M&T Bank Corporation $MTB Shares Sold by Trust Co. of Vermont

Trust Co. of Vermont decreased its position in M&T Bank Corporation (NYSE:MTB) by 1.8% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 14,537 shares of the financial services provider’s stock after selling 274 shares during the quarter. Trust Co. of Vermont’s holdings in M&T Bank were worth $2,820,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Wellington Management Group LLP lifted its holdings in shares of M&T Bank by 33.1% during the first quarter. Wellington Management Group LLP now owns 9,894,065 shares of the financial services provider’s stock valued at $1,768,564,000 after purchasing an additional 2,460,315 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of M&T Bank by 15.2% during the first quarter. Invesco Ltd. now owns 3,552,666 shares of the financial services provider’s stock valued at $635,039,000 after purchasing an additional 468,758 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of M&T Bank by 2.3% during the first quarter. Northern Trust Corp now owns 1,721,410 shares of the financial services provider’s stock valued at $307,702,000 after purchasing an additional 38,081 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in shares of M&T Bank by 0.8% during the first quarter. Dimensional Fund Advisors LP now owns 1,611,137 shares of the financial services provider’s stock valued at $287,932,000 after purchasing an additional 12,580 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of 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 purchasing an additional 30,643 shares during the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MTB has been the subject of several analyst reports. DA Davidson upped their target price on M&T Bank from $189.00 to $207.00 and gave the company a “neutral” rating in a report on Thursday, July 17th. Evercore ISI upped their price target on M&T Bank from $222.00 to $225.00 and gave the company an “outperform” rating in a research report on Tuesday. Morgan Stanley upped their price target on M&T Bank from $206.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, June 20th. Wells Fargo & Company upped their price target on M&T Bank from $175.00 to $185.00 and gave the company an “underweight” rating in a research report on Thursday, July 17th. Finally, Citigroup upped their price target on M&T Bank from $200.00 to $212.00 and gave the company a “neutral” rating in a research report on Wednesday, July 2nd. Thirteen equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $215.53.

M&T Bank Stock Performance

Shares of NYSE MTB opened at $197.72 on Wednesday. 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 firm has a market cap of $30.90 billion, a price-to-earnings ratio of 12.81, a P/E/G ratio of 0.97 and a beta of 0.67. The business’s 50-day simple moving average is $195.53 and its 200-day simple moving average is $185.50. M&T Bank Corporation has a 52 week low of $150.75 and a 52 week high of $225.70.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $4.28 EPS for the quarter, beating analysts’ consensus estimates of $4.04 by $0.24. The business had revenue of $2.40 billion for 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 firm posted $3.73 EPS. As a group, equities research analysts expect that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd were issued a dividend of $1.50 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.0%. This is a positive change from M&T Bank’s previous quarterly dividend of $1.35. M&T Bank’s payout ratio is currently 38.86%.

Insider Activity

In other news, EVP Peter D’arcy sold 2,461 shares of the stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total transaction of $485,579.91. Following the transaction, the executive vice president owned 9,319 shares of the company’s stock, valued at approximately $1,838,731.89. This represents a 20.89% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $197.48, for a total value of $252,181.96. Following the transaction, the director directly owned 4,881 shares in the company, valued at approximately $963,899.88. This represents a 20.74% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,738 shares of company stock valued at $3,734,612. Insiders own 0.53% of the company’s stock.

About M&T Bank

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.