Hartford Investment Management Co. reduced its stake in M&T Bank Co. (NYSE:MTB – Get Rating ) by 5.6% during the first quarter, Holdings Channel reports. The institutional investor owned 12,198 shares of the financial services provider’s stock after selling 721 shares during the quarter. Hartford Investment Management Co.’s holdings. in M&T Bank were worth $2,068,000 as of its most recent SEC filing.
Several other large investors have also recently modified their holdings of the business. Yousif Capital Management LLC acquired a new position in shares of M&T Bank in the fourth quarter valued at $3,343,000. UMB Bank NA MO acquired a new stake in M&T Bank in the fourth quarter valued at $49,000. NuWave Investment Management LLC bought a new position in M&T Bank in the first quarter valued at about $47,000. Thrivent Financial for Lutherans increased its position in M&T Bank by 7,874 .3% in the 4th quarter. Thrivent Financial for Lutherans now owns 450,790 shares of the financial services provider’s stock valued at $69,233,000 after purchasing an additional 445,137 shares in the last quarter. Finally, Desjardins Global Asset Management Inc. acquired a new position in M&T Bank in the 4th quarter worth about $1,831,000. 87.61% of the shares are owned by institutional investors.
In other M&T Bank news, EVP Christopher E. Kay sold 2,200 shares of the company’s stock in a transaction that occurred on Friday, June 3rd. The shares were sold at an average price of $178.83, for a total value of $393,426.00. Following the completion of the transaction, the executive vice president now owns 5,350 shares of the company’s stock, valued at approximately $956,740.50. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, VP Kevin J. Pearson sold 5,000 shares of M&T Bank stock in a transaction that occurred on Tuesday, May 17th. The shares were sold at an average price of $169.71, for a total value of $848,550.00. Following the sale, the insider now directly owns 39,008 shares in the company, valued at approximately $6,620,047.68. Disclosure of this sale can be found here. In the last quarter, insiders sold 7,725 shares of company stock valued at $1,335,332. Corporate insiders own 0.73% of the company’s stock.
Several brokerages have recently commented on MTB. Robert W. Baird raised M&T Bank from a “neutral” rating to an “outperform” rating and upped their target price for the company from $175.00 to $200.00 in a research note on Friday, June 17th. Wolfe Research decreased their target price on shares of M&T Bank from $214.00 to $187.00 and set an “outperform” rating for the company in a research report on Thursday, May 26th. Piper Sandler boosted their price objective on shares of M&T Bank from $200.00 to $210.00 in a report on Wednesday, April 20th. Citigroup assumed coverage on shares of M&T Bank in a research note on Thursday, March 24th. They issued a “buy” rating on the company. Finally, Morgan Stanley raised shares of M&T Bank from an “underweight” rating to an “overweight” rating and upped their target price for the stock from $179.00 to $238.00 in a research report on Thursday, April 21st. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the company. The stock currently has an average rating of “Moderate Buy” and an average target price of $193.31, based on data from MarketBeat.com.
Shares of M&T Bank stock opened at $159.71 on Monday. The business’s 50-day simple moving average is $168.99, and the 200-day simple moving average is $170.59. M&T Bank Co. it has a 52-week low of $128.46 and a 52-week high of $186.95. The firm has a market cap of $28.65 billion, a PE ratio of 12.20, a PEG ratio of 0.89 and a beta of 0.89. The company has a debt-to-equity ratio of 0.21, a quick earnings ratio of 1.05 and a current ratio of 1.05.
M&T Bank (NYSE:MTB – Get Rating ) last posted its quarterly earnings results on Wednesday, April 20th. The financial services provider reported $2.73 EPS for the quarter, topping the consensus estimate of $2.26 by $0.47. M&T Bank had a return on equity of 11.45% and a net margin of 29.31%. The company had revenue of $1.45 billion for the quarter, compared to the consensus estimate of $1.43 billion. During the same period in the previous year, the business reported $3.41 EPS. Analysts predict that M&T Bank Co. will report 14.6 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Wednesday, June 1st were given a dividend of $1.20 per share. This represents a $4.80 annual dividend and a yield of 3.01%. The ex-dividend date of this dividend was Tuesday, May 31st. M&T Bank’s payout ratio is currently 36.67%.
About M&T Bank (Get Rating)
M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The company’s business banking segment offers deposits, lending, cash management and other financial services to small businesses and professionals. Its Commercial Banking segment offers deposit products, commercial lending and leasing, letters of credit and cash management services to medium and large commercial customers.
Want to see what other hedge funds are holding MTB? Visit HoldingsChannel.com to get the latest 13F filings and insider deals for M&T Bank Co. (NYSE: MTB – Get Rating ).
Get news and ratings for M&T Bank Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for M&T Bank and related companies with MarketBeat.com’s FREE daily email newsletter.