USA Financial Formulas decreased its position in M&T Bank Co. (NYSE:MTB - Free Report) by 77.9% in the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,288 shares of the financial services provider's stock after selling 4,531 shares during the period. USA Financial Formulas' holdings in M&T Bank were worth $230,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the company. FMR LLC lifted its holdings in M&T Bank by 14.3% during the fourth quarter. FMR LLC now owns 14,110,412 shares of the financial services provider's stock worth $2,652,899,000 after buying an additional 1,761,014 shares during the period. Norges Bank acquired a new position in shares of M&T Bank in the 4th quarter valued at $317,690,000. GAMMA Investing LLC increased its position in shares of M&T Bank by 18,471.2% in the 1st quarter. GAMMA Investing LLC now owns 705,705 shares of the financial services provider's stock valued at $126,145,000 after acquiring an additional 701,905 shares during the period. Nuveen Asset Management LLC increased its position in shares of M&T Bank by 22.3% in the 4th quarter. Nuveen Asset Management LLC now owns 1,567,270 shares of the financial services provider's stock valued at $294,662,000 after acquiring an additional 286,049 shares during the period. Finally, D. E. Shaw & Co. Inc. acquired a new position in shares of M&T Bank in the 4th quarter valued at $48,939,000. Hedge funds and other institutional investors own 84.68% of the company's stock.
M&T Bank Price Performance
M&T Bank stock traded down $6.14 during midday trading on Friday, reaching $177.85. The company had a trading volume of 1,301,595 shares, compared to its average volume of 1,166,523. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. The firm's fifty day simple moving average is $174.73 and its 200-day simple moving average is $185.32. M&T Bank Co. has a 12-month low of $141.14 and a 12-month high of $225.70. The company has a market capitalization of $28.55 billion, a P/E ratio of 12.16, a P/E/G ratio of 1.38 and a beta of 0.62.
M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing the consensus estimate of $3.41 by ($0.03). The firm had revenue of $2.31 billion for the quarter, compared to analysts' expectations of $2.35 billion. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period in the previous year, the firm posted $3.09 EPS. As a group, equities analysts anticipate that M&T Bank Co. will post 16.57 EPS 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. Stockholders of record on Monday, June 2nd will be given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 3.04%. The ex-dividend date is Monday, June 2nd. M&T Bank's payout ratio is presently 36.17%.
Wall Street Analyst Weigh In
Several equities research analysts have weighed in on MTB shares. Morgan Stanley cut their price target on M&T Bank from $269.00 to $253.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. TD Cowen started coverage on M&T Bank in a research report on Thursday, May 15th. They set a "buy" rating and a $230.00 price target on the stock. Piper Sandler cut their price target on M&T Bank from $220.00 to $210.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 15th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $200.00 price target on shares of M&T Bank in a research report on Monday, May 19th. Finally, DA Davidson cut 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 investment analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $212.53.
Get Our Latest Research Report on M&T Bank
M&T Bank Company Profile
(
Free Report)
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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