Westpac Banking Corp Reduces Stake in M&T Bank Corporation (NYSE:MTB)

Westpac Banking Corp reduced its stake in M&T Bank Corporation (NYSE:MTB) by 17.3% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,270 shares of the financial services provider’s stock after selling 265 shares during the quarter. Westpac Banking Corp’s holdings in M&T Bank were worth $227,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in MTB. Raymond James Financial Inc. purchased a new stake in M&T Bank in the 4th quarter valued at $21,783,000. Rockefeller Capital Management L.P. purchased a new stake in M&T Bank in the 4th quarter valued at $2,035,000. Townsquare Capital LLC grew its holdings in M&T Bank by 9.4% in the 4th quarter. Townsquare Capital LLC now owns 1,414 shares of the financial services provider’s stock valued at $266,000 after buying an additional 122 shares in the last quarter. CreativeOne Wealth LLC purchased a new stake in M&T Bank in the 4th quarter valued at $398,000. Finally, XTX Topco Ltd purchased a new position in shares of M&T Bank during the 4th quarter worth $662,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Price Performance

MTB stock opened at $193.25 on Thursday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.97 and a quick ratio of 0.97. The firm has a market capitalization of $30.20 billion, a P/E ratio of 12.52, a P/E/G ratio of 0.94 and a beta of 0.63. The business’s 50-day moving average is $191.33 and its two-hundred day moving average is $183.98. M&T Bank Corporation has a 1 year low of $150.75 and a 1 year high of $225.70.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.04 by $0.24. The company 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 last year, the company earned $3.73 EPS. Analysts anticipate 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 declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 2nd were given a $1.35 dividend. 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 2.8%. M&T Bank’s dividend payout ratio (DPR) is currently 34.97%.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, Director Richard H. Jr. Ledgett sold 1,277 shares of the stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $197.48, for a total value of $252,181.96. Following the sale, the director owned 4,881 shares of the company’s stock, valued at $963,899.88. This trade represents a 20.74% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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 value of $1,229,584.00. Following the completion of the sale, the director directly owned 23,070 shares in the company, valued at $4,233,806.40. This represents a 22.51% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,438 shares of company stock valued at $1,967,346 in the last quarter. Corporate insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on MTB shares. Wall Street Zen upgraded M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, May 14th. Wells Fargo & Company increased their price target on M&T Bank from $175.00 to $185.00 and gave the stock an “underweight” rating in a report on Thursday, July 17th. TD Cowen started coverage on M&T Bank in a report on Thursday, May 15th. They set a “buy” rating and a $230.00 price target for the company. Jefferies Financial Group set a $225.00 price target on M&T Bank and gave the stock a “buy” rating in a report on Wednesday, May 21st. Finally, Morgan Stanley increased their price target on M&T Bank from $206.00 to $215.00 and gave the stock an “overweight” rating in a report on Friday, June 20th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, M&T Bank has an average rating of “Moderate Buy” and a consensus target price of $212.88.

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.