Truist Financial Corp Sells 5,748 Shares of M&T Bank Co. (NYSE:MTB)

Truist Financial Corp trimmed its stake in M&T Bank Co. (NYSE:MTB) by 3.3% in the 4th quarter, Holdings Channel.com reports. The firm owned 168,110 shares of the financial services provider’s stock after selling 5,748 shares during the period. Truist Financial Corp’s holdings in M&T Bank were worth $23,045,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. GSA Capital Partners LLP bought a new stake in M&T Bank in the third quarter worth $833,000. Tokio Marine Asset Management Co. Ltd. boosted its stake in shares of M&T Bank by 8.3% during the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 3,985 shares of the financial services provider’s stock worth $504,000 after purchasing an additional 305 shares during the period. NBC Securities Inc. bought a new position in M&T Bank during the 3rd quarter valued at about $299,000. Stevens Capital Management LP purchased a new stake in M&T Bank in the 4th quarter worth about $320,000. Finally, Metis Global Partners LLC lifted its stake in M&T Bank by 15.2% in the third quarter. Metis Global Partners LLC now owns 7,063 shares of the financial services provider’s stock worth $893,000 after purchasing an additional 931 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insider Activity at M&T Bank

In other M&T Bank news, Director Kirk W. Walters sold 28,845 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $145.00, for a total transaction of $4,182,525.00. Following the sale, the director now owns 6,367 shares of the company’s stock, valued at approximately $923,215. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, EVP Doris P. Meister sold 1,000 shares of the stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $132.30, for a total value of $132,300.00. Following the transaction, the executive vice president now directly owns 7,274 shares of the company’s stock, valued at $962,350.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kirk W. Walters sold 28,845 shares of M&T Bank stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $145.00, for a total value of $4,182,525.00. Following the sale, the director now directly owns 6,367 shares of the company’s stock, valued at approximately $923,215. The disclosure for this sale can be found here. Insiders sold 47,119 shares of company stock valued at $6,812,112 in the last three months. 0.82% of the stock is owned by insiders.

M&T Bank Stock Performance

Shares of MTB stock opened at $145.54 on Tuesday. M&T Bank Co. has a 12-month low of $108.53 and a 12-month high of $148.93. The business’s fifty day simple moving average is $141.15 and its 200-day simple moving average is $134.03. The company has a current ratio of 0.94, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The company has a market cap of $24.25 billion, a PE ratio of 9.84, a PEG ratio of 1.22 and a beta of 0.80.

M&T Bank (NYSE:MTB) last announced its earnings results on Monday, April 15th. The financial services provider reported $3.02 earnings per share for the quarter, missing the consensus estimate of $3.13 by ($0.11). M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. The business had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.26 billion. During the same quarter last year, the firm earned $4.09 earnings per share. Analysts expect that M&T Bank Co. will post 13.92 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 4th were issued a dividend of $1.30 per share. The ex-dividend date of this dividend was Friday, March 1st. This represents a $5.20 annualized dividend and a dividend yield of 3.57%. M&T Bank’s dividend payout ratio (DPR) is currently 35.16%.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MTB. Piper Sandler reduced their price target on M&T Bank from $156.00 to $152.00 and set an “overweight” rating on the stock in a report on Friday, January 19th. Royal Bank of Canada reissued an “outperform” rating and set a $160.00 target price on shares of M&T Bank in a research note on Tuesday, April 16th. Jefferies Financial Group cut their price target on shares of M&T Bank from $154.00 to $151.00 and set a “hold” rating on the stock in a report on Monday, April 8th. Evercore ISI increased their price objective on M&T Bank from $146.00 to $157.00 and gave the stock an “in-line” rating in a research note on Thursday, March 28th. Finally, Wedbush reiterated an “outperform” rating and issued a $170.00 target price on shares of M&T Bank in a report on Wednesday, April 10th. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, M&T Bank currently has an average rating of “Hold” and a consensus price target of $158.48.

About M&T Bank

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.