Fulton Bank N.A. Lowers Stake in M&T Bank Co. (NYSE:MTB)

Fulton Bank N.A. cut its stake in M&T Bank Co. (NYSE:MTB) by 22.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,843 shares of the financial services provider’s stock after selling 824 shares during the quarter. Fulton Bank N.A.’s holdings in M&T Bank were worth $508,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Wood Tarver Financial Group LLC purchased a new position in M&T Bank in the fourth quarter valued at about $29,000. Banque Transatlantique SA purchased a new position in shares of M&T Bank in the 4th quarter worth approximately $38,000. Y.D. More Investments Ltd raised its stake in shares of M&T Bank by 122.6% during the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 114 shares in the last quarter. Human Investing LLC bought a new position in shares of M&T Bank during the 4th quarter worth approximately $44,000. Finally, Sierra Ocean LLC purchased a new stake in M&T Bank during the fourth quarter valued at approximately $44,000. 84.68% of the stock is owned by institutional investors.

M&T Bank Stock Performance

Shares of MTB stock opened at $180.13 on Thursday. M&T Bank Co. has a 52-week low of $139.78 and a 52-week high of $225.70. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The stock has a market cap of $28.91 billion, a PE ratio of 12.31, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58. The business has a 50-day simple moving average of $172.50 and a 200-day simple moving average of $187.24.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing the consensus estimate of $3.41 by ($0.03). M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. The company had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter in the prior year, the business posted $3.09 earnings per share. On average, equities analysts expect that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 2nd will be paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 3.00%. The ex-dividend date of this dividend is Monday, June 2nd. M&T Bank’s dividend payout ratio is currently 36.17%.

Wall Street Analysts Forecast Growth

MTB has been the topic of a number of recent analyst reports. Morgan Stanley reduced their price target on M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Evercore ISI dropped their target price on M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Truist Financial decreased their price target on M&T Bank from $225.00 to $200.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. TD Cowen initiated coverage on M&T Bank in a report on Thursday, May 15th. They issued a “buy” rating and a $230.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft upgraded shares of M&T Bank from a “hold” rating to a “buy” rating and set a $210.00 price objective on the stock in a report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $212.53.

Insider Buying and Selling

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value of $299,526.92. Following the sale, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. This trade represents a 13.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.53% of the stock is currently owned by insiders.

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.