M&T Bank Corporation $MTB Shares Sold by Magnolia Capital Management Ltd.

Key Points

• Magnolia Capital Management cut its M&T Bank stake by 85.1% in the second quarter, selling 11,868 shares and retaining 2,080 shares valued at approximately $495,000.
• M&T Bank reported stronger-than-expected quarterly results, with EPS of $5.35 versus the $4.66 consensus and revenue of $2.53 billion, above estimates of $2.46 billion.
• The stock opened at $251.98, near its 52-week high, while analysts maintained an overall “Hold” rating with an average price target of $252.28; institutional investors own 84.68% of the shares.

Magnolia Capital Management Ltd. lessened its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 85.1% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 2,080 shares of the financial services provider's stock after selling 11,868 shares during the period. Magnolia Capital Management Ltd.'s holdings in M&T Bank were worth $495,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. Empowered Funds LLC grew its position in M&T Bank by 11.9% in the 1st quarter. Empowered Funds LLC now owns 3,396 shares of the financial services provider's stock valued at $607,000 after acquiring an additional 362 shares in the last quarter. Woodline Partners LP lifted its position in shares of M&T Bank by 40.7% during the first quarter. Woodline Partners LP now owns 14,018 shares of the financial services provider's stock worth $2,506,000 after purchasing an additional 4,054 shares in the last quarter. Lazard Asset Management LLC boosted its stake in shares of M&T Bank by 24.6% in the second quarter. Lazard Asset Management LLC now owns 2,900 shares of the financial services provider's stock valued at $562,000 after purchasing an additional 572 shares during the period. MUFG Securities EMEA plc purchased a new position in shares of M&T Bank in the second quarter valued at approximately $92,000. Finally, Geneos Wealth Management Inc. lifted its holdings in M&T Bank by 4.3% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,727 shares of the financial services provider's stock worth $335,000 after buying an additional 71 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

M&T Bank Price Performance

Shares of MTB opened at $251.98 on Wednesday. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.96 and a quick ratio of 0.96. M&T Bank Corporation has a 1-year low of $174.76 and a 1-year high of $255.00. The stock has a market cap of $36.39 billion, a PE ratio of 13.30, a price-to-earnings-growth ratio of 1.16 and a beta of 0.57. The firm has a fifty day moving average price of $239.21 and a 200 day moving average price of $223.85.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.66 by $0.69. The company had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.46 billion. M&T Bank had a return on equity of 11.80% and a net margin of 22.72%.During the same quarter last year, the company posted $4.28 earnings per share. As a group, sell-side analysts anticipate that M&T Bank Corporation will post 19.42 EPS for the current year.

Analysts Set New Price Targets

MTB has been the subject of several recent research reports. Evercore set a $260.00 price target on shares of M&T Bank in a research report on Monday, July 6th. Jefferies Financial Group reaffirmed a "buy" rating and set a $300.00 price objective on shares of M&T Bank in a research report on Wednesday, July 15th. Truist Financial lifted their target price on M&T Bank from $230.00 to $268.00 and gave the company a "hold" rating in a report on Tuesday, July 21st. Robert W. Baird boosted their target price on M&T Bank from $240.00 to $250.00 and gave the stock a "neutral" rating in a research note on Thursday, July 16th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of M&T Bank in a research note on Thursday, June 4th. Seven analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, M&T Bank currently has an average rating of "Hold" and an average price target of $252.28.

M&T Bank Company Profile

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.

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