Smead Capital Management Inc. Trims Stake in M&T Bank Corporation $MTB

Key Points

• Smead Capital Management Inc. has reduced its stake in M&T Bank Corporation by 8.7%, selling 41,742 shares, and now holds approximately 440,378 shares, which account for 1.3% of its portfolio.
• Insider trading activity revealed significant sales, with Director John P. Barnes selling 15,000 shares valued at almost $3 million, marking a 45.64% decrease in his ownership.
• M&T Bank recently increased its quarterly dividend to $1.50, up from $1.35, representing a yield of 3.0% based on an annualized payout of $6.00.

Smead Capital Management Inc. cut its position in M&T Bank Corporation (NYSE:MTB - Free Report) by 8.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 440,378 shares of the financial services provider's stock after selling 41,742 shares during the period. M&T Bank accounts for approximately 1.3% of Smead Capital Management Inc.'s investment portfolio, making the stock its 25th biggest holding. Smead Capital Management Inc. owned about 0.27% of M&T Bank worth $78,718,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Wealth Preservation Advisors LLC acquired a new stake in shares of M&T Bank in the 1st quarter valued at about $25,000. Wood Tarver Financial Group LLC bought a new position in M&T Bank in the 4th quarter valued at about $29,000. Banque Transatlantique SA acquired a new position in M&T Bank during the 4th quarter valued at about $38,000. Grove Bank & Trust boosted its stake in M&T Bank by 104.6% during the 1st 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 acquired a new position in M&T Bank during the 1st quarter valued at about $46,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have issued reports on the company. Wall Street Zen upgraded M&T Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Cowen assumed coverage on M&T Bank in a research note on Wednesday, May 14th. They set a "buy" rating for the company. TD Cowen began coverage on M&T Bank in a research note on Thursday, May 15th. They set a "buy" rating and a $230.00 price target for the company. Citigroup lifted their target price on shares of M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Finally, Wells Fargo & Company lifted their target price on shares of M&T Bank from $175.00 to $185.00 and gave the stock an "underweight" rating in a research report on Thursday, July 17th. Thirteen equities research 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 a consensus rating of "Moderate Buy" and a consensus target price of $212.88.

M&T Bank Stock Performance

Shares of NYSE:MTB traded up $1.08 during mid-day trading on Friday, reaching $201.88. The company had a trading volume of 748,468 shares, compared to its average volume of 855,304. 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 firm has a market cap of $31.55 billion, a price-to-earnings ratio of 13.08, a PEG ratio of 0.99 and a beta of 0.67. The company's 50-day moving average price is $194.68 and its 200-day moving average price is $183.49. M&T Bank Corporation has a one year low of $150.75 and a one year high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.04 by $0.24. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. The business 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 firm posted $3.73 EPS. As a group, equities research analysts anticipate that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a positive change from M&T Bank's previous quarterly dividend of $1.35. M&T Bank's payout ratio is presently 34.97%.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, Director Richard H. Jr. Ledgett sold 1,277 shares of the business's 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 sale, the director owned 4,881 shares of the company's stock, valued at $963,899.88. The trade was a 20.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Peter D'arcy sold 2,461 shares of the business's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $197.31, for a total transaction of $485,579.91. Following the sale, the executive vice president directly owned 9,319 shares in the company, valued at $1,838,731.89. The trade was a 20.89% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,438 shares of company stock worth $4,964,196. 0.53% of the stock is owned by insiders.

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.