USS Investment Management Ltd Sells 10,100 Shares of M&T Bank Corporation $MTB

Key Points

• USS Investment Management Ltd reduced its stake in M&T Bank Corporation by 29.1%, selling 10,100 shares during the first quarter, leaving it with 24,591 shares valued at approximately $4.4 million.
• M&T Bank recently announced a quarterly dividend of $1.50, an increase from the previous $1.35, representing a 3.0% yield.
• The company's stock is currently rated as a "Moderate Buy" by analysts, with a consensus price target of $213.63.

USS Investment Management Ltd lessened its stake in M&T Bank Corporation (NYSE:MTB - Free Report) by 29.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 24,591 shares of the financial services provider's stock after selling 10,100 shares during the quarter. USS Investment Management Ltd's holdings in M&T Bank were worth $4,395,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Exchange Traded Concepts LLC raised its holdings in shares of M&T Bank by 53.8% in the 1st quarter. Exchange Traded Concepts LLC now owns 526 shares of the financial services provider's stock worth $94,000 after purchasing an additional 184 shares during the period. Private Trust Co. NA raised its holdings in M&T Bank by 16.5% during the 1st quarter. Private Trust Co. NA now owns 644 shares of the financial services provider's stock valued at $115,000 after acquiring an additional 91 shares during the period. Concurrent Investment Advisors LLC bought a new stake in M&T Bank during the 1st quarter valued at $225,000. Kingswood Wealth Advisors LLC raised its holdings in M&T Bank by 4.4% during the 1st quarter. Kingswood Wealth Advisors LLC now owns 2,076 shares of the financial services provider's stock valued at $370,000 after acquiring an additional 88 shares during the period. Finally, Raymond James Financial Inc. raised its holdings in M&T Bank by 1.8% during the 1st quarter. Raymond James Financial Inc. now owns 117,972 shares of the financial services provider's stock valued at $21,088,000 after acquiring an additional 2,111 shares during the period. Institutional investors own 84.68% of the company's stock.

M&T Bank Stock Down 0.2%

Shares of NYSE:MTB opened at $199.25 on Tuesday. M&T Bank Corporation has a 52-week low of $150.75 and a 52-week high of $225.70. The firm has a fifty day moving average of $195.64 and a 200 day moving average of $183.58. The firm has a market capitalization of $31.14 billion, a PE ratio of 12.90, a price-to-earnings-growth ratio of 0.98 and a beta of 0.67. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.97 and a current ratio of 0.97.

M&T Bank (NYSE:MTB - Get Free Report) last announced its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share (EPS) for the quarter, topping the consensus estimate 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 company had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.39 billion. During the same period in the previous year, the business earned $3.73 earnings per share. As a group, research analysts anticipate that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 2nd will be given a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 3.0%. This is a boost from M&T Bank's previous quarterly dividend of $1.35. The ex-dividend date is Tuesday, September 2nd. M&T Bank's dividend payout ratio (DPR) is presently 38.86%.

Insider Activity at M&T Bank

In related news, Director John P. Barnes sold 15,000 shares of the company's stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $199.79, for a total value of $2,996,850.00. Following the completion of the transaction, the director directly owned 17,866 shares in the company, valued at approximately $3,569,448.14. The trade was a 45.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the company's stock in a transaction 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 transaction, the director owned 4,881 shares of the company's stock, valued at $963,899.88. This trade represents a 20.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 25,438 shares of company stock valued at $4,964,196 over the last ninety days. 0.53% of the stock is currently owned by insiders.

Analysts Set New Price Targets

MTB has been the topic of a number of analyst reports. Wells Fargo & Company boosted their target price on shares of M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a report on Thursday, July 17th. Cowen initiated coverage on shares of M&T Bank in a report on Wednesday, May 14th. They set a "buy" rating on the stock. Citigroup boosted their target price on shares of M&T Bank from $200.00 to $212.00 and gave the company a "neutral" rating in a report on Wednesday, July 2nd. TD Cowen assumed coverage on shares of M&T Bank in a report on Thursday, May 15th. They issued a "buy" rating and a $230.00 price target on the stock. Finally, DA Davidson upped their price target on shares of M&T Bank from $189.00 to $207.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Thirteen analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, M&T Bank currently has an average rating of "Moderate Buy" and a consensus price target of $213.63.

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.

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