M&T Bank Corporation $MTB Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. trimmed its stake in M&T Bank Corporation (NYSE:MTB) by 6.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 362,936 shares of the financial services provider’s stock after selling 25,891 shares during the quarter. Russell Investments Group Ltd. owned 0.25% of M&T Bank worth $78,974,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in MTB. Bank of New York Mellon Corp purchased a new position in shares of M&T Bank in the 2nd quarter worth about $330,978,000. Davis Asset Management L.P. purchased a new stake in M&T Bank during the 2nd quarter valued at about $97,584,000. Squarepoint Ops LLC grew its position in M&T Bank by 718.5% during the 2nd quarter. Squarepoint Ops LLC now owns 224,397 shares of the financial services provider’s stock valued at $53,409,000 after purchasing an additional 196,982 shares during the last quarter. Danske Bank A S purchased a new stake in M&T Bank during the 2nd quarter valued at about $34,683,000. Finally, Susquehanna Fundamental Investments LLC increased its stake in M&T Bank by 205.4% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 110,553 shares of the financial services provider’s stock valued at $26,313,000 after purchasing an additional 74,353 shares in the last quarter. 84.68% of the stock is owned by institutional investors.

M&T Bank Stock Performance

Shares of M&T Bank stock traded up $1.27 during trading on Friday, hitting $221.05. 439,559 shares of the company’s stock traded hands, compared to its average volume of 911,208. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.96 and a quick ratio of 0.96. M&T Bank Corporation has a 1 year low of $179.75 and a 1 year high of $255.95. The stock has a market capitalization of $31.71 billion, a P/E ratio of 11.54, a PEG ratio of 1.27 and a beta of 0.64. The business has a 50-day simple moving average of $222.86 and a 200-day simple moving average of $225.41.

M&T Bank (NYSE:MTB) last issued its earnings results on Friday, October 16th. The financial services provider reported $5.08 earnings per share for the quarter, topping analysts’ consensus estimates of $4.93 by $0.15. M&T Bank had a return on equity of 11.86% and a net margin of 22.63%. The business had revenue of $2.54 billion during the quarter, compared to analyst estimates of $2.53 billion. During the same quarter in the previous year, the firm earned $4.82 EPS. As a group, analysts forecast that M&T Bank Corporation will post 19.48 EPS for the current year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st were issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Tuesday, September 1st. M&T Bank’s dividend payout ratio (DPR) is presently 31.32%.

Insider Buying and Selling

In other news, Director Rudina Seseri sold 623 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $241.04, for a total transaction of $150,167.92. Following the completion of the transaction, the director directly owned 3,649 shares of the company’s stock, valued at $879,554.96. The trade was a 14.58% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Rene F. Jones sold 19,396 shares of the stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $239.35, for a total transaction of $4,642,432.60. Following the transaction, the chief executive officer owned 103,831 shares in the company, valued at approximately $24,851,949.85. This trade represents a 15.74% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders own 0.44% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have issued reports on MTB shares. Deutsche Bank cut shares of M&T Bank from a “buy” rating to a “hold” rating and set a $250.00 target price for the company. in a report on Thursday, July 23rd. Truist Financial cut their price target on shares of M&T Bank from $250.00 to $235.00 and set a “hold” rating on the stock in a report on Tuesday, October 20th. Raymond James Financial began coverage on shares of M&T Bank in a report on Tuesday, October 6th. They set an “outperform” rating and a $250.00 price target on the stock. Wall Street Zen downgraded shares of M&T Bank from a “hold” rating to a “sell” rating in a research report on Saturday, November 7th. Finally, Cantor Fitzgerald decreased their price objective on shares of M&T Bank from $285.00 to $255.00 and set an “overweight” rating for the company in a report on Wednesday, October 14th. Eight research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, M&T Bank currently has a consensus rating of “Hold” and a consensus price target of $244.89.

M&T Bank Profile

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Founded in 1856 as Manufacturers and Traders Bank, the company operates primarily through M&T Bank and its wealth-management subsidiary, Wilmington Trust. M&T provides retail and commercial banking services, including checking and savings accounts, loans, mortgages, credit cards, and cash-management services. Through Wilmington Trust and other businesses, it also offers wealth management, trust, investment, and related financial services.