Nisa Investment Advisors LLC Trims Position in M&T Bank Corporation (NYSE:MTB)

Nisa Investment Advisors LLC cut its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 17.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 58,142 shares of the financial services provider's stock after selling 12,599 shares during the quarter. Nisa Investment Advisors LLC's holdings in M&T Bank were worth $10,393,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Wood Tarver Financial Group LLC acquired a new position in M&T Bank during the 4th quarter worth about $29,000. Banque Transatlantique SA acquired a new position in shares of M&T Bank in the 4th quarter valued at about $38,000. Grove Bank & Trust lifted its stake in shares of M&T Bank by 104.6% in the 1st quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 114 shares during the period. Golden State Wealth Management LLC acquired a new position in shares of M&T Bank in the 1st quarter valued at about $46,000. Finally, Loomis Sayles & Co. L P acquired a new position in shares of M&T Bank in the 4th quarter valued at about $52,000. 84.68% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have commented on MTB. DA Davidson decreased their price objective on M&T Bank from $205.00 to $189.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Citigroup increased their target price on M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Jefferies Financial Group set a $225.00 price objective on M&T Bank and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Piper Sandler reduced their target price on 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. Finally, Evercore ISI reduced their price objective on M&T Bank from $234.00 to $205.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. 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. According to data from MarketBeat.com, M&T Bank has an average rating of "Moderate Buy" and an average target price of $211.48.

Insiders Place Their Bets

In other news, Director Robert E. Sadler, Jr. sold 6,700 shares of the stock in a transaction that occurred on 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 sale, the director directly owned 23,070 shares in the company, valued at $4,233,806.40. This represents a 22.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.53% of the company's stock.

M&T Bank Trading Down 1.2%

M&T Bank stock traded down $2.38 during trading on Friday, hitting $201.67. The company had a trading volume of 1,004,391 shares, compared to its average volume of 1,190,996. The company's 50 day simple moving average is $185.96 and its 200-day simple moving average is $184.04. The stock has a market cap of $32.37 billion, a price-to-earnings ratio of 13.45, a price-to-earnings-growth ratio of 1.48 and a beta of 0.63. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.39. M&T Bank Corporation has a 1-year low of $150.75 and a 1-year high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing analysts' consensus estimates of $3.41 by ($0.03). M&T Bank had a net margin of 19.86% and a return on equity of 10.18%. The company had revenue of $2.31 billion during the quarter, compared to analysts' expectations of $2.35 billion. During the same period last year, the firm earned $3.09 earnings per share. As a group, analysts expect that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 2nd were given a dividend of $1.35 per share. The ex-dividend date was Monday, June 2nd. This represents a $5.40 annualized dividend and a yield of 2.68%. M&T Bank's payout ratio is currently 36.17%.

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.