M&T Bank Corporation $MTB Stock: Sterling Capital Management LLC Lowers Stake

Key Points

• Sterling Capital Management cut its M&T Bank stake by 80% in the third quarter, selling 21,323 shares and retaining 5,343 shares worth approximately $1.16 million.
• Institutional investors and hedge funds own 84.68% of M&T Bank, while company insiders sold roughly $4.8 million of stock over the past 90 days.
• Analysts hold a consensus “Hold” rating with an average price target of $247.12. M&T Bank recently exceeded quarterly earnings expectations, reporting $5.08 EPS versus the $4.93 consensus estimate, and maintains a $1.50 quarterly dividend.

Sterling Capital Management LLC reduced its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 80.0% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,343 shares of the financial services provider's stock after selling 21,323 shares during the quarter. Sterling Capital Management LLC's holdings in M&T Bank were worth $1,163,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in MTB. Bank of New York Mellon Corp bought a new stake in M&T Bank in the second quarter valued at $330,978,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of M&T Bank by 2.6% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,060,517 shares of the financial services provider's stock valued at $252,414,000 after acquiring an additional 26,486 shares during the period. Davis Asset Management L.P. acquired a new position in shares of M&T Bank during the second quarter valued at $97,584,000. Hsbc Holdings PLC grew its position in shares of M&T Bank by 18.9% during the second quarter. Hsbc Holdings PLC now owns 396,157 shares of the financial services provider's stock worth $94,364,000 after acquiring an additional 62,877 shares during the last quarter. Finally, Amundi grew its position in shares of M&T Bank by 7.7% during the second quarter. Amundi now owns 388,916 shares of the financial services provider's stock worth $92,566,000 after acquiring an additional 27,795 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Rene F. Jones sold 19,396 shares of M&T Bank stock in a transaction on Monday, September 14th. The stock was sold at an average price of $239.35, for a total transaction of $4,642,432.60. Following the transaction, the chief executive officer directly owned 103,831 shares in the company, valued at approximately $24,851,949.85. This trade represents a 15.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rudina Seseri sold 623 shares of M&T Bank stock in a transaction on Friday, August 21st. The shares were sold at an average price of $241.04, for a total value of $150,167.92. Following the transaction, the director owned 3,649 shares in the company, valued at approximately $879,554.96. This trade represents a 14.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 20,028 shares of company stock valued at $4,794,884 over the last 90 days. 0.44% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently weighed in on MTB shares. Deutsche Bank Aktiengesellschaft cut shares of M&T Bank from a "buy" rating to a "hold" rating and set a $250.00 price objective on the stock. in a report on Thursday, July 23rd. Raymond James Financial started coverage on shares of M&T Bank in a research note on Tuesday, October 6th. They set an "outperform" rating and a $250.00 target price for the company. JPMorgan Chase & Co. decreased their target price on shares of M&T Bank from $265.50 to $248.50 and set a "neutral" rating for the company in a research report on Friday, October 2nd. Cantor Fitzgerald reduced their price objective on M&T Bank from $285.00 to $255.00 and set an "overweight" rating for the company in a research report on Wednesday, October 14th. Finally, DA Davidson decreased their price objective on M&T Bank from $262.00 to $258.00 and set a "neutral" rating for the company in a report on Monday, October 19th. Eight equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $247.12.

M&T Bank Stock Up 0.1%

MTB stock opened at $221.99 on Tuesday. The firm's 50-day moving average is $228.90 and its two-hundred day moving average is $224.77. The company has a market capitalization of $32.06 billion, a price-to-earnings ratio of 11.59, a price-to-earnings-growth ratio of 1.28 and a beta of 0.61. M&T Bank Corporation has a 52 week low of $179.32 and a 52 week high of $255.95. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.54.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings data on Friday, October 16th. The financial services provider reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.93 by $0.15. M&T Bank had a net margin of 22.63% and a return on equity of 11.86%. The business had revenue of $2.54 billion during the quarter, compared to analysts' expectations of $2.53 billion. During the same period last year, the firm posted $4.82 earnings per share. On average, analysts forecast that M&T Bank Corporation will post 19.48 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st were given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Tuesday, September 1st. M&T Bank's dividend payout ratio is 31.32%.

M&T Bank Company Profile

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, M&T Bank, was founded in 1856 and provides financial products and services to individuals, businesses and institutions.

The company's offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, credit cards, treasury management and other banking services. Through its wealth management and institutional businesses, including Wilmington Trust, M&T also provides investment management, fiduciary, trust, estate planning and related corporate services.

M&T Bank serves customers through branch locations and digital banking channels in several states, primarily across the Mid-Atlantic and Northeast, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and the District of Columbia.

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