Reinhart Partners LLC. Sells 3,772 Shares of M&T Bank Co. (NYSE:MTB)

Reinhart Partners LLC. cut its holdings in M&T Bank Co. (NYSE:MTB - Free Report) by 6.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 56,545 shares of the financial services provider's stock after selling 3,772 shares during the period. Reinhart Partners LLC.'s holdings in M&T Bank were worth $10,107,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. FMR LLC grew its stake in M&T Bank by 14.3% during the fourth quarter. FMR LLC now owns 14,110,412 shares of the financial services provider's stock worth $2,652,899,000 after purchasing an additional 1,761,014 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of M&T Bank by 5.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider's stock worth $994,522,000 after buying an additional 252,583 shares during the period. Geode Capital Management LLC lifted its position in shares of M&T Bank by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider's stock valued at $819,768,000 after acquiring an additional 40,948 shares during the period. Norges Bank acquired a new position in shares of M&T Bank during the 4th quarter valued at $317,690,000. Finally, Northern Trust Corp grew its holdings 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 purchasing an additional 215,100 shares during the period. 84.68% of the stock is owned by institutional investors.

Insider Buying and Selling

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the sale, the executive vice president now owns 10,751 shares of the company's stock, valued at approximately $1,852,827.34. The trade was a 13.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.53% of the stock is owned by insiders.

M&T Bank Price Performance

M&T Bank stock opened at $184.21 on Friday. M&T Bank Co. has a 52 week low of $139.78 and a 52 week high of $225.70. The company's 50 day moving average price is $172.67 and its two-hundred day moving average price is $186.79. The stock has a market cap of $29.57 billion, a P/E ratio of 12.59, a P/E/G ratio of 1.38 and a beta of 0.58. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing analysts' consensus estimates of $3.41 by ($0.03). M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. The business had revenue of $2.31 billion for the quarter, compared to analysts' expectations of $2.35 billion. During the same period in the previous year, the business posted $3.09 earnings per share. On average, equities analysts predict that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 2nd will be paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.93%. The ex-dividend date of this dividend is Monday, June 2nd. M&T Bank's payout ratio is 36.17%.

Analyst Upgrades and Downgrades

MTB has been the topic of several research reports. 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. Barclays decreased their target price on M&T Bank from $235.00 to $220.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 15th. Wells Fargo & Company reduced their price objective on M&T Bank from $185.00 to $175.00 and set an "underweight" rating for the company in a research note on Tuesday, April 15th. Jefferies Financial Group set a $225.00 price objective on M&T Bank and gave the company a "buy" rating in a report on Wednesday, May 21st. Finally, DA Davidson cut their target price on M&T Bank from $205.00 to $189.00 and set a "neutral" rating on the stock in a report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, M&T Bank has an average rating of "Moderate Buy" and an average price target of $212.53.

M&T Bank 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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