Wedmont Private Capital Trims Holdings in M&T Bank Co. (NYSE:MTB)

Wedmont Private Capital trimmed its position in M&T Bank Co. (NYSE:MTB) by 3.4% during the first quarter, Holdings Channel.com reports. The firm owned 3,341 shares of the financial services provider’s stock after selling 116 shares during the period. Wedmont Private Capital’s holdings in M&T Bank were worth $470,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MTB. Norges Bank purchased a new position in M&T Bank in the 4th quarter valued at about $232,322,000. Smead Capital Management Inc. acquired a new position in shares of M&T Bank during the 4th quarter valued at about $59,418,000. Senvest Management LLC increased its stake in shares of M&T Bank by 279.6% during the 3rd quarter. Senvest Management LLC now owns 426,700 shares of the financial services provider’s stock valued at $53,956,000 after acquiring an additional 314,300 shares during the last quarter. Los Angeles Capital Management LLC acquired a new position in shares of M&T Bank during the 4th quarter valued at about $34,645,000. Finally, London Co. of Virginia increased its stake in shares of M&T Bank by 23.2% during the 3rd quarter. London Co. of Virginia now owns 1,118,296 shares of the financial services provider’s stock valued at $141,409,000 after acquiring an additional 210,821 shares during the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, Director John P. Barnes sold 43,426 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $154.50, for a total transaction of $6,709,317.00. Following the completion of the transaction, the director now directly owns 35,480 shares in the company, valued at approximately $5,481,660. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In related news, Director John P. Barnes sold 43,426 shares of the firm’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $154.50, for a total transaction of $6,709,317.00. Following the transaction, the director now directly owns 35,480 shares in the company, valued at $5,481,660. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Doris P. Meister sold 1,638 shares of the firm’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total value of $226,387.98. Following the transaction, the executive vice president now owns 3,362 shares in the company, valued at $464,662.02. The disclosure for this sale can be found here. In the last three months, insiders sold 97,553 shares of company stock worth $14,724,147. 0.82% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on MTB. Piper Sandler reaffirmed an “overweight” rating and set a $164.00 price objective on shares of M&T Bank in a research note on Friday. Wedbush reaffirmed an “outperform” rating and set a $170.00 price objective on shares of M&T Bank in a research note on Wednesday, April 10th. Evercore ISI upped their price objective on shares of M&T Bank from $146.00 to $157.00 and gave the company an “in-line” rating in a research note on Thursday, March 28th. Jefferies Financial Group upped their price objective on shares of M&T Bank from $151.00 to $160.00 and gave the company a “hold” rating in a research note on Tuesday, June 4th. Finally, StockNews.com downgraded shares of M&T Bank from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $159.79.

M&T Bank Stock Down 0.2 %

Shares of NYSE:MTB opened at $147.51 on Friday. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.46. M&T Bank Co. has a 52-week low of $108.53 and a 52-week high of $156.65. The company has a 50 day moving average of $147.45 and a two-hundred day moving average of $141.36. The company has a market capitalization of $24.61 billion, a price-to-earnings ratio of 9.97, a price-to-earnings-growth ratio of 2.90 and a beta of 0.78.

M&T Bank (NYSE:MTB) last released its earnings results on Monday, April 15th. The financial services provider reported $3.02 EPS for the quarter, missing the consensus estimate of $3.13 by ($0.11). The business had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.26 billion. M&T Bank had a net margin of 19.52% and a return on equity of 10.68%. During the same quarter last year, the company posted $4.09 earnings per share. As a group, analysts forecast that M&T Bank Co. will post 13.99 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Monday, June 3rd will be paid a dividend of $1.35 per share. This is a boost from M&T Bank’s previous quarterly dividend of $1.30. This represents a $5.40 annualized dividend and a dividend yield of 3.66%. The ex-dividend date of this dividend is Monday, June 3rd. M&T Bank’s dividend payout ratio is 36.51%.

M&T Bank Profile

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.