M&T Bank Corporation $MTB Stake Cut by Anchor Capital Advisors LLC

Key Points

• Anchor Capital Advisors reduced its M&T Bank stake by 3.5% in the second quarter, selling 12,001 shares and retaining 335,731 shares worth approximately $79.9 million. Institutional investors collectively own 84.68% of the company.
• Analyst sentiment remains mixed, with seven Buy ratings, fourteen Holds and one Sell; the stock has an average rating of Hold and a consensus price target of $253.43.
• M&T Bank exceeded quarterly expectations, reporting $5.35 in earnings per share versus a $4.66 consensus estimate and $2.53 billion in revenue. The company also declared a $1.50 quarterly dividend, equivalent to a 2.5% annual yield.

Anchor Capital Advisors LLC lessened its holdings in M&T Bank Corporation (NYSE:MTB - Free Report) by 3.5% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 335,731 shares of the financial services provider's stock after selling 12,001 shares during the quarter. M&T Bank makes up about 1.4% of Anchor Capital Advisors LLC's investment portfolio, making the stock its 28th largest holding. Anchor Capital Advisors LLC owned about 0.23% of M&T Bank worth $79,907,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in MTB. Commonwealth Retirement Investments LLC boosted its holdings in M&T Bank by 0.4% in the fourth quarter. Commonwealth Retirement Investments LLC now owns 10,991 shares of the financial services provider's stock worth $2,214,000 after acquiring an additional 44 shares in the last quarter. Wedmont Private Capital increased its holdings in shares of M&T Bank by 1.0% during the second quarter. Wedmont Private Capital now owns 4,405 shares of the financial services provider's stock valued at $1,067,000 after acquiring an additional 45 shares in the last quarter. Wedbush Securities Inc. raised its position in shares of M&T Bank by 2.4% in the 4th quarter. Wedbush Securities Inc. now owns 2,223 shares of the financial services provider's stock worth $448,000 after purchasing an additional 52 shares during the last quarter. CX Institutional raised its position in shares of M&T Bank by 3.4% in the 2nd quarter. CX Institutional now owns 1,650 shares of the financial services provider's stock worth $393,000 after purchasing an additional 54 shares during the last quarter. Finally, Bank of Jackson Hole Trust boosted its stake in M&T Bank by 38.7% in the 4th quarter. Bank of Jackson Hole Trust now owns 215 shares of the financial services provider's stock worth $43,000 after purchasing an additional 60 shares in the last quarter. Institutional investors own 84.68% of the company's stock.

Analyst Ratings Changes

MTB has been the topic of several recent analyst reports. Truist Financial increased their price objective on shares of M&T Bank from $230.00 to $268.00 and gave the company a "hold" rating in a research report on Tuesday, July 21st. Deutsche Bank Aktiengesellschaft cut shares of M&T Bank from a "buy" rating to a "hold" rating and set a $250.00 target price for the company. in a report on Thursday, July 23rd. DA Davidson upped their target price on shares of M&T Bank from $263.00 to $266.00 and gave the stock a "neutral" rating in a research note on Thursday, July 16th. Jefferies Financial Group reiterated a "buy" rating and set a $300.00 price target on shares of M&T Bank in a report on Wednesday, July 15th. Finally, Evercore set a $260.00 price target on shares of M&T Bank in a research report on Monday, July 6th. Seven analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, M&T Bank currently has an average rating of "Hold" and a consensus price target of $253.43.

Insider Activity at M&T Bank

In related news, Director Rudina Seseri sold 623 shares of the company's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $241.04, for a total transaction of $150,167.92. Following the completion of the sale, the director owned 3,649 shares in the company, valued at approximately $879,554.96. This represents a 14.58% 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. 0.44% of the stock is owned by insiders.

M&T Bank Stock Up 0.1%

MTB opened at $240.05 on Tuesday. The stock has a market capitalization of $34.67 billion, a price-to-earnings ratio of 12.67, a PEG ratio of 1.36 and a beta of 0.56. The firm has a 50 day moving average price of $244.91 and a 200-day moving average price of $226.00. M&T Bank Corporation has a twelve month low of $174.76 and a twelve month high of $255.95. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.53.

M&T Bank (NYSE:MTB - Get Free Report) last issued its earnings results 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 analysts' expectations of $2.46 billion. M&T Bank had a net margin of 22.72% and a return on equity of 11.80%. During the same quarter last year, the company posted $4.28 earnings per share. Equities research analysts forecast that M&T Bank Corporation will post 19.43 earnings per share for the current year.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st will be issued a $1.50 dividend. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $6.00 annualized dividend and a dividend yield of 2.5%. M&T Bank's payout ratio is presently 31.68%.

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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