UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Sells 42,501 Shares of M&T Bank Corporation $MTB

Key Points

• UBS Asset Management reduced its holdings in M&T Bank Corporation by 3.9%, selling 42,501 shares, and now owns 1,046,448 shares valued at approximately $187 million.
• M&T Bank recently reported earnings of $4.28 per share, exceeding expectations, and declared a quarterly dividend of $1.50 per share, marking an increase from the previous dividend.
• Analysts have positive outlooks for M&T Bank, with price target increases from firms like Morgan Stanley and Jefferies Financial Group, indicating a consensus rating of "Moderate Buy."

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC cut its position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 3.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,046,448 shares of the financial services provider's stock after selling 42,501 shares during the quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned 0.65% of M&T Bank worth $187,053,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of MTB. Wealth Preservation Advisors LLC acquired a new position in M&T Bank during the first quarter valued at approximately $25,000. WPG Advisers LLC acquired a new position in M&T Bank during the first quarter valued at approximately $25,000. Wood Tarver Financial Group LLC acquired a new position in M&T Bank during the fourth quarter valued at approximately $29,000. Grove Bank & Trust boosted its position in M&T Bank by 104.6% during the first quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 114 shares during the last quarter. Finally, Golden State Wealth Management LLC acquired a new position in M&T Bank during the first quarter valued at approximately $46,000. 84.68% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently commented on MTB shares. Morgan Stanley increased their price target on M&T Bank from $206.00 to $215.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. Jefferies Financial Group increased their price target on M&T Bank from $220.00 to $240.00 and gave the company a "buy" rating in a research report on Wednesday, September 3rd. Wells Fargo & Company increased their price target on M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a research report on Thursday, July 17th. Citigroup increased their price target on M&T Bank from $200.00 to $212.00 and gave the company a "neutral" rating in a research report on Wednesday, July 2nd. Finally, Cantor Fitzgerald started coverage on M&T Bank in a research report on Wednesday. They set an "overweight" rating and a $228.00 price target for the company. Fourteen research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $214.31.

M&T Bank Stock Performance

MTB opened at $198.03 on Friday. M&T Bank Corporation has a 12-month low of $150.75 and a 12-month high of $225.70. The stock has a market cap of $30.95 billion, a price-to-earnings ratio of 12.83, a PEG ratio of 0.97 and a beta of 0.67. The business has a 50 day moving average of $195.55 and a 200-day moving average of $183.82. 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 released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, topping the consensus estimate of $4.04 by $0.24. The business had revenue of $2.40 billion during the quarter, compared to analysts' expectations of $2.39 billion. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%.During the same period last year, the firm posted $3.73 EPS. On average, equities research analysts expect that M&T Bank Corporation will post 16.57 earnings per share for the current year.

M&T Bank Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 2nd will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend is Tuesday, September 2nd. This is an increase from M&T Bank's previous quarterly dividend of $1.35. M&T Bank's payout ratio is 38.86%.

Insider Buying and Selling

In related news, Director Richard H. Jr. Ledgett sold 1,277 shares of M&T Bank stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $197.48, for a total transaction of $252,181.96. Following the completion of the sale, the director directly owned 4,881 shares of the company's stock, valued at approximately $963,899.88. This trade represents a 20.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Peter D'arcy sold 2,461 shares of M&T Bank stock in a transaction that occurred on Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total value of $485,579.91. Following the sale, the executive vice president directly 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,738 shares of company stock valued at $3,734,612. Insiders own 0.53% of the company's stock.

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.

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