M&T Bank Corporation $MTB Shares Sold by Invenomic Capital Management LP

Key Points

• Invenomic Capital Management LP has decreased its stake in M&T Bank Corporation by 12.2%, selling 11,810 shares, and now owns approximately 0.05% of the bank's stock, valued at $15.1 million.
• M&T Bank's recent quarterly earnings report showed earnings per share of $4.28, beating analysts' estimates of $4.04, alongside revenues of $2.40 billion.
• The company has declared a new quarterly dividend of $1.50, reflecting an increase from the previous $1.35, resulting in a 3.0% yield for shareholders.

Invenomic Capital Management LP reduced its stake in M&T Bank Corporation (NYSE:MTB - Free Report) by 12.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 84,665 shares of the financial services provider's stock after selling 11,810 shares during the period. Invenomic Capital Management LP owned approximately 0.05% of M&T Bank worth $15,134,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Wealth Preservation Advisors LLC acquired a new stake in M&T Bank in the 1st quarter valued at $25,000. WPG Advisers LLC purchased a new position in M&T Bank in the first quarter valued at about $25,000. Wood Tarver Financial Group LLC purchased a new position in M&T Bank in the fourth quarter valued at about $29,000. Grove Bank & Trust boosted 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 valued at $40,000 after purchasing an additional 114 shares during the last quarter. Finally, Golden State Wealth Management LLC purchased a new position in M&T Bank in the first quarter valued at about $46,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, Director Richard H. Jr. Ledgett sold 1,277 shares of M&T Bank stock in a transaction on Monday, July 21st. The shares were 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 of the company's stock, valued at $963,899.88. This trade represents a 20.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Robert E. Sadler, Jr. sold 6,700 shares of M&T Bank stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the sale, the director directly 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,438 shares of company stock worth $4,964,196. 0.53% of the stock is owned by corporate insiders.

M&T Bank Stock Performance

MTB opened at $202.43 on Friday. The business's 50 day moving average is $195.42 and its 200-day moving average is $183.75. The stock has a market cap of $31.63 billion, a PE ratio of 13.11, a price-to-earnings-growth ratio of 0.97 and a beta of 0.67. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.47. 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 released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, beating 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 company had revenue of $2.40 billion for the quarter, compared to analysts' expectations of $2.39 billion. During the same quarter in the previous year, the company posted $3.73 earnings per share. On average, analysts predict that M&T Bank Corporation will post 16.57 earnings per share for the current year.

M&T Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 2nd will be given a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 3.0%. This is a positive change 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 presently 38.86%.

Analysts Set New Price Targets

A number of research analysts recently commented on MTB shares. Cowen started coverage on M&T Bank in a report on Wednesday, May 14th. They issued a "buy" rating for the company. Royal Bank Of Canada reissued an "outperform" rating and issued a $200.00 price target on shares of M&T Bank in a report on Monday, May 19th. Citigroup lifted their price target on M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Wells Fargo & Company lifted their price target 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. Finally, TD Cowen assumed coverage on M&T Bank in a research note on Thursday, May 15th. They issued a "buy" rating and a $230.00 price target for the company. Thirteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $213.63.

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.

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