Plato Investment Management Ltd Cuts Holdings in M&T Bank Corporation $MTB

Key Points

• Plato Investment Management Ltd reduced its holdings in M&T Bank Corporation by 38.0%, bringing its ownership down to 5,345 shares valued at approximately $966,000.
• M&T Bank recently declared a quarterly dividend of $1.50 per share, which reflects an increase from the previous dividend of $1.35, yielding an annualized dividend of 3.0%.
• The bank reported earnings per share of $4.28 for the last quarter, surpassing analyst estimates and showing a year-over-year increase from $3.73 per share.

Plato Investment Management Ltd cut its position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 38.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,345 shares of the financial services provider's stock after selling 3,278 shares during the quarter. Plato Investment Management Ltd's holdings in M&T Bank were worth $966,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MTB. Wealth Preservation Advisors LLC purchased a new position in M&T Bank during the first quarter worth about $25,000. WPG Advisers LLC purchased a new position in M&T Bank during the first quarter worth about $25,000. Wood Tarver Financial Group LLC purchased a new position in M&T Bank during the fourth quarter worth about $29,000. Grove Bank & Trust boosted its holdings 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 purchasing an additional 114 shares during the last quarter. Finally, Golden State Wealth Management LLC purchased a new position in M&T Bank during the first quarter worth about $46,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Stock Performance

NYSE MTB opened at $198.03 on Friday. The company's 50 day moving average is $195.55 and its 200-day moving average is $183.82. M&T Bank Corporation has a 12-month low of $150.75 and a 12-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. The firm has a market cap of $30.95 billion, a P/E ratio of 12.83, a price-to-earnings-growth ratio of 0.97 and a beta of 0.67.

M&T Bank (NYSE:MTB - Get Free Report) last posted 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. 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 analyst estimates of $2.39 billion. During the same quarter in the previous year, the firm posted $3.73 earnings per share. Sell-side analysts predict that M&T Bank Corporation will post 16.57 earnings per share for the current year.

M&T Bank Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd will be given a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 3.0%. This is an increase from M&T Bank's previous quarterly dividend of $1.35. The ex-dividend date of this dividend is Tuesday, September 2nd. M&T Bank's payout ratio is presently 38.86%.

Analyst Ratings Changes

Several research firms recently weighed in on MTB. 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 target on the stock. Cantor Fitzgerald initiated coverage on shares of M&T Bank in a research report on Wednesday. They issued an "overweight" rating and a $228.00 price objective on the stock. Jefferies Financial Group lifted their price objective on shares of M&T Bank from $220.00 to $240.00 and gave the stock a "buy" rating in a research report on Wednesday, September 3rd. Morgan Stanley lifted their price objective on shares of M&T Bank from $206.00 to $215.00 and gave the stock an "overweight" rating in a research report on Friday, June 20th. Finally, DA Davidson lifted their price objective on shares of M&T Bank from $189.00 to $207.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Fourteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, M&T Bank currently has an average rating of "Moderate Buy" and an average price target of $214.31.

Insider Activity

In other news, Director Richard H. Jr. Ledgett sold 1,277 shares of the business's stock in a transaction that occurred on Monday, July 21st. The shares were sold at an average price of $197.48, for a total value of $252,181.96. Following the sale, the director owned 4,881 shares of the company's stock, valued at $963,899.88. The trade was a 20.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John P. Barnes sold 15,000 shares of the business's stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $199.79, for a total transaction of $2,996,850.00. Following the completion of the sale, the director directly owned 17,866 shares in the company, valued at approximately $3,569,448.14. This trade represents a 45.64% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,738 shares of company stock valued at $3,734,612 over the last quarter. Company insiders own 0.53% of the company's stock.

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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