14,383 M&T Bank Corporation $MTB Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. trimmed its stake in M&T Bank Corporation (NYSE:MTB) by 3.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 378,966 shares of the financial services provider’s stock after selling 14,383 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.26% of M&T Bank worth $82,463,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in MTB. Bogart Wealth LLC boosted its holdings in M&T Bank by 233.3% in the first quarter. Bogart Wealth LLC now owns 120 shares of the financial services provider’s stock worth $25,000 after acquiring an additional 84 shares in the last quarter. First Bancorp Inc ME acquired a new position in shares of M&T Bank during the second quarter valued at about $25,000. John Boyer Inc. purchased a new position in shares of M&T Bank in the 3rd quarter valued at approximately $29,000. FNY Investment Advisers LLC purchased a new position in shares of M&T Bank in the 2nd quarter valued at approximately $51,000. Finally, NBH Bank purchased a new position in shares of M&T Bank in the 2nd quarter valued at approximately $51,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on MTB. Raymond James Financial began coverage on shares of M&T Bank in a research report on Tuesday, October 6th. They set an “outperform” rating and a $250.00 target price on the stock. Robert W. Baird raised their price target on shares of M&T Bank from $240.00 to $250.00 and gave the stock a “neutral” rating in a report on Thursday, July 16th. Royal Bank Of Canada decreased their price target on shares of M&T Bank from $255.00 to $245.00 and set an “outperform” rating for the company in a report on Monday, October 19th. Deutsche Bank Aktiengesellschaft downgraded M&T Bank from a “buy” rating to a “hold” rating and set a $250.00 price target on the stock. in a research note on Thursday, July 23rd. Finally, Wells Fargo & Company increased their price objective on M&T Bank from $215.00 to $224.00 and gave the company an “underweight” rating in a report on Thursday, July 16th. Eight research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $244.89.

Insider Activity at M&T Bank

In related news, CEO Rene F. Jones sold 19,396 shares of the business’s stock in a transaction on Monday, September 14th. The shares were sold at an average price of $239.35, for a total value of $4,642,432.60. Following the completion of the transaction, the chief executive officer directly owned 103,831 shares in the company, valued at $24,851,949.85. The trade was a 15.74% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rudina Seseri sold 623 shares of the 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 sale, 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 SEC filing for this sale provides additional information. Corporate insiders own 0.44% of the company’s stock.

M&T Bank Trading Down 1.1%

NYSE MTB opened at $221.88 on Wednesday. The company has a market capitalization of $32.04 billion, a PE ratio of 11.58, a P/E/G ratio of 1.30 and a beta of 0.64. The company has a fifty day moving average of $225.51 and a 200 day moving average of $225.16. M&T Bank Corporation has a 1 year low of $179.75 and a 1 year high of $255.95. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.89 and a quick ratio of 0.89.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Friday, October 16th. The financial services provider reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.93 by $0.15. The company had revenue of $2.54 billion for the quarter, compared to the consensus estimate of $2.53 billion. M&T Bank had a return on equity of 11.86% and a net margin of 22.63%. During the same period last year, the firm earned $4.82 EPS. Research analysts forecast that M&T Bank Corporation will post 19.48 earnings per share for the current year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st were issued a $1.50 dividend. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $6.00 dividend on an annualized basis and a yield of 2.7%. M&T Bank’s payout ratio is presently 31.32%.

M&T Bank Company Profile

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, M&T Bank, was founded in 1856 and provides financial products and services to individuals, businesses and institutions.

The company’s offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, credit cards, treasury management and other banking services. Through its wealth management and institutional businesses, including Wilmington Trust, M&T also provides investment management, fiduciary, trust, estate planning and related corporate services.

M&T Bank serves customers through branch locations and digital banking channels in several states, primarily across the Mid-Atlantic and Northeast, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and the District of Columbia.