M&T Bank Co. (NYSE:MTB) Stake Reduced by JPMorgan Chase & Co.

JPMorgan Chase & Co. trimmed its stake in M&T Bank Co. (NYSE:MTB) by 3.7% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 6,465,895 shares of the financial services provider’s stock after selling 251,322 shares during the quarter. JPMorgan Chase & Co.’s holdings in M&T Bank were worth $1,151,706,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. FMR LLC lifted its position in M&T Bank by 13.9% in the 3rd quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after purchasing an additional 1,508,846 shares during the last quarter. State Street Corp increased its stake in shares of M&T Bank by 6.4% in the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $1,562,725,000 after purchasing an additional 527,854 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in shares of M&T Bank by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock valued at $897,216,000 after buying an additional 190,837 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of M&T Bank by 1.6% during the third quarter. Geode Capital Management LLC now owns 4,329,814 shares of the financial services provider’s stock worth $768,824,000 after buying an additional 66,337 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its holdings in M&T Bank by 4.8% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,781,816 shares of the financial services provider’s stock worth $269,696,000 after buying an additional 81,004 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Analyst Ratings Changes

Several brokerages have weighed in on MTB. Royal Bank of Canada lifted their target price on M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Wolfe Research raised shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective for the company in a report on Friday, October 4th. Wells Fargo & Company raised their target price on shares of M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a research note on Friday, November 15th. DA Davidson upped their price target on shares of M&T Bank from $192.00 to $207.00 and gave the stock a “neutral” rating in a research note on Monday, October 21st. Finally, Citigroup lowered shares of M&T Bank from a “buy” rating to a “neutral” rating and raised their price objective for the company from $220.00 to $230.00 in a research note on Monday, November 25th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $215.50.

M&T Bank Price Performance

MTB stock opened at $191.03 on Friday. The firm has a 50-day moving average of $204.26 and a two-hundred day moving average of $178.43. The firm has a market capitalization of $31.70 billion, a PE ratio of 14.14, a P/E/G ratio of 2.83 and a beta of 0.76. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.44. M&T Bank Co. has a one year low of $128.31 and a one year high of $225.70.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.60 by $0.48. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. The firm had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.30 billion. On average, analysts forecast that M&T Bank Co. will post 14.63 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 Tuesday, December 31st. Investors of record on Monday, December 2nd will be given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.83%. The ex-dividend date is Monday, December 2nd. M&T Bank’s payout ratio is 39.97%.

Insider Buying and Selling

In other news, EVP John R. Taylor sold 1,436 shares of the business’s stock in a transaction on Monday, October 28th. The shares were sold at an average price of $195.03, for a total transaction of $280,063.08. Following the transaction, the executive vice president now directly owns 5,618 shares in the company, valued at $1,095,678.54. The trade was a 20.36 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John P. Barnes sold 20,000 shares of the stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $193.97, for a total value of $3,879,400.00. Following the sale, the director now owns 49,960 shares of the company’s stock, valued at approximately $9,690,741.20. This represents a 28.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 84,994 shares of company stock valued at $17,211,278. Corporate insiders own 0.82% of the company’s stock.

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.