Wellington Management Group LLP reduced its position in M&T Bank Co. (NYSE:MTB - Free Report) by 12.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,993,836 shares of the financial services provider's stock after selling 1,458,128 shares during the quarter. Wellington Management Group LLP owned approximately 6.02% of M&T Bank worth $1,780,102,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of MTB. FMR LLC lifted its holdings in shares of M&T Bank by 13.9% during the 3rd quarter. FMR LLC now owns 12,349,398 shares of the financial services provider's stock worth $2,199,675,000 after acquiring an additional 1,508,846 shares during the period. State Street Corp boosted its holdings in M&T Bank by 6.4% during 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 in the last quarter. Marshall Wace LLP grew its stake in shares of M&T Bank by 232.1% in the 2nd quarter. Marshall Wace LLP now owns 676,745 shares of the financial services provider's stock valued at $102,432,000 after purchasing an additional 472,997 shares during the period. Los Angeles Capital Management LLC raised its holdings in shares of M&T Bank by 77.0% in the 2nd quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider's stock worth $110,993,000 after buying an additional 319,051 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in M&T Bank by 3.9% in the 3rd 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 in the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.
Analyst Ratings Changes
A number of research analysts have issued reports on the company. Keefe, Bruyette & Woods lifted their price objective on M&T Bank from $205.00 to $221.00 and gave the company a "market perform" rating in a report on Wednesday. Wedbush upped their price objective on shares of M&T Bank from $208.00 to $210.00 and gave the stock an "outperform" rating in a research note on Tuesday, September 24th. Piper Sandler lifted their target price on shares of M&T Bank from $205.00 to $243.00 and gave the company an "overweight" rating in a research note on Wednesday, November 27th. Wells Fargo & Company increased their price target on M&T Bank from $190.00 to $205.00 and gave the stock an "underweight" rating in a research report on Friday, November 15th. Finally, JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $223.50 price objective (up previously from $215.00) on shares of M&T Bank in a research report on Wednesday. One research analyst has rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, M&T Bank currently has a consensus rating of "Hold" and an average price target of $209.32.
Check Out Our Latest Stock Analysis on M&T Bank
Insider Activity at M&T Bank
In other news, Vice Chairman Gary N. Geisel sold 2,490 shares of the stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total transaction of $537,566.10. Following the completion of the sale, the insider now owns 16,429 shares of the company's stock, valued at $3,546,856.81. This represents a 13.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Rene F. Jones sold 23,071 shares of the firm's stock in a transaction on Monday, October 28th. The stock was sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the sale, the chief executive officer now owns 77,226 shares in the company, valued at approximately $14,972,576.88. The trade was a 23.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 84,994 shares of company stock worth $17,211,278 in the last quarter. Corporate insiders own 0.82% of the company's stock.
M&T Bank Trading Down 0.5 %
NYSE:MTB traded down $1.16 during mid-day trading on Friday, hitting $211.26. The company had a trading volume of 789,697 shares, compared to its average volume of 842,760. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.99 and a current ratio of 0.99. M&T Bank Co. has a fifty-two week low of $128.31 and a fifty-two week high of $225.70. The firm has a market cap of $35.05 billion, a P/E ratio of 15.64, a P/E/G ratio of 2.98 and a beta of 0.76. The business's fifty day moving average is $199.53 and its two-hundred day moving average is $173.51.
M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, beating analysts' consensus estimates of $3.60 by $0.48. The business had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.30 billion. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. As a group, research analysts expect that M&T Bank Co. will post 14.57 earnings per share for the current year.
M&T Bank Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be issued a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.56%. The ex-dividend date is Monday, December 2nd. M&T Bank's dividend payout ratio (DPR) is 39.97%.
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.
Further Reading
Before you consider M&T Bank, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and M&T Bank wasn't on the list.
While M&T Bank currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Click the link to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
