National Bank of Canada FI Cuts Holdings in M&T Bank Corporation (NYSE:MTB)

Key Points

• National Bank of Canada FI has reduced its stake in M&T Bank Corporation by 5.3%, selling 4,927 shares to now own 88,669 shares valued at approximately $15.8 million.
• Several institutional investors, including Northern Trust Corp and Nuveen Asset Management, have increased their stakes in M&T Bank, highlighting a strong interest in the company among hedge funds, which collectively own 84.68% of its stock.
• Analysts have mixed views on M&T Bank, with price targets ranging from $185 to $230, and a consensus rating of "Moderate Buy" supported by strong recent earnings performance.

National Bank of Canada FI lowered its stake in M&T Bank Corporation (NYSE:MTB - Free Report) by 5.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 88,669 shares of the financial services provider's stock after selling 4,927 shares during the period. National Bank of Canada FI owned about 0.05% of M&T Bank worth $15,849,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Northern Trust Corp lifted its stake in M&T Bank by 14.7% in the fourth quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider's stock worth $316,483,000 after acquiring an additional 215,100 shares during the last quarter. First Trust Advisors LP raised its holdings in shares of M&T Bank by 2.1% in the 4th quarter. First Trust Advisors LP now owns 1,605,724 shares of the financial services provider's stock valued at $301,892,000 after purchasing an additional 33,017 shares in the last quarter. Nuveen Asset Management LLC lifted its position in shares of M&T Bank by 22.3% during the 4th quarter. Nuveen Asset Management LLC now owns 1,567,270 shares of the financial services provider's stock worth $294,662,000 after purchasing an additional 286,049 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of M&T Bank by 2.2% during the first quarter. Bank of New York Mellon Corp now owns 1,442,381 shares of the financial services provider's stock worth $257,826,000 after purchasing an additional 30,643 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of M&T Bank by 16.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,088,949 shares of the financial services provider's stock worth $204,733,000 after purchasing an additional 155,374 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on MTB shares. Citigroup raised their price target on M&T Bank from $200.00 to $212.00 and gave the company a "neutral" rating in a research note on Wednesday, July 2nd. Wall Street Zen raised M&T Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. Cowen began coverage on M&T Bank in a research note on Wednesday, May 14th. They set a "buy" rating for the company. Wells Fargo & Company upped their price target on M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a report on Thursday, July 17th. Finally, TD Cowen began coverage on shares of M&T Bank in a report on Thursday, May 15th. They set a "buy" rating and a $230.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $212.88.

Insider Activity at M&T Bank

In other news, EVP Peter D'arcy sold 2,461 shares of the firm's stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total value of $485,579.91. Following the completion of the sale, the executive vice president directly owned 9,319 shares of the company's stock, valued at $1,838,731.89. This trade represents a 20.89% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the company's stock in a transaction on Monday, July 21st. The stock was sold at an average price of $197.48, for a total value of $252,181.96. Following the transaction, the director directly owned 4,881 shares in the company, valued at $963,899.88. This represents a 20.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,438 shares of company stock worth $1,967,346 over the last 90 days. Company insiders own 0.53% of the company's stock.

M&T Bank Price Performance

Shares of NYSE MTB opened at $186.43 on Tuesday. The stock has a fifty day moving average price of $190.90 and a 200 day moving average price of $183.86. M&T Bank Corporation has a 1-year low of $150.75 and a 1-year high of $225.70. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.97 and a quick ratio of 0.97. The company has a market cap of $29.13 billion, a PE ratio of 12.07, a P/E/G ratio of 0.92 and a beta of 0.63.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings data 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. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. The company had revenue of $2.40 billion for the quarter, compared to analysts' expectations of $2.39 billion. During the same period in the previous year, the company posted $3.73 EPS. Sell-side analysts forecast that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 2nd were given 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 (DPR) is presently 34.97%.

M&T Bank Company 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.

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