Reinhart Partners LLC. Reduces Stake in M&T Bank Corporation $MTB

Key Points

• Reinhart Partners LLC reduced its stake in M&T Bank Corporation by 8.7%, selling 4,929 shares and holding a total of 51,616 shares valued at $10,013,000 as of the end of the last quarter.
• M&T Bank has received several analyst upgrades, including a price target increase from Citigroup and Jefferies Financial Group, indicating strong market confidence with a consensus rating of "Moderate Buy."
• The bank announced an increase in its quarterly dividend from $1.35 to $1.50, reflecting a robust dividend yield of 3.1% and showcasing its ongoing commitment to returning value to shareholders.

Reinhart Partners LLC. lowered its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 8.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,616 shares of the financial services provider's stock after selling 4,929 shares during the period. Reinhart Partners LLC.'s holdings in M&T Bank were worth $10,013,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Exchange Traded Concepts LLC raised its position in shares of M&T Bank by 53.8% during the first quarter. Exchange Traded Concepts LLC now owns 526 shares of the financial services provider's stock valued at $94,000 after buying an additional 184 shares during the last quarter. Private Trust Co. NA raised its position in shares of M&T Bank by 16.5% during the first quarter. Private Trust Co. NA now owns 644 shares of the financial services provider's stock valued at $115,000 after buying an additional 91 shares during the last quarter. Concurrent Investment Advisors LLC purchased a new position in shares of M&T Bank in the first quarter valued at $225,000. Kingswood Wealth Advisors LLC grew its holdings in shares of M&T Bank by 4.4% in the first quarter. Kingswood Wealth Advisors LLC now owns 2,076 shares of the financial services provider's stock valued at $370,000 after purchasing an additional 88 shares in the last quarter. Finally, Raymond James Financial Inc. grew its holdings in shares of M&T Bank by 1.8% in the first quarter. Raymond James Financial Inc. now owns 117,972 shares of the financial services provider's stock valued at $21,088,000 after purchasing an additional 2,111 shares in the last quarter. Institutional investors own 84.68% of the company's stock.

Insiders Place Their Bets

In other M&T Bank news, EVP Peter D'arcy sold 2,461 shares of the business's stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $197.31, for a total value of $485,579.91. Following the completion of the transaction, the executive vice president directly owned 9,319 shares in the company, valued at approximately $1,838,731.89. The trade was a 20.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the company's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $197.48, for a total transaction of $252,181.96. Following the transaction, the director owned 4,881 shares in the company, valued at approximately $963,899.88. This trade represents a 20.74% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,738 shares of company stock worth $3,734,612. 0.53% of the stock is owned by corporate insiders.

M&T Bank Stock Up 0.8%

M&T Bank stock traded up $1.60 during trading hours on Friday, reaching $202.03. The stock had a trading volume of 3,604,921 shares, compared to its average volume of 823,004. The company has a market cap of $31.57 billion, a price-to-earnings ratio of 13.08, a PEG ratio of 0.99 and a beta of 0.67. 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 business's 50 day moving average price is $195.18 and its 200-day moving average price is $184.28. M&T Bank Corporation has a 52 week low of $150.75 and a 52 week high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 EPS for the quarter, topping analysts' consensus estimates of $4.04 by $0.24. The business had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. During the same period in the previous year, the company posted $3.73 earnings per share. Sell-side analysts anticipate that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Increases Dividend

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

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Wells Fargo & Company raised their target price on shares of M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a report on Thursday, July 17th. DA Davidson raised their target price on shares of M&T Bank from $189.00 to $207.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Morgan Stanley raised their target price on shares of M&T Bank from $206.00 to $215.00 and gave the company an "overweight" rating in a report on Friday, June 20th. 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 note on Wednesday, September 3rd. Finally, Citigroup lifted their price objective on shares of M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Fourteen analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, M&T Bank has an average rating of "Moderate Buy" and an average price target of $214.31.

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.