M&T Bank Corporation $MTB Position Reduced by Commerzbank Aktiengesellschaft FI

Commerzbank Aktiengesellschaft FI trimmed its position in M&T Bank Corporation (NYSE:MTB) by 23.7% in the first quarter, HoldingsChannel.com reports. The firm owned 7,877 shares of the financial services provider’s stock after selling 2,444 shares during the quarter. Commerzbank Aktiengesellschaft FI’s holdings in M&T Bank were worth $1,628,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Delphi Management Inc. MA bought a new position in M&T Bank during the fourth quarter valued at about $1,524,000. LSV Asset Management boosted its holdings in M&T Bank by 14.5% during the fourth quarter. LSV Asset Management now owns 391,900 shares of the financial services provider’s stock worth $78,960,000 after buying an additional 49,500 shares in the last quarter. Adams Diversified Equity Fund Inc. grew its position in M&T Bank by 22.8% in the first quarter. Adams Diversified Equity Fund Inc. now owns 119,900 shares of the financial services provider’s stock worth $24,786,000 after buying an additional 22,300 shares during the last quarter. SG Americas Securities LLC grew its position in M&T Bank by 270.4% in the fourth quarter. SG Americas Securities LLC now owns 63,638 shares of the financial services provider’s stock worth $12,822,000 after buying an additional 46,458 shares during the last quarter. Finally, Canoe Financial LP grew its position in M&T Bank by 50.5% in the fourth quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider’s stock worth $131,515,000 after buying an additional 219,065 shares during the last quarter. 84.68% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Christopher E. Kay sold 3,105 shares of the stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $216.50, for a total value of $672,232.50. Following the completion of the sale, the executive vice president directly owned 6,753 shares of the company’s stock, valued at $1,462,024.50. This represents a 31.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.44% of the stock is owned by company insiders.

M&T Bank Trading Down 0.4%

NYSE MTB opened at $248.44 on Wednesday. M&T Bank Corporation has a twelve month low of $174.76 and a twelve month high of $255.00. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.94 and a current ratio of 0.89. The stock has a market cap of $36.38 billion, a price-to-earnings ratio of 13.12, a PEG ratio of 1.16 and a beta of 0.57. The firm’s 50 day moving average price is $227.60 and its two-hundred day moving average price is $219.71.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $5.35 EPS for the quarter, topping analysts’ consensus estimates of $4.66 by $0.69. M&T Bank had a return on equity of 11.80% and a net margin of 22.72%.The firm had revenue of $2.53 billion during the quarter, compared to analyst estimates of $2.46 billion. During the same period last year, the company posted $4.28 EPS. Equities analysts anticipate that M&T Bank Corporation will post 19.33 EPS for the current year.

M&T Bank declared that its board has authorized a stock buyback plan on Tuesday, March 31st that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 16.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on MTB shares. Weiss Ratings reissued a “buy (b)” rating on shares of M&T Bank in a research note on Thursday, June 4th. Jefferies Financial Group reaffirmed a “buy” rating and set a $300.00 target price on shares of M&T Bank in a research report on Wednesday, July 15th. Piper Sandler boosted their target price on M&T Bank from $235.00 to $240.00 and gave the stock an “overweight” rating in a research report on Thursday, April 16th. Argus upped their target price on M&T Bank from $230.00 to $245.00 and gave the company a “buy” rating in a report on Friday, April 17th. Finally, Evercore set a $260.00 price target on M&T Bank in a research report on Monday, July 6th. Seven equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, M&T Bank currently has a consensus rating of “Hold” and a consensus price target of $251.50.

M&T Bank Profile

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid?Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle?market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.