The Manufacturers Life Insurance Company Sells 14,963 Shares of M&T Bank Corporation $MTB

Key Points

• The Manufacturers Life Insurance Company reduced its holdings in M&T Bank Corporation by 2.6% in the first quarter, now owning approximately 0.35% of the bank's stock, worth around $100.7 million.
• M&T Bank has declared a quarterly dividend of $1.50 per share, an increase from the previous dividend of $1.35, representing a 3.0% dividend yield.
• The bank recently reported earnings of $4.28 per share for the last quarter, exceeding analyst estimates and showing a year-over-year increase from $3.73 per share.

The Manufacturers Life Insurance Company lowered its holdings in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 2.6% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 563,521 shares of the financial services provider's stock after selling 14,963 shares during the period. The Manufacturers Life Insurance Company owned about 0.35% of M&T Bank worth $100,729,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Wealth Preservation Advisors LLC bought a new position in M&T Bank during the 1st quarter worth $25,000. WPG Advisers LLC bought a new position in M&T Bank during the 1st quarter worth approximately $25,000. Wood Tarver Financial Group LLC bought a new position in M&T Bank during the fourth quarter worth $29,000. Banque Transatlantique SA bought a new position in M&T Bank during the fourth quarter worth $38,000. Finally, Grove Bank & Trust raised its stake in M&T Bank by 104.6% during the first 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. 84.68% of the stock is owned by institutional investors.

M&T Bank Stock Down 0.3%

MTB traded down $0.63 during midday trading on Wednesday, reaching $198.35. 946,574 shares of the company were exchanged, compared to its average volume of 1,235,232. 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 company's fifty day moving average price is $195.09 and its 200 day moving average price is $183.62. The company has a market cap of $31.00 billion, a price-to-earnings ratio of 12.85, a price-to-earnings-growth ratio of 0.99 and a beta of 0.67. 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 announced its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.04 by $0.24. The business had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%.During the same quarter in the prior year, the company posted $3.73 earnings per share. As a group, analysts expect that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd will be issued a $1.50 dividend. The ex-dividend date of this dividend is Tuesday, September 2nd. This is an increase from M&T Bank's previous quarterly dividend of $1.35. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.0%. M&T Bank's dividend payout ratio is 38.86%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MTB. DA Davidson lifted their price objective on M&T Bank from $189.00 to $207.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $200.00 price objective on shares of M&T Bank in a research note on Monday, May 19th. TD Cowen began coverage on shares of M&T Bank in a research note on Thursday, May 15th. They issued a "buy" rating and a $230.00 price objective for the company. Wells Fargo & Company lifted their price target on shares of M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a research note on Thursday, July 17th. Finally, Cowen began coverage on shares of M&T Bank in a research note on Wednesday, May 14th. They issued a "buy" rating for the company. Thirteen analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $213.63.

Insider Activity

In related news, EVP Peter D'arcy sold 2,461 shares of M&T Bank stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total transaction of $485,579.91. Following the completion of 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert E. Sadler, Jr. sold 6,700 shares of M&T Bank stock in a transaction that occurred 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 owned 23,070 shares of the company's stock, valued at approximately $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. Insiders have sold a total of 25,438 shares of company stock valued at $4,964,196 over the last ninety days. 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.