Wellington Management Group LLP cut its position in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 4.5% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 14,209,241 shares of the financial services provider's stock after selling 667,639 shares during the quarter. Wellington Management Group LLP owned approximately 8.56% of M&T Bank worth $1,796,759,000 at the end of the most recent quarter.
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Other hedge funds and other institutional investors have also modified their holdings of the company. Clear Street Markets LLC purchased a new stake in shares of M&T Bank during the fourth quarter worth about $25,000. Stonebridge Capital Advisors LLC grew its holdings in M&T Bank by 1,980.0% in the second quarter. Stonebridge Capital Advisors LLC now owns 208 shares of the financial services provider's stock valued at $26,000 after purchasing an additional 198 shares during the period. RVW Wealth LLC purchased a new stake in M&T Bank in the third quarter valued at approximately $27,000. Quarry LP purchased a new stake in M&T Bank in the first quarter valued at approximately $27,000. Finally, Sunbelt Securities Inc. purchased a new stake in M&T Bank in the first quarter valued at approximately $27,000. 82.86% of the stock is currently owned by hedge funds and other institutional investors.
M&T Bank Price Performance
MTB traded down $0.36 on Tuesday, reaching $142.47. The company had a trading volume of 383,249 shares, compared to its average volume of 1,206,216. The company has a fifty day moving average of $137.41 and a 200-day moving average of $129.94. The company has a market capitalization of $23.74 billion, a P/E ratio of 9.05, a PEG ratio of 1.26 and a beta of 0.79. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.33. M&T Bank Co. has a one year low of $108.53 and a one year high of $148.23.
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M&T Bank (NYSE:MTB - Get Free Report) last announced its earnings results on Thursday, January 18th. The financial services provider reported $2.74 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.10 by ($0.36). The company had revenue of $3.32 billion during the quarter, compared to the consensus estimate of $2.27 billion. M&T Bank had a net margin of 21.49% and a return on equity of 11.59%. During the same quarter in the prior year, the company earned $4.57 EPS. As a group, equities research analysts anticipate that M&T Bank Co. will post 13.88 earnings per share for the current year.
M&T Bank Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 29th. Shareholders of record on Monday, March 4th will be issued a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a yield of 3.65%. The ex-dividend date is Friday, March 1st. M&T Bank's payout ratio is 32.95%.
Insider Buying and Selling at M&T Bank
In other M&T Bank news, EVP Doris P. Meister sold 1,675 shares of the company's stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $137.91, for a total value of $230,999.25. Following the completion of the sale, the executive vice president now directly owns 8,961 shares of the company's stock, valued at approximately $1,235,811.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other M&T Bank news, EVP Doris P. Meister sold 1,675 shares of the company's stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $137.91, for a total transaction of $230,999.25. Following the completion of the sale, the executive vice president now directly owns 8,961 shares of the company's stock, valued at $1,235,811.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Doris P. Meister sold 1,000 shares of the company's stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $132.30, for a total transaction of $132,300.00. Following the sale, the executive vice president now directly owns 7,274 shares of the company's stock, valued at $962,350.20. The disclosure for this sale can be found here. 0.82% of the stock is owned by corporate insiders.
Wall Street Analyst Weigh In
A number of equities research analysts recently issued reports on the stock. Piper Sandler lowered their target price on shares of M&T Bank from $156.00 to $152.00 and set an "overweight" rating for the company in a report on Friday, January 19th. Morgan Stanley boosted their price objective on shares of M&T Bank from $160.00 to $179.00 and gave the stock an "overweight" rating in a research note on Wednesday, February 7th. StockNews.com downgraded shares of M&T Bank from a "hold" rating to a "sell" rating in a research note on Wednesday, December 27th. UBS Group boosted their price objective on shares of M&T Bank from $139.00 to $154.00 in a research note on Wednesday, January 17th. Finally, Barclays boosted their price objective on shares of M&T Bank from $150.00 to $170.00 and gave the stock an "equal weight" rating in a research note on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $149.71.
M&T Bank Company Profile
(Free Report)
M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.
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