Gabelli Funds LLC Sells 2,530 Shares of M&T Bank Corporation $MTB

Gabelli Funds LLC decreased its holdings in shares of M&T Bank Corporation (NYSE:MTB) by 5.1% in the 1st quarter, Holdings Channel reports. The fund owned 47,250 shares of the financial services provider’s stock after selling 2,530 shares during the period. Gabelli Funds LLC’s holdings in M&T Bank were worth $9,768,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of MTB. Bogart Wealth LLC grew 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 purchasing an additional 84 shares during the last quarter. Triumph Capital Management bought a new position in M&T Bank in the 3rd quarter valued at approximately $32,000. Elyxium Wealth LLC bought a new position in M&T Bank in the 4th quarter valued at approximately $33,000. Bank of Jackson Hole Trust boosted its position in M&T Bank by 38.7% during the 4th quarter. Bank of Jackson Hole Trust now owns 215 shares of the financial services provider’s stock worth $43,000 after buying an additional 60 shares during the period. Finally, Hoese & Co LLP acquired a new stake in M&T Bank during the 4th quarter worth approximately $50,000. 84.68% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. UBS Group upped their price target on shares of M&T Bank from $225.00 to $252.00 and gave the company a “neutral” rating in a research report on Tuesday, July 7th. Piper Sandler boosted their price objective on shares of M&T Bank from $235.00 to $240.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. 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. Wall Street Zen raised M&T Bank from a “sell” rating to a “hold” rating in a report on Monday, July 20th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $300.00 price target on shares of M&T Bank in a research note on Wednesday, July 15th. Seven analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $251.43.

Insider Activity at M&T Bank

In related news, EVP Christopher E. Kay sold 3,105 shares of the stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $216.50, for a total value of $672,232.50. Following the transaction, the executive vice president directly owned 6,753 shares in the company, valued at $1,462,024.50. This trade represents a 31.50% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.44% of the stock is currently owned by corporate insiders.

M&T Bank Trading Down 0.1%

MTB opened at $249.36 on Monday. M&T Bank Corporation has a 1-year low of $174.76 and a 1-year high of $255.00. The company has a current ratio of 0.89, a quick ratio of 0.94 and a debt-to-equity ratio of 0.53. The company has a market cap of $36.52 billion, a P/E ratio of 13.17, a price-to-earnings-growth ratio of 1.16 and a beta of 0.57. The company has a fifty day moving average price of $230.22 and a two-hundred day moving average price of $220.64.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share for the quarter, beating the consensus estimate of $4.66 by $0.69. The firm had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.46 billion. M&T Bank had a net margin of 22.72% and a return on equity of 11.80%. During the same quarter in the prior year, the business earned $4.28 earnings per share. Analysts predict that M&T Bank Corporation will post 19.42 EPS for the current fiscal year.

M&T Bank declared that its board has authorized a share repurchase plan on Tuesday, March 31st that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 16.7% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

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.