Ruffer LLP Sells 60,442 Shares of M&T Bank Corporation (NYSE:MTB)

Key Points

• Ruffer LLP significantly reduced its stake in M&T Bank Corporation by 82.8%, dropping to 12,550 shares valued at $2.24 million by the end of the first quarter.
• A recent analysis shows that M&T Bank received multiple upgrades from research firms, with a consensus rating of "Moderate Buy" and a target price of $212.88.
• The bank's last quarterly earnings surpassed expectations, reporting $4.28 EPS compared to a consensus of $4.04, with a total revenue of $2.40 billion for the quarter.

Ruffer LLP trimmed its holdings in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 82.8% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,550 shares of the financial services provider's stock after selling 60,442 shares during the quarter. Ruffer LLP's holdings in M&T Bank were worth $2,243,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of MTB. Wood Tarver Financial Group LLC acquired a new stake in M&T Bank during the 4th quarter worth $29,000. Banque Transatlantique SA purchased a new stake in shares of M&T Bank during the fourth quarter worth approximately $38,000. Grove Bank & Trust increased its holdings in shares of M&T Bank by 104.6% in the 1st quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 114 shares during the last quarter. Golden State Wealth Management LLC acquired a new stake in M&T Bank during the 1st quarter worth $46,000. Finally, Investors Research Corp lifted its stake in M&T Bank by 31.1% in the first quarter. Investors Research Corp now owns 295 shares of the financial services provider's stock valued at $53,000 after buying an additional 70 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Price Performance

M&T Bank stock traded down $2.25 during mid-day trading on Wednesday, hitting $185.79. The company's stock had a trading volume of 755,769 shares, compared to its average volume of 1,165,372. The stock has a market capitalization of $29.82 billion, a P/E ratio of 12.03, a P/E/G ratio of 0.92 and a beta of 0.63. M&T Bank Corporation has a twelve month low of $150.75 and a twelve month high of $225.70. The stock's fifty day moving average price is $190.58 and its two-hundred day moving average price is $184.28. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47.

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, beating the consensus estimate of $4.04 by $0.24. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%. The business had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same period in the prior year, the business posted $3.73 earnings per share. Research analysts forecast that M&T Bank Corporation will post 16.57 earnings per share for the current year.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 2nd were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 2.9%. The ex-dividend date was Monday, June 2nd. M&T Bank's payout ratio is currently 34.97%.

Insider Activity

In related news, EVP Peter D'arcy sold 2,461 shares of the business's stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total transaction of $485,579.91. Following the completion of the transaction, the executive vice president owned 9,319 shares of the company's stock, valued at approximately $1,838,731.89. The trade was a 20.89% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the business's stock in a transaction dated Monday, July 21st. The stock was 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. The trade was a 20.74% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 10,438 shares of company stock worth $1,967,346 in the last three months. 0.53% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

MTB has been the subject of a number of research reports. Piper Sandler reduced their price target on shares of M&T Bank from $220.00 to $210.00 and set an "overweight" rating for the company in a research report on Tuesday, April 15th. Citigroup raised their target price on shares of M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a research report on Wednesday, July 2nd. Truist Financial cut their price target on shares of M&T Bank from $225.00 to $200.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Robert W. Baird decreased their price target on M&T Bank from $220.00 to $200.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Finally, Wall Street Zen raised M&T Bank from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $212.88.

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.