State Street Corp Trims Stock Holdings in M&T Bank Corporation $MTB

Key Points

• State Street reduced its M&T Bank stake by 0.5%, selling 39,313 shares and retaining 7.11 million shares worth approximately $1.69 billion, or 4.92% of the company.
• Institutional investors own 84.68% of M&T Bank, while company insiders sold 20,028 shares worth about $4.8 million during the latest quarter.
• M&T Bank reported quarterly EPS of $5.35, exceeding estimates by $0.69, and declared a $1.50 quarterly dividend. Analysts maintain a consensus “Hold” rating with an average price target of $255.97.

State Street Corp lowered its stake in M&T Bank Corporation (NYSE:MTB - Free Report) by 0.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,112,644 shares of the financial services provider's stock after selling 39,313 shares during the quarter. State Street Corp owned about 4.92% of M&T Bank worth $1,692,880,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of MTB. Danske Bank A S purchased a new stake in M&T Bank in the second quarter valued at approximately $34,683,000. Adams Diversified Equity Fund Inc. lifted its stake in M&T Bank by 22.8% during the 1st quarter. Adams Diversified Equity Fund Inc. now owns 119,900 shares of the financial services provider's stock worth $24,786,000 after acquiring an additional 22,300 shares in the last quarter. Bank of New York Mellon Corp purchased a new position in M&T Bank during the 2nd quarter valued at about $330,978,000. Davis Asset Management L.P. acquired a new position in M&T Bank in the 2nd quarter valued at about $97,584,000. Finally, Allstate Corp increased its stake in M&T Bank by 99.4% during the fourth quarter. Allstate Corp now owns 11,242 shares of the financial services provider's stock worth $2,265,000 after purchasing an additional 5,604 shares during the period. Hedge funds and other institutional investors own 84.68% of the company's stock.

Insider Buying and Selling at M&T Bank

In related news, CEO René Jones sold 19,396 shares of the stock in a transaction on Monday, September 14th. The shares were sold at an average price of $239.35, for a total transaction of $4,642,432.60. Following the completion of the sale, the chief executive officer owned 103,831 shares in the company, valued at $24,851,949.85. This represents a 15.74% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rudina Seseri sold 623 shares of the firm's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $241.04, for a total transaction of $150,167.92. Following the transaction, the director directly owned 3,649 shares in the company, valued at $879,554.96. The trade was a 14.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 20,028 shares of company stock valued at $4,794,884. 0.44% of the stock is owned by insiders.

M&T Bank Stock Down 1.5%

MTB opened at $223.48 on Wednesday. The business's 50-day simple moving average is $243.32 and its 200-day simple moving average is $226.72. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.96 and a current ratio of 0.96. M&T Bank Corporation has a one year low of $174.76 and a one year high of $255.95. The stock has a market capitalization of $32.28 billion, a P/E ratio of 11.80, a price-to-earnings-growth ratio of 1.29 and a beta of 0.56.

M&T Bank (NYSE:MTB - Get Free Report) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.66 by $0.69. The firm had revenue of $2.53 billion during the quarter, compared to analysts' expectations of $2.46 billion. M&T Bank had a return on equity of 11.80% and a net margin of 22.72%.During the same period in the prior year, the firm earned $4.28 EPS. Analysts anticipate that M&T Bank Corporation will post 19.45 EPS for the current year.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st will be issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, September 1st. M&T Bank's payout ratio is presently 31.68%.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on MTB. Morgan Stanley raised shares of M&T Bank from an "equal weight" rating to an "overweight" rating and raised their price objective for the company from $253.00 to $304.00 in a research note on Tuesday, September 8th. DA Davidson upped their target price on shares of M&T Bank from $263.00 to $266.00 and gave the stock a "neutral" rating in a research note on Thursday, July 16th. Truist Financial raised their price target on shares of M&T Bank from $230.00 to $268.00 and gave the company a "hold" rating in a research report on Tuesday, July 21st. JPMorgan Chase & Co. raised their price target on shares of M&T Bank from $251.50 to $265.50 and gave the company a "neutral" rating in a research report on Wednesday, July 29th. Finally, Weiss Ratings restated a "buy (b)" rating on shares of M&T Bank in a research note on Tuesday, September 1st. Eight research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $255.97.

M&T Bank Company Profile

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, Manufacturers and Traders Trust Company, commonly known as M&T Bank, provides financial products and services to individuals, businesses, institutions and government entities.

The company's offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, credit cards, treasury management and other business banking services.

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