Sumitomo Mitsui Trust Group Inc. Sells 21,205 Shares of M&T Bank Corporation $MTB

Sumitomo Mitsui Trust Group Inc. lessened its position in M&T Bank Corporation (NYSE:MTB) by 4.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 421,077 shares of the financial services provider’s stock after selling 21,205 shares during the period. Sumitomo Mitsui Trust Group Inc.’s holdings in M&T Bank were worth $87,045,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Empowered Funds LLC increased its position in M&T Bank by 11.9% in the 1st quarter. Empowered Funds LLC now owns 3,396 shares of the financial services provider’s stock valued at $607,000 after acquiring an additional 362 shares during the period. Woodline Partners LP grew its stake in shares of M&T Bank by 40.7% in the first quarter. Woodline Partners LP now owns 14,018 shares of the financial services provider’s stock worth $2,506,000 after purchasing an additional 4,054 shares during the last quarter. Lazard Asset Management LLC grew its stake in shares of M&T Bank by 24.6% in the second quarter. Lazard Asset Management LLC now owns 2,900 shares of the financial services provider’s stock worth $562,000 after purchasing an additional 572 shares during the last quarter. MUFG Securities EMEA plc acquired a new stake in M&T Bank in the second quarter valued at $92,000. Finally, Geneos Wealth Management Inc. increased its holdings in M&T Bank by 4.3% in the second quarter. Geneos Wealth Management Inc. now owns 1,727 shares of the financial services provider’s stock valued at $335,000 after purchasing an additional 71 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

Analyst Ratings Changes

Several brokerages have commented on MTB. Argus lifted their target price on M&T Bank from $230.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, April 17th. JPMorgan Chase & Co. increased their price target on M&T Bank from $227.00 to $251.50 and gave the company a “neutral” rating in a research note on Monday, July 6th. Wall Street Zen upgraded M&T Bank from a “sell” rating to a “hold” rating in a research report on Saturday, June 20th. Piper Sandler lifted their price objective on M&T Bank from $235.00 to $240.00 and gave the stock an “overweight” rating in a research note on Thursday, April 16th. Finally, Wells Fargo & Company upped their target price on M&T Bank from $205.00 to $215.00 and gave the company an “underweight” rating in a report on Monday, July 6th. Seven investment analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, M&T Bank has an average rating of “Hold” and a consensus price target of $240.55.

Insider Activity at M&T Bank

In related news, EVP Christopher E. Kay sold 3,105 shares of the firm’s stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $216.50, for a total transaction of $672,232.50. Following the completion of the sale, the executive vice president owned 6,753 shares of the company’s stock, valued at $1,462,024.50. This trade represents a 31.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.44% of the stock is currently owned by insiders.

M&T Bank Trading Up 1.8%

MTB stock traded up $4.30 during midday trading on Friday, hitting $242.24. The stock had a trading volume of 1,392,716 shares, compared to its average volume of 1,031,294. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.44. The firm has a market cap of $35.48 billion, a P/E ratio of 13.56, a price-to-earnings-growth ratio of 1.18 and a beta of 0.57. The business has a fifty day moving average price of $222.81 and a two-hundred day moving average price of $217.54. M&T Bank Corporation has a 1-year low of $174.76 and a 1-year high of $243.57.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share for the quarter, topping analysts’ consensus estimates of $4.02 by $0.16. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.The firm had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period last year, the business posted $3.32 EPS. On average, sell-side analysts predict that M&T Bank Corporation will post 18.81 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 1st were given a dividend of $1.50 per share. The ex-dividend date was Monday, June 1st. This represents a $6.00 annualized dividend and a dividend yield of 2.5%. M&T Bank’s dividend payout ratio is presently 33.59%.

M&T Bank announced that its Board of Directors has approved a stock repurchase program on Tuesday, March 31st that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 16.7% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

About M&T Bank

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.