Sumitomo Mitsui Trust Holdings Inc. Purchases 35,692 Shares of M&T Bank Co. (NYSE:MTB)

Sumitomo Mitsui Trust Holdings Inc. grew its position in M&T Bank Co. (NYSE:MTB) by 7.7% in the 1st quarter, Holdings Channel reports. The institutional investor owned 497,503 shares of the financial services provider’s stock after purchasing an additional 35,692 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in M&T Bank were worth $72,357,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new stake in shares of M&T Bank during the fourth quarter valued at approximately $232,322,000. Smead Capital Management Inc. bought a new stake in shares of M&T Bank in the 4th quarter worth $59,418,000. Los Angeles Capital Management LLC purchased a new position in shares of M&T Bank in the fourth quarter worth $34,645,000. Bank of Nova Scotia lifted its holdings in shares of M&T Bank by 1,155.9% during the fourth quarter. Bank of Nova Scotia now owns 205,392 shares of the financial services provider’s stock valued at $28,154,000 after purchasing an additional 189,038 shares in the last quarter. Finally, BNP Paribas Financial Markets increased its holdings in M&T Bank by 127.6% in the 4th quarter. BNP Paribas Financial Markets now owns 277,330 shares of the financial services provider’s stock worth $38,016,000 after buying an additional 155,487 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

Insider Activity at M&T Bank

In other M&T Bank news, EVP Doris P. Meister sold 1,638 shares of the company’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $138.21, for a total value of $226,387.98. Following the transaction, the executive vice president now directly owns 3,362 shares in the company, valued at approximately $464,662.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Christopher E. Kay sold 1,821 shares of M&T Bank stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $153.78, for a total value of $280,033.38. Following the completion of the sale, the executive vice president now directly owns 8,579 shares in the company, valued at $1,319,278.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Doris P. Meister sold 1,638 shares of the company’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total transaction of $226,387.98. Following the completion of the sale, the executive vice president now directly owns 3,362 shares of the company’s stock, valued at $464,662.02. The disclosure for this sale can be found here. Insiders sold 97,553 shares of company stock worth $14,724,147 in the last 90 days. 0.82% of the stock is owned by corporate insiders.

M&T Bank Trading Down 1.7 %

Shares of NYSE MTB opened at $149.13 on Friday. M&T Bank Co. has a fifty-two week low of $108.53 and a fifty-two week high of $156.65. The company has a debt-to-equity ratio of 0.46, a quick ratio of 1.00 and a current ratio of 1.00. The company has a market cap of $24.88 billion, a price-to-earnings ratio of 10.08, a PEG ratio of 2.98 and a beta of 0.77. The business’s 50 day moving average price is $148.53 and its 200-day moving average price is $142.17.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data 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). M&T Bank had a net margin of 19.52% and a return on equity of 10.68%. The business had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.26 billion. During the same period last year, the company earned $4.09 EPS. On average, sell-side analysts expect that M&T Bank Co. will post 13.99 earnings per share for the current year.

M&T Bank Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 3rd were paid a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.62%. The ex-dividend date of this dividend was Monday, June 3rd. This is an increase from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s dividend payout ratio (DPR) is currently 36.51%.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on MTB shares. JPMorgan Chase & Co. raised their price target on shares of M&T Bank from $170.00 to $180.00 and gave the company a “neutral” rating in a report on Tuesday, April 16th. DA Davidson reiterated a “neutral” rating and set a $159.00 price objective on shares of M&T Bank in a research report on Tuesday, April 16th. Piper Sandler reaffirmed an “overweight” rating and issued a $164.00 target price on shares of M&T Bank in a report on Friday, June 21st. Jefferies Financial Group increased their price objective on shares of M&T Bank from $160.00 to $161.00 and gave the stock a “hold” rating in a research note on Wednesday. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $170.00 target price on shares of M&T Bank in a report on Thursday, June 27th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, M&T Bank has an average rating of “Hold” and a consensus price target of $161.58.

M&T Bank Company 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.