LSV Asset Management Sells 152,800 Shares of M&T Bank Corporation (NYSE:MTB)

Key Points

• LSV Asset Management reduced its stake in M&T Bank Corporation (NYSE: MTB) by 34.1%, now owning 294,950 shares valued at approximately $52.7 million.
• M&T Bank reported an EPS of $4.28 for the last quarter, surpassing analyst estimates, while also announcing a quarterly dividend of $1.35 per share.
• The stock has seen significant movements from various institutional investors, with some like Franklin Resources Inc. increasing their stake by 84.9% in the fourth quarter.

LSV Asset Management lessened its stake in M&T Bank Corporation (NYSE:MTB - Free Report) by 34.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 294,950 shares of the financial services provider's stock after selling 152,800 shares during the period. LSV Asset Management owned about 0.18% of M&T Bank worth $52,722,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in MTB. Wood Tarver Financial Group LLC acquired a new position in M&T Bank in the fourth quarter worth about $29,000. Banque Transatlantique SA acquired a new position in M&T Bank in the fourth quarter worth about $38,000. Grove Bank & Trust raised its position in M&T Bank by 104.6% in the first quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock worth $40,000 after purchasing an additional 114 shares in the last quarter. Golden State Wealth Management LLC acquired a new stake in shares of M&T Bank during the first quarter worth approximately $46,000. Finally, Investors Research Corp increased its holdings in shares of M&T Bank by 31.1% during the first quarter. Investors Research Corp now owns 295 shares of the financial services provider's stock worth $53,000 after buying an additional 70 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently commented on MTB shares. TD Cowen started coverage on shares of M&T Bank in a research note on Thursday, May 15th. They set a "buy" rating and a $230.00 price target on the stock. Robert W. Baird decreased their price target on shares of M&T Bank from $220.00 to $200.00 and set an "outperform" rating on the stock in a research note on Tuesday, April 15th. Piper Sandler decreased their price target on shares of M&T Bank from $220.00 to $210.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 15th. Royal Bank Of Canada reissued an "outperform" rating and set a $200.00 price target on shares of M&T Bank in a research note on Monday, May 19th. Finally, Truist Financial decreased their price target on shares of M&T Bank from $225.00 to $200.00 and set a "buy" rating on the stock in a research note on Tuesday, April 15th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $212.88.

M&T Bank Stock Performance

Shares of M&T Bank stock traded down $1.82 during trading on Thursday, hitting $183.68. 84,356 shares of the stock were exchanged, compared to its average volume of 1,276,879. The stock has a market capitalization of $29.48 billion, a price-to-earnings ratio of 11.90, a price-to-earnings-growth ratio of 0.92 and a beta of 0.63. The company has a fifty day moving average price of $190.66 and a 200-day moving average price of $184.29. M&T Bank Corporation has a 1-year low of $150.75 and a 1-year high of $225.70. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, topping the consensus estimate of $4.04 by $0.24. The company had revenue of $2.40 billion for the quarter, compared to analyst estimates of $2.39 billion. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. During the same period in the previous year, the business earned $3.73 EPS. As a group, equities analysts predict that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 2nd were paid a $1.35 dividend. The ex-dividend date was Monday, June 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.9%. M&T Bank's dividend payout ratio is 34.97%.

Insider Activity at M&T Bank

In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of the company's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $183.52, for a total value of $1,229,584.00. Following the transaction, the director owned 23,070 shares in the company, valued at approximately $4,233,806.40. This represents a 22.51% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the company's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $197.48, for a total transaction of $252,181.96. Following the completion of the transaction, the director owned 4,881 shares in the company, valued at approximately $963,899.88. This trade represents a 20.74% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 10,438 shares of company stock worth $1,967,346. Insiders own 0.53% of the company's stock.

About M&T Bank

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.