truist Financial cut their target price on M&T Bank from $225.00 to $200.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. Deutsche Bank Aktiengesellschaft raised M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 target price on the stock in a research note on Thursday, April 24th. Wells Fargo & Company boosted their price objective on M&T Bank from $175.00 to $185.00 and gave the stock an "underweight" rating in a research note on Thursday, July 17th. TD Cowen assumed coverage on shares of M&T Bank in a research report on Thursday, May 15th. They issued a "buy" rating and a $230.00 price target on the stock. Finally, Wall Street Zen upgraded shares of M&T Bank from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $212.88.

M&T Bank Stock Up 1.1%

MTB traded up $2.17 during trading on Wednesday, reaching $193.25. 1,031,893 shares of the stock were exchanged, compared to its average volume of 1,066,917. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.97 and a current ratio of 0.97. The stock's 50 day moving average price is $191.07 and its two-hundred day moving average price is $183.91. The stock has a market cap of $30.20 billion, a P/E ratio of 12.20, a price-to-earnings-growth ratio of 0.94 and a beta of 0.63. M&T Bank Corporation has a twelve month low of $150.75 and a twelve month high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, topping analysts' consensus estimates of $4.04 by $0.24. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%. The business had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.39 billion. During the same period in the previous year, the firm earned $3.73 EPS. Equities analysts expect that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 2nd were paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.8%. The ex-dividend date was Monday, June 2nd. M&T Bank's payout ratio is 34.97%.

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.