XTX Topco Ltd Sells 2,392 Shares of M&T Bank Corporation $MTB

Key Points

• XTX Topco Ltd significantly reduced its stake in M&T Bank Corporation by 67.9%, owning only 1,130 shares after selling 2,392 shares in the first quarter, with a total value of $202,000.
• Analysts have set new price targets for M&T Bank, with Citigroup raising its target from $200.00 to $212.00 and giving it a "neutral" rating, while Jefferies Financial Group has set a target of $225.00 with a "buy" rating.
• M&T Bank recently declared a quarterly dividend of $1.35, yielding 2.8%, with an annualized payout of $5.40 and a dividend payout ratio of 34.97%.

XTX Topco Ltd lessened its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 67.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,130 shares of the financial services provider's stock after selling 2,392 shares during the quarter. XTX Topco Ltd's holdings in M&T Bank were worth $202,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Wood Tarver Financial Group LLC acquired a new stake in M&T Bank during the 4th quarter worth approximately $29,000. Banque Transatlantique SA purchased a new position in shares of M&T Bank during the fourth quarter worth about $38,000. Grove Bank & Trust increased its position 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 period. Golden State Wealth Management LLC purchased a new stake in M&T Bank in the 1st quarter valued at $46,000. Finally, Investors Research Corp boosted its stake 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 during the period. Hedge funds and other institutional investors own 84.68% of the company's stock.

Insider Activity at M&T Bank

In other M&T Bank news, EVP Peter D'arcy sold 2,461 shares of M&T Bank stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total value of $485,579.91. Following the transaction, the executive vice president owned 9,319 shares in the company, valued at $1,838,731.89. The trade was a 20.89% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $197.48, for a total transaction of $252,181.96. Following the completion of the transaction, the director directly owned 4,881 shares of the company's stock, valued at $963,899.88. This trade represents a 20.74% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,438 shares of company stock valued at $1,967,346 over the last three months. 0.53% of the stock is owned by insiders.

M&T Bank Stock Performance

Shares of MTB traded down $0.34 during midday trading on Monday, reaching $189.73. 158,481 shares of the stock were exchanged, compared to its average volume of 1,259,198. The stock's 50 day simple moving average is $191.74 and its 200 day simple moving average is $183.62. The company has a market cap of $29.65 billion, a P/E ratio of 12.29, a PEG ratio of 0.93 and a beta of 0.63. M&T Bank Corporation has a twelve month low of $150.75 and a twelve month high of $225.70. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.04 by $0.24. The business had revenue of $2.40 billion during the quarter, compared to analysts' expectations 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 period in the previous year, the company posted $3.73 earnings per share. On average, sell-side analysts expect that M&T Bank Corporation will post 16.57 earnings per share for the current year.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 2nd were paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 2.8%. The ex-dividend date of this dividend was Monday, June 2nd. M&T Bank's dividend payout ratio (DPR) is 34.97%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on MTB. Cowen assumed coverage on shares of M&T Bank in a research report on Wednesday, May 14th. They issued a "buy" rating for the company. Wells Fargo & Company raised their price target on M&T Bank from $175.00 to $185.00 and gave the stock an "underweight" rating in a research note on Thursday, July 17th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $200.00 price objective on shares of M&T Bank in a research note on Monday, May 19th. Jefferies Financial Group set a $225.00 price target on M&T Bank and gave the company a "buy" rating in a report on Wednesday, May 21st. Finally, Morgan Stanley boosted their price objective on shares of M&T Bank from $206.00 to $215.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $212.88.

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.