Polaris Capital Management LLC Sells 16,700 Shares of M&T Bank Corporation $MTB

Polaris Capital Management LLC lessened its position in M&T Bank Corporation (NYSE:MTB) by 10.0% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 149,594 shares of the financial services provider’s stock after selling 16,700 shares during the period. M&T Bank makes up about 1.9% of Polaris Capital Management LLC’s investment portfolio, making the stock its 26th biggest holding. Polaris Capital Management LLC owned about 0.09% of M&T Bank worth $29,020,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Wellington Management Group LLP increased its stake in M&T Bank by 33.1% in the first quarter. Wellington Management Group LLP now owns 9,894,065 shares of the financial services provider’s stock valued at $1,768,564,000 after purchasing an additional 2,460,315 shares in the last quarter. Invesco Ltd. increased its stake in M&T Bank by 15.2% in the first quarter. Invesco Ltd. now owns 3,552,666 shares of the financial services provider’s stock valued at $635,039,000 after purchasing an additional 468,758 shares in the last quarter. Northern Trust Corp increased its stake in M&T Bank by 2.3% in the first quarter. Northern Trust Corp now owns 1,721,410 shares of the financial services provider’s stock valued at $307,702,000 after purchasing an additional 38,081 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in M&T Bank by 0.8% in the first quarter. Dimensional Fund Advisors LP now owns 1,611,137 shares of the financial services provider’s stock valued at $287,932,000 after purchasing an additional 12,580 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in M&T Bank by 2.2% in the first quarter. Bank of New York Mellon Corp now owns 1,442,381 shares of the financial services provider’s stock valued at $257,826,000 after purchasing an additional 30,643 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

Insider Activity at M&T Bank

In other news, Director Richard H. Jr. Ledgett sold 1,277 shares of M&T Bank stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $197.48, for a total value of $252,181.96. Following the completion of the transaction, the director owned 4,881 shares of the company’s stock, valued at $963,899.88. This trade represents a 20.74% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John P. Barnes sold 15,000 shares of M&T Bank stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $199.79, for a total transaction of $2,996,850.00. Following the completion of the transaction, the director directly owned 17,866 shares of the company’s stock, valued at approximately $3,569,448.14. This trade represents a 45.64% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 18,738 shares of company stock valued at $3,734,612. Corporate insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently issued reports on MTB. Jefferies Financial Group increased their price objective on shares of M&T Bank from $220.00 to $240.00 and gave the stock a “buy” rating in a research report on Wednesday, September 3rd. Wells Fargo & Company increased their price objective on shares of M&T Bank from $175.00 to $185.00 and gave the stock an “underweight” rating in a research report on Thursday, July 17th. Citigroup increased their price objective on shares of M&T Bank from $200.00 to $212.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 2nd. Weiss Ratings reissued a “buy (b-)” rating on shares of M&T Bank in a research report on Saturday, September 27th. Finally, Morgan Stanley increased their price objective on shares of M&T Bank from $206.00 to $215.00 and gave the stock an “overweight” rating in a research report on Friday, June 20th. Thirteen research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $215.82.

M&T Bank Stock Down 0.5%

M&T Bank stock opened at $194.59 on Friday. The company has a market cap of $30.41 billion, a P/E ratio of 12.60, a price-to-earnings-growth ratio of 0.96 and a beta of 0.62. M&T Bank Corporation has a 1-year low of $150.75 and a 1-year high of $225.70. The company has a fifty day simple moving average of $195.56 and a 200 day simple moving average of $185.84. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last released its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, beating analysts’ consensus estimates of $4.04 by $0.24. The business had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. During the same quarter last year, the firm earned $3.73 earnings per share. Research analysts anticipate that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 2nd were given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 3.1%. This is an increase from M&T Bank’s previous quarterly dividend of $1.35. The ex-dividend date of this dividend was Tuesday, September 2nd. M&T Bank’s payout ratio is 38.86%.

M&T Bank Profile

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management, and investment services. It operates through the following segments: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.