Van ECK Associates Corp Trims Position in M&T Bank Corporation $MTB

Key Points

• Van ECK Associates cut its M&T Bank stake by 87.1% in the second quarter, selling 19,935 shares and retaining 2,944 shares valued at approximately $701,000. Institutional investors collectively own 84.68% of the company.
• M&T Bank reported quarterly earnings of $5.35 per share, beating estimates of $4.66, while revenue of $2.53 billion also exceeded expectations. Analysts maintain a consensus “Hold” rating with an average price target of $253.43.
• The bank announced a quarterly dividend of $1.50 per share, equivalent to $6.00 annually and a 2.5% yield. Shares recently traded at $240.05, near the company’s 52-week high of $255.95.

Van ECK Associates Corp lessened its holdings in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 87.1% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,944 shares of the financial services provider's stock after selling 19,935 shares during the quarter. Van ECK Associates Corp's holdings in M&T Bank were worth $701,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its holdings in M&T Bank by 3.6% in the 4th quarter. Bank of New York Mellon Corp now owns 1,416,224 shares of the financial services provider's stock worth $285,341,000 after purchasing an additional 49,336 shares in the last quarter. Barclays PLC boosted its stake in shares of M&T Bank by 3.9% during the 4th quarter. Barclays PLC now owns 530,305 shares of the financial services provider's stock valued at $106,846,000 after purchasing an additional 20,120 shares in the last quarter. Davis Asset Management L.P. bought a new stake in shares of M&T Bank during the 2nd quarter valued at about $97,584,000. Russell Investments Group Ltd. increased its position in shares of M&T Bank by 35.4% during the fourth quarter. Russell Investments Group Ltd. now owns 396,531 shares of the financial services provider's stock valued at $79,954,000 after buying an additional 103,692 shares during the period. Finally, Hsbc Holdings PLC increased its position in shares of M&T Bank by 18.9% during the second quarter. Hsbc Holdings PLC now owns 396,157 shares of the financial services provider's stock valued at $94,364,000 after buying an additional 62,877 shares during the period. Hedge funds and other institutional investors own 84.68% of the company's stock.

Analyst Ratings Changes

MTB has been the subject of several research analyst reports. Wells Fargo & Company raised their price objective on shares of M&T Bank from $215.00 to $224.00 and gave the stock an "underweight" rating in a report on Thursday, July 16th. Deutsche Bank Aktiengesellschaft downgraded M&T Bank from a "buy" rating to a "hold" rating and set a $250.00 target price on the stock. in a report on Thursday, July 23rd. Keefe, Bruyette & Woods increased their target price on M&T Bank from $242.00 to $250.00 and gave the stock a "market perform" rating in a research report on Thursday, July 16th. Royal Bank Of Canada raised their target price on M&T Bank from $230.00 to $255.00 and gave the company an "outperform" rating in a research note on Thursday, July 16th. Finally, Barclays lifted their price target on M&T Bank from $236.00 to $267.00 and gave the company an "equal weight" rating in a research report on Thursday, July 16th. Seven equities research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, M&T Bank currently has an average rating of "Hold" and an average target price of $253.43.

M&T Bank Price Performance

MTB stock opened at $240.05 on Friday. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a 50 day moving average price of $244.88 and a 200-day moving average price of $225.94. M&T Bank Corporation has a 52-week low of $174.76 and a 52-week high of $255.95. The firm has a market capitalization of $34.67 billion, a price-to-earnings ratio of 12.67, a PEG ratio of 1.36 and a beta of 0.56.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share for the quarter, topping the consensus estimate of $4.66 by $0.69. M&T Bank had a return on equity of 11.80% and a net margin of 22.72%.The company had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.46 billion. During the same quarter in the prior year, the business posted $4.28 EPS. Equities research analysts forecast that M&T Bank Corporation will post 19.43 EPS for the current fiscal year.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st will be paid a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Tuesday, September 1st. M&T Bank's dividend payout ratio is currently 31.68%.

Insider Buying and Selling at M&T Bank

In other news, 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 completion of the transaction, the director directly owned 3,649 shares in the company, valued at $879,554.96. This trade represents a 14.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.44% of the stock is owned by insiders.

About M&T Bank

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.

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