Pacer Advisors Inc. Decreases Stock Position in M&T Bank Corporation (NYSE:MTB)

Pacer Advisors Inc. reduced its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 47.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 9,968 shares of the financial services provider's stock after selling 8,905 shares during the quarter. Pacer Advisors Inc.'s holdings in M&T Bank were worth $1,782,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of MTB. Teacher Retirement System of Texas bought a new position in shares of M&T Bank during the fourth quarter valued at about $294,000. American Century Companies Inc. raised its stake in shares of M&T Bank by 0.9% during the fourth quarter. American Century Companies Inc. now owns 67,987 shares of the financial services provider's stock valued at $12,782,000 after acquiring an additional 610 shares during the last quarter. Blair William & Co. IL raised its stake in shares of M&T Bank by 3.7% during the fourth quarter. Blair William & Co. IL now owns 7,491 shares of the financial services provider's stock valued at $1,408,000 after acquiring an additional 269 shares during the last quarter. Allstate Corp bought a new position in shares of M&T Bank during the fourth quarter valued at about $932,000. Finally, CIBC Private Wealth Group LLC raised its stake in shares of M&T Bank by 6.2% during the fourth quarter. CIBC Private Wealth Group LLC now owns 1,652 shares of the financial services provider's stock valued at $316,000 after acquiring an additional 96 shares during the last quarter. 84.68% of the stock is owned by institutional investors.

M&T Bank Stock Performance

Shares of MTB stock traded down $3.85 during mid-day trading on Friday, reaching $184.85. 1,282,103 shares of the company's stock traded hands, compared to its average volume of 1,293,486. M&T Bank Corporation has a 12 month low of $150.75 and a 12 month high of $225.70. The firm has a 50 day moving average price of $190.23 and a two-hundred day moving average price of $184.58. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.97 and a current ratio of 0.91. The firm has a market capitalization of $29.67 billion, a PE ratio of 11.97, a price-to-earnings-growth ratio of 0.94 and a beta of 0.63.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 firm had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter in the previous year, the firm posted $3.73 EPS. On average, research 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 announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 2nd were paid a dividend of $1.35 per share. The ex-dividend date was Monday, June 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.9%. M&T Bank's payout ratio is 34.97%.

Insider Activity at M&T Bank

In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of M&T Bank stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the transaction, the director owned 23,070 shares in the company, valued at approximately $4,233,806.40. The trade was a 22.51% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Peter D'arcy sold 2,461 shares of M&T Bank stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $197.31, for a total transaction of $485,579.91. Following the transaction, the executive vice president owned 9,319 shares in the company, valued at approximately $1,838,731.89. This trade represents a 20.89% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,438 shares of company stock worth $1,967,346. 0.53% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently commented on MTB. Robert W. Baird lowered their price objective on shares of M&T Bank from $220.00 to $200.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Truist Financial lowered their price objective on shares of M&T Bank from $225.00 to $200.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $200.00 price objective on shares of M&T Bank in a research note on Monday, May 19th. Wells Fargo & Company upped their price objective on shares of M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a research note on Thursday, July 17th. Finally, Morgan Stanley boosted their price target on shares of M&T Bank from $206.00 to $215.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, M&T Bank presently has an average rating of "Moderate Buy" and an average price target 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.