The Manufacturers Life Insurance Company Lowers Holdings in M&T Bank Co. (NYSE:MTB)

The Manufacturers Life Insurance Company decreased its holdings in M&T Bank Co. (NYSE:MTB) by 4.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 458,658 shares of the financial services provider’s stock after selling 21,050 shares during the period. The Manufacturers Life Insurance Company’s holdings in M&T Bank were worth $69,422,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. General Partner Inc. purchased a new stake in M&T Bank during the 1st quarter valued at approximately $27,000. Fidelis Capital Partners LLC bought a new position in shares of M&T Bank during the first quarter worth $30,000. Oakworth Capital Inc. purchased a new position in M&T Bank during the second quarter valued at $35,000. Versant Capital Management Inc grew its stake in M&T Bank by 82.7% during the second quarter. Versant Capital Management Inc now owns 444 shares of the financial services provider’s stock valued at $67,000 after acquiring an additional 201 shares in the last quarter. Finally, Bank & Trust Co purchased a new stake in M&T Bank in the 2nd quarter worth $70,000. Institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Up 0.1 %

Shares of NYSE:MTB opened at $175.42 on Friday. The firm has a market capitalization of $29.27 billion, a PE ratio of 11.86, a price-to-earnings-growth ratio of 3.55 and a beta of 0.76. The business has a 50 day simple moving average of $168.61 and a two-hundred day simple moving average of $154.64. M&T Bank Co. has a 1 year low of $108.53 and a 1 year high of $180.63. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.00 and a quick ratio of 1.00.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.50 by $0.23. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. The company had revenue of $3.37 billion during the quarter, compared to analysts’ expectations of $2.27 billion. During the same quarter in the previous year, the business earned $5.12 EPS. On average, equities analysts predict that M&T Bank Co. will post 14.23 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Tuesday, September 3rd will be paid a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.08%. The ex-dividend date is Tuesday, September 3rd. M&T Bank’s dividend payout ratio is presently 36.51%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Evercore ISI raised their price objective on M&T Bank from $157.00 to $168.00 and gave the company an “in-line” rating in a research report on Tuesday, June 25th. DA Davidson boosted their price target on shares of M&T Bank from $159.00 to $185.00 and gave the stock a “neutral” rating in a research report on Friday, July 19th. StockNews.com lowered shares of M&T Bank from a “hold” rating to a “sell” rating in a research report on Tuesday, September 24th. Piper Sandler boosted their target price on shares of M&T Bank from $164.00 to $190.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd. Finally, Wells Fargo & Company downgraded shares of M&T Bank from an “equal weight” rating to an “underweight” rating and lowered their price target for the company from $170.00 to $165.00 in a report on Thursday, August 15th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $178.35.

Insider Activity at M&T Bank

In other M&T Bank news, Vice Chairman Gary N. Geisel sold 500 shares of the company’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $172.50, for a total value of $86,250.00. Following the transaction, the insider now directly owns 16,429 shares in the company, valued at approximately $2,834,002.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Vice Chairman Gary N. Geisel sold 500 shares of the business’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $172.50, for a total value of $86,250.00. Following the completion of the sale, the insider now owns 16,429 shares in the company, valued at $2,834,002.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Kevin J. Pearson sold 6,095 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $162.28, for a total value of $989,096.60. Following the completion of the transaction, the insider now directly owns 47,944 shares in the company, valued at approximately $7,780,352.32. The disclosure for this sale can be found here. Insiders sold 32,699 shares of company stock worth $5,115,349 in the last 90 days. 0.82% of the stock is owned by corporate insiders.

About M&T Bank

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.