Vanguard Group Inc. Decreases Holdings in M&T Bank Corporation (NYSE:MTB)

Key Points

• Vanguard Group Inc. has reduced its ownership in M&T Bank Corporation by 0.1% in the first quarter, now holding approximately 11.86% of the company with 19,479,947 shares worth about $3.48 billion.
• Other institutional investors, including Northern Trust Corp and Nuveen Asset Management LLC, have increased their stakes, reflecting mixed investment sentiments among major players.
• M&T Bank recently reported earnings of $4.28 per share for the latest quarter, surpassing analysts' expectations, and declared a quarterly dividend of $1.35 per share, indicating a stable financial performance.

Vanguard Group Inc. lowered its stake in M&T Bank Corporation (NYSE:MTB - Free Report) by 0.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,479,947 shares of the financial services provider's stock after selling 16,846 shares during the period. Vanguard Group Inc. owned approximately 11.86% of M&T Bank worth $3,482,041,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Northern Trust Corp boosted its holdings in shares of M&T Bank by 14.7% in the 4th quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider's stock worth $316,483,000 after purchasing an additional 215,100 shares during the period. First Trust Advisors LP lifted its position in M&T Bank by 2.1% in the fourth quarter. First Trust Advisors LP now owns 1,605,724 shares of the financial services provider's stock worth $301,892,000 after buying an additional 33,017 shares during the last quarter. Nuveen Asset Management LLC boosted its stake in M&T Bank by 22.3% during the fourth quarter. Nuveen Asset Management LLC now owns 1,567,270 shares of the financial services provider's stock worth $294,662,000 after buying an additional 286,049 shares during the period. Bank of New York Mellon Corp increased its position in M&T Bank by 2.2% during the first quarter. Bank of New York Mellon Corp now owns 1,442,381 shares of the financial services provider's stock valued at $257,826,000 after acquiring an additional 30,643 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in M&T Bank by 16.6% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,088,949 shares of the financial services provider's stock valued at $204,733,000 after acquiring an additional 155,374 shares during the last quarter. 84.68% of the stock is owned by institutional investors.

M&T Bank Price Performance

Shares of MTB opened at $183.62 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.97 and a current ratio of 0.97. The company has a 50 day moving average price of $190.67 and a 200-day moving average price of $184.20. M&T Bank Corporation has a fifty-two week low of $150.75 and a fifty-two week high of $225.70. The stock has a market capitalization of $28.69 billion, a PE ratio of 11.89, a PEG ratio of 0.91 and a beta of 0.63.

M&T Bank (NYSE:MTB - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, topping analysts' consensus estimates of $4.04 by $0.24. The company had revenue of $2.40 billion during the quarter, compared to analyst estimates 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 quarter in the prior year, the business earned $3.73 earnings per share. Equities analysts predict that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 2nd were given a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.9%. M&T Bank's dividend payout ratio (DPR) is presently 34.97%.

Insider Activity at M&T Bank

In other M&T Bank news, EVP Peter D'arcy sold 2,461 shares of M&T Bank stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total value of $485,579.91. Following the transaction, the executive vice president owned 9,319 shares in the company, valued at $1,838,731.89. The trade was a 20.89% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Robert E. Sadler, Jr. sold 6,700 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the sale, the director directly owned 23,070 shares of the company's stock, valued at approximately $4,233,806.40. The trade was a 22.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 10,438 shares of company stock valued at $1,967,346 over the last quarter. 0.53% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the stock. Truist Financial lowered their target price on shares of M&T Bank from $225.00 to $200.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Citigroup raised their price objective on shares of M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 2nd. Wall Street Zen raised M&T Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Deutsche Bank Aktiengesellschaft upgraded M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 price target on the stock in a report on Thursday, April 24th. Finally, DA Davidson boosted their price objective on M&T Bank from $189.00 to $207.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have given a buy rating to the company's stock. According to data from MarketBeat.com, M&T Bank has an average rating of "Moderate Buy" and a consensus price target of $212.88.

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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