BI Asset Management Fondsmaeglerselskab A S Trims Stock Holdings in M&T Bank Corporation $MTB

Key Points

• BI Asset Management Fondsmaeglerselskab A S has reduced its stake in M&T Bank Corporation by 42.4%, holding 19,457 shares valued at approximately $3.48 million after selling 14,300 shares in the first quarter.
• M&T Bank reported earnings of $4.28 per share for the latest quarter, exceeding analysts' expectations and posting revenue of $2.40 billion, while also announcing an increase in its quarterly dividend to $1.50.
• Institutional investors own 84.68% of M&T Bank's stock, highlighting significant investment interest and belief in the company's growth potential.

BI Asset Management Fondsmaeglerselskab A S trimmed its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 42.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 19,457 shares of the financial services provider's stock after selling 14,300 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in M&T Bank were worth $3,478,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in MTB. Wood Tarver Financial Group LLC bought a new stake in shares of M&T Bank in the 4th quarter worth approximately $29,000. Banque Transatlantique SA bought a new stake in shares of M&T Bank in the 4th quarter worth approximately $38,000. Grove Bank & Trust grew its position in shares of M&T Bank by 104.6% in the 1st 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 last quarter. Golden State Wealth Management LLC bought a new stake in shares of M&T Bank in the 1st quarter worth approximately $46,000. Finally, Investors Research Corp grew its position in shares of M&T Bank by 31.1% in the 1st quarter. Investors Research Corp now owns 295 shares of the financial services provider's stock worth $53,000 after buying an additional 70 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have recently weighed in on MTB. TD Cowen began coverage on M&T Bank in a research report on Thursday, May 15th. They issued a "buy" rating and a $230.00 price objective on the stock. Royal Bank Of Canada restated an "outperform" rating and set a $200.00 price target on shares of M&T Bank in a research report on Monday, May 19th. Citigroup lifted their price target on M&T Bank from $200.00 to $212.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Wells Fargo & Company lifted their price target on M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a research report on Thursday, July 17th. Finally, Cowen started coverage on M&T Bank in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. Thirteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $212.88.

M&T Bank Stock Up 3.7%

M&T Bank stock traded up $7.1850 during mid-day trading on Friday, hitting $199.6150. The company had a trading volume of 1,111,448 shares, compared to its average volume of 868,752. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.47. The stock's 50 day moving average price is $192.73 and its two-hundred day moving average price is $183.54. M&T Bank Corporation has a 12 month low of $150.75 and a 12 month high of $225.70. The company has a market capitalization of $31.19 billion, a PE ratio of 12.93, a price-to-earnings-growth ratio of 0.98 and a beta of 0.63.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $2.40 billion during the quarter, compared to analysts' expectations of $2.39 billion. During the same quarter in the previous year, the business earned $3.73 earnings per share. As a group, sell-side analysts anticipate that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 2nd will be given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 3.0%. This is a boost from M&T Bank's previous quarterly dividend of $1.35. The ex-dividend date is Tuesday, September 2nd. M&T Bank's dividend payout ratio (DPR) is currently 34.97%.

Insider Activity at M&T Bank

In related 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 owned 4,881 shares in the company, valued at approximately $963,899.88. This represents a 20.74% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Peter D'arcy sold 2,461 shares of the company's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $197.31, for a total value of $485,579.91. Following the sale, the executive vice president owned 9,319 shares of the company's stock, valued at approximately $1,838,731.89. This trade represents a 20.89% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,438 shares of company stock worth $1,967,346. 0.53% of the stock is owned by insiders.

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.