Sumitomo Mitsui Trust Group Inc. Sells 21,205 Shares of M&T Bank Corporation $MTB

Sumitomo Mitsui Trust Group Inc. trimmed its position in M&T Bank Corporation (NYSE:MTB) by 4.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 421,077 shares of the financial services provider’s stock after selling 21,205 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.28% of M&T Bank worth $87,045,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Bogart Wealth LLC lifted its holdings in shares of M&T Bank by 233.3% during the first quarter. Bogart Wealth LLC now owns 120 shares of the financial services provider’s stock worth $25,000 after buying an additional 84 shares in the last quarter. Triumph Capital Management bought a new position in M&T Bank during the third quarter worth about $32,000. Elyxium Wealth LLC acquired a new stake in M&T Bank in the 4th quarter worth about $33,000. Bank of Jackson Hole Trust raised its stake in M&T Bank by 38.7% in the 4th quarter. Bank of Jackson Hole Trust now owns 215 shares of the financial services provider’s stock worth $43,000 after purchasing an additional 60 shares in the last quarter. Finally, Hoese & Co LLP acquired a new stake in M&T Bank in the 4th quarter worth about $50,000. Institutional investors own 84.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on MTB shares. Evercore set a $260.00 target price on shares of M&T Bank in a research report on Monday. Wells Fargo & Company lifted their price target on shares of M&T Bank from $205.00 to $215.00 and gave the company an “underweight” rating in a research report on Monday, July 6th. Weiss Ratings reiterated a “buy (b)” rating on shares of M&T Bank in a research note on Thursday, June 4th. Cantor Fitzgerald reduced their price target on M&T Bank from $255.00 to $253.00 and set an “overweight” rating on the stock in a research report on Friday, April 17th. Finally, UBS Group lifted their price objective on M&T Bank from $225.00 to $252.00 and gave the company a “neutral” rating in a report on Tuesday. Seven investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $240.55.

Insider Activity at M&T Bank

In other news, EVP Christopher E. Kay sold 3,105 shares of the firm’s stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $216.50, for a total value of $672,232.50. Following the sale, the executive vice president directly owned 6,753 shares in the company, valued at approximately $1,462,024.50. This trade represents a 31.50% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.44% of the company’s stock.

M&T Bank Price Performance

MTB traded up $4.30 during trading on Friday, hitting $242.24. 1,392,716 shares of the stock traded hands, compared to its average volume of 1,031,294. The business has a 50 day moving average price of $222.81 and a 200 day moving average price of $217.54. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.94 and a quick ratio of 0.94. M&T Bank Corporation has a twelve month low of $174.76 and a twelve month high of $243.57. The company has a market cap of $35.48 billion, a price-to-earnings ratio of 13.56, a PEG ratio of 1.18 and a beta of 0.57.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.18 EPS for the quarter, topping analysts’ consensus estimates of $4.02 by $0.16. The company had revenue of $2.44 billion during the quarter, compared to analysts’ expectations of $2.43 billion. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.During the same quarter in the previous year, the firm earned $3.32 EPS. Equities research analysts forecast that M&T Bank Corporation will post 18.81 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 1st were paid a dividend of $1.50 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $6.00 annualized dividend and a yield of 2.5%. M&T Bank’s payout ratio is presently 33.59%.

M&T Bank announced that its board has authorized a share repurchase program on Tuesday, March 31st that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 16.7% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

M&T Bank Profile

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.