Toronto Dominion Bank Has $10.55 Million Stake in M&T Bank Co. (NYSE:MTB)

Toronto Dominion Bank cut its position in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 32.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 56,136 shares of the financial services provider's stock after selling 26,883 shares during the quarter. Toronto Dominion Bank's holdings in M&T Bank were worth $10,554,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Siemens Fonds Invest GmbH boosted its position in M&T Bank by 78.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 3,202 shares of the financial services provider's stock worth $600,000 after acquiring an additional 1,412 shares during the last quarter. Sherbrooke Park Advisers LLC bought a new stake in shares of M&T Bank in the fourth quarter worth $245,000. ProShare Advisors LLC boosted its holdings in M&T Bank by 6.5% during the fourth quarter. ProShare Advisors LLC now owns 42,587 shares of the financial services provider's stock worth $8,007,000 after purchasing an additional 2,597 shares during the last quarter. Quantinno Capital Management LP boosted its holdings in M&T Bank by 24.2% during the fourth quarter. Quantinno Capital Management LP now owns 38,296 shares of the financial services provider's stock worth $7,200,000 after purchasing an additional 7,471 shares during the last quarter. Finally, Mufg Securities Americas Inc. bought a new position in M&T Bank in the fourth quarter valued at $517,000. 84.68% of the stock is currently owned by institutional investors.

M&T Bank Stock Performance

Shares of NYSE MTB traded down $0.98 during mid-day trading on Monday, reaching $179.64. 1,262,206 shares of the company were exchanged, compared to its average volume of 1,145,009. The stock has a market capitalization of $28.83 billion, a P/E ratio of 12.28, a P/E/G ratio of 1.38 and a beta of 0.58. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The company's 50-day simple moving average is $172.12 and its 200-day simple moving average is $188.62. M&T Bank Co. has a twelve month low of $139.78 and a twelve month high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.41 by ($0.03). M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. The company had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter last year, the business earned $3.09 earnings per share. As a group, research analysts predict that M&T Bank Co. 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 will be paid on Monday, June 30th. Investors of record on Monday, June 2nd will be issued a dividend of $1.35 per share. The ex-dividend date is Monday, June 2nd. This represents a $5.40 annualized dividend and a yield of 3.01%. M&T Bank's payout ratio is currently 36.17%.

Insider Activity at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the business's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the sale, the executive vice president now owns 10,751 shares of the company's stock, valued at $1,852,827.34. The trade was a 13.92% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.53% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several brokerages have commented on MTB. Robert W. Baird cut their price target on shares of M&T Bank from $220.00 to $200.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Deutsche Bank Aktiengesellschaft raised M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 target price on the stock in a research report on Thursday, April 24th. JPMorgan Chase & Co. reduced their price target on M&T Bank from $212.50 to $186.50 and set a "neutral" rating for the company in a research report on Thursday, April 3rd. Evercore ISI decreased their price target on M&T Bank from $234.00 to $205.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Finally, DA Davidson lowered their price target on M&T Bank from $205.00 to $189.00 and set a "neutral" rating on the stock in a research report on Tuesday, April 15th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $212.53.

About M&T Bank

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.