Reinhart Partners LLC. Sells 7,131 Shares of M&T Bank Corporation $MTB

Key Points

• Reinhart Partners reduced its M&T Bank position by 29.7% in the second quarter, selling 7,131 shares and retaining 16,908 shares valued at approximately $4.02 million. Institutional investors collectively own 84.68% of the company.
• M&T Bank reported strong quarterly results, with EPS of $5.35 versus the $4.66 consensus estimate and revenue of $2.53 billion, above expectations of $2.46 billion.
• The stock opened at $250.12, near its 52-week high, while analysts maintain a consensus “Hold” rating and an average price target of $252.28; ratings include seven Buys, fourteen Holds, and one Sell.

Reinhart Partners LLC. cut its position in M&T Bank Corporation (NYSE:MTB - Free Report) by 29.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 16,908 shares of the financial services provider's stock after selling 7,131 shares during the period. Reinhart Partners LLC.'s holdings in M&T Bank were worth $4,024,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Bogart Wealth LLC increased its position in shares of M&T Bank by 233.3% in the 1st quarter. Bogart Wealth LLC now owns 120 shares of the financial services provider's stock valued at $25,000 after buying an additional 84 shares in the last quarter. Triumph Capital Management bought a new position in M&T Bank during the third quarter worth about $32,000. Elyxium Wealth LLC bought a new stake in shares of M&T Bank in the fourth quarter worth about $33,000. Bank of Jackson Hole Trust raised its position in shares of M&T Bank by 38.7% during the fourth quarter. Bank of Jackson Hole Trust now owns 215 shares of the financial services provider's stock worth $43,000 after purchasing an additional 60 shares during the period. Finally, FNY Investment Advisers LLC acquired a new stake in shares of M&T Bank during the second quarter worth about $51,000. 84.68% of the stock is owned by institutional investors.

M&T Bank Stock Down 0.0%

NYSE:MTB opened at $250.12 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.94 and a current ratio of 0.96. The company has a market cap of $36.12 billion, a PE ratio of 13.21, a PEG ratio of 1.16 and a beta of 0.57. M&T Bank Corporation has a 52-week low of $174.76 and a 52-week high of $255.00. The stock has a 50-day simple moving average of $237.74 and a 200 day simple moving average of $223.27.

M&T Bank (NYSE:MTB - Get Free Report) last released its earnings results on Wednesday, July 15th. The financial services provider reported $5.35 EPS for the quarter, beating the consensus estimate of $4.66 by $0.69. M&T Bank had a return on equity of 11.80% and a net margin of 22.72%.The firm had revenue of $2.53 billion for the quarter, compared to analysts' expectations of $2.46 billion. During the same quarter in the previous year, the business posted $4.28 EPS. On average, sell-side analysts expect that M&T Bank Corporation will post 19.42 EPS for the current fiscal year.

Wall Street Analyst Weigh In

MTB has been the topic of several recent analyst reports. Jefferies Financial Group reiterated a "buy" rating and set a $300.00 price objective on shares of M&T Bank in a report on Wednesday, July 15th. Weiss Ratings restated a "buy (b)" rating on shares of M&T Bank in a report on Thursday, June 4th. DA Davidson lifted their price target on shares of M&T Bank from $263.00 to $266.00 and gave the company a "neutral" rating in a research note on Thursday, July 16th. Morgan Stanley upped their price target on shares of M&T Bank from $245.00 to $253.00 and gave the company an "equal weight" rating in a report on Monday, June 29th. Finally, Wells Fargo & Company increased their price objective on shares of M&T Bank from $215.00 to $224.00 and gave the stock an "underweight" rating in a research report on Thursday, July 16th. Seven research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $252.28.

About M&T Bank

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.

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