Victory Capital Management Inc. Cuts Stock Holdings in M&T Bank Co. (NYSE:MTB)

Victory Capital Management Inc. lowered its position in shares of M&T Bank Co. (NYSE:MTB) by 0.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 167,537 shares of the financial services provider’s stock after selling 1,165 shares during the period. Victory Capital Management Inc. owned approximately 0.10% of M&T Bank worth $22,966,000 as of its most recent filing with the Securities & Exchange Commission.

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

Insider Buying and Selling at M&T Bank

In other news, EVP Doris P. Meister sold 3,961 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $143.60, for a total transaction of $568,799.60. Following the completion of the transaction, the executive vice president now owns 5,000 shares in the company, valued at $718,000. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Kirk W. Walters sold 16,179 shares of the business’s stock in a transaction dated Monday, May 6th. The shares were sold at an average price of $148.01, for a total value of $2,394,653.79. Following the sale, the director now directly owns 6,348 shares in the company, valued at approximately $939,567.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Doris P. Meister sold 3,961 shares of the stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $143.60, for a total transaction of $568,799.60. Following the completion of the transaction, the executive vice president now directly owns 5,000 shares of the company’s stock, valued at approximately $718,000. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 79,020 shares of company stock worth $11,533,507. Insiders own 0.82% of the company’s stock.

M&T Bank Price Performance

Shares of M&T Bank stock opened at $151.28 on Thursday. The company has a quick ratio of 0.99, a current ratio of 0.94 and a debt-to-equity ratio of 0.46. M&T Bank Co. has a 52 week low of $108.53 and a 52 week high of $151.33. The stock’s 50-day simple moving average is $142.27 and its 200-day simple moving average is $135.15. The company has a market capitalization of $25.21 billion, a price-to-earnings ratio of 10.23, a PEG ratio of 1.23 and a beta of 0.78.

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

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Monday, March 4th were paid 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 yield of 3.44%. M&T Bank’s payout ratio is 35.16%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on MTB shares. Keefe, Bruyette & Woods raised their price target on M&T Bank from $162.00 to $170.00 and gave the stock a “market perform” rating in a research note on Tuesday, April 16th. Jefferies Financial Group cut their price target on M&T Bank from $154.00 to $151.00 and set a “hold” rating for the company in a research note on Monday, April 8th. DA Davidson reiterated a “neutral” rating and issued a $159.00 price objective on shares of M&T Bank in a research note on Tuesday, April 16th. JPMorgan Chase & Co. boosted their target price on shares of M&T Bank from $170.00 to $180.00 and gave the company a “neutral” rating in a research report on Tuesday, April 16th. Finally, Evercore ISI upped their target price on shares of M&T Bank from $146.00 to $157.00 and gave the company an “in-line” rating in a report on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $158.48.

M&T Bank Company Profile

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.