Sienna Gestion Reduces Stock Position in M&T Bank Corporation (NYSE:MTB)

Key Points

• Sienna Gestion has reduced its stake in M&T Bank Corporation by 6.1%, owning 55,086 shares worth approximately $9.57 million after selling 3,596 shares in the first quarter.
• Despite the share reduction by Sienna Gestion, other investors like Exchange Traded Concepts LLC and Private Trust Co. NA have increased their holdings in M&T Bank, showcasing mixed investor sentiment.
• M&T Bank reported earnings per share of $4.28, exceeding analyst expectations, along with a quarterly dividend of $1.35 per share, reflecting a 2.8% yield and a dividend payout ratio of 34.97%.

Sienna Gestion cut its stake in M&T Bank Corporation (NYSE:MTB - Free Report) by 6.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 55,086 shares of the financial services provider's stock after selling 3,596 shares during the period. Sienna Gestion's holdings in M&T Bank were worth $9,571,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Neuberger Berman Group LLC raised its holdings in shares of M&T Bank by 113.3% in the 1st quarter. Neuberger Berman Group LLC now owns 18,687 shares of the financial services provider's stock valued at $3,340,000 after purchasing an additional 9,925 shares during the period. Boston Partners bought a new stake in shares of M&T Bank in the 1st quarter valued at about $2,070,000. Tokio Marine Asset Management Co. Ltd. grew its stake in M&T Bank by 16.1% in the 1st quarter. Tokio Marine Asset Management Co. Ltd. now owns 5,152 shares of the financial services provider's stock valued at $921,000 after buying an additional 715 shares during the last quarter. S Bank Fund Management Ltd acquired a new position in M&T Bank in the 1st quarter valued at about $226,000. Finally, National Pension Service grew its stake in M&T Bank by 4.6% in the 1st quarter. National Pension Service now owns 255,470 shares of the financial services provider's stock valued at $45,665,000 after buying an additional 11,339 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

M&T Bank Stock Down 1.9%

Shares of NYSE MTB traded down $3.66 during mid-day trading on Friday, reaching $190.29. 741,901 shares of the company's stock traded hands, compared to its average volume of 933,968. The stock has a market cap of $29.74 billion, a P/E ratio of 12.32, a PEG ratio of 0.93 and a beta of 0.63. The business has a 50-day simple moving average of $191.74 and a 200 day simple moving average of $183.75. M&T Bank Corporation has a 1-year low of $150.75 and a 1-year high of $225.70. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.97 and a quick ratio of 0.97.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 firm had revenue of $2.40 billion during the quarter, compared to analysts' expectations of $2.39 billion. During the same period last year, the company earned $3.73 earnings per share. On average, analysts expect that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 2nd were issued a dividend of $1.35 per share. The ex-dividend date was Monday, June 2nd. This represents a $5.40 annualized dividend and a yield of 2.8%. M&T Bank's payout ratio is 34.97%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. Wall Street Zen upgraded shares of M&T Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. Cowen assumed coverage on shares of M&T Bank in a research report on Wednesday, May 14th. They set a "buy" rating on the stock. Wells Fargo & Company increased their price target on shares of M&T Bank from $175.00 to $185.00 and gave the stock an "underweight" rating in a research report on Thursday, July 17th. Jefferies Financial Group set a $225.00 price target on shares of M&T Bank and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Finally, Deutsche Bank Aktiengesellschaft raised shares of M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 price objective for the company in a research note on Thursday, April 24th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $212.88.

Insider Buying and Selling

In related news, Director Robert E. Sadler, Jr. sold 6,700 shares of the business's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the transaction, the director directly owned 23,070 shares in the company, valued at approximately $4,233,806.40. The trade was a 22.51% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the business'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 completion of 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 ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,438 shares of company stock worth $1,967,346. 0.53% of the stock is owned by insiders.

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.