National Pension Service Trims Stock Holdings in M&T Bank Corporation $MTB

National Pension Service decreased its position in M&T Bank Corporation (NYSE:MTB) by 1.0% in the second quarter, Holdings Channel.com reports. The firm owned 272,367 shares of the financial services provider’s stock after selling 2,853 shares during the quarter. National Pension Service’s holdings in M&T Bank were worth $64,826,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in MTB. Commonwealth Retirement Investments LLC boosted its holdings in shares of M&T Bank by 0.4% during the 4th quarter. Commonwealth Retirement Investments LLC now owns 10,991 shares of the financial services provider’s stock valued at $2,214,000 after buying an additional 44 shares in the last quarter. Wedmont Private Capital increased its stake in shares of M&T Bank by 1.0% in the 2nd quarter. Wedmont Private Capital now owns 4,405 shares of the financial services provider’s stock worth $1,067,000 after acquiring an additional 45 shares in the last quarter. Wedbush Securities Inc. increased its stake in shares of M&T Bank by 2.4% in the 4th quarter. Wedbush Securities Inc. now owns 2,223 shares of the financial services provider’s stock worth $448,000 after acquiring an additional 52 shares in the last quarter. CX Institutional lifted its position in M&T Bank by 3.4% during the 2nd quarter. CX Institutional now owns 1,650 shares of the financial services provider’s stock valued at $393,000 after acquiring an additional 54 shares during the period. Finally, Bank of Jackson Hole Trust lifted its position in M&T Bank by 38.7% during the 4th quarter. Bank of Jackson Hole Trust now owns 215 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 60 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Cantor Fitzgerald upped their price objective on shares of M&T Bank from $262.00 to $285.00 and gave the stock an “overweight” rating in a report on Wednesday, August 19th. Truist Financial raised their target price on shares of M&T Bank from $230.00 to $268.00 and gave the company a “hold” rating in a research note on Tuesday, July 21st. Jefferies Financial Group reiterated a “buy” rating and set a $300.00 target price on shares of M&T Bank in a report on Wednesday, July 15th. UBS Group boosted their price target on M&T Bank from $252.00 to $255.00 and gave the stock a “neutral” rating in a research report on Monday, August 3rd. Finally, Evercore set a $260.00 price target on M&T Bank in a research note on Monday, July 6th. Eight equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, M&T Bank presently has a consensus rating of “Hold” and a consensus target price of $255.97.

Insider Buying and Selling at M&T Bank

In related news, Director Rudina Seseri sold 623 shares of the firm’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $241.04, for a total transaction of $150,167.92. Following the completion of the sale, the director owned 3,649 shares of the company’s stock, valued at $879,554.96. This trade represents a 14.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.44% of the stock is owned by company insiders.

M&T Bank Stock Performance

Shares of M&T Bank stock opened at $239.75 on Friday. The stock has a market cap of $34.63 billion, a price-to-earnings ratio of 12.66, a PEG ratio of 1.36 and a beta of 0.56. The firm’s 50-day moving average is $244.86 and its 200 day moving average is $226.26. M&T Bank Corporation has a 1 year low of $174.76 and a 1 year high of $255.95. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.96 and a quick ratio of 0.96.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $5.35 EPS for the quarter, beating the consensus estimate of $4.66 by $0.69. The company had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.46 billion. M&T Bank had a net margin of 22.72% and a return on equity of 11.80%. During the same period in the prior year, the firm posted $4.28 EPS. Sell-side analysts anticipate that M&T Bank Corporation will post 19.45 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st will be issued a dividend of $1.50 per share. The ex-dividend date is Tuesday, September 1st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.5%. M&T Bank’s dividend payout ratio is presently 31.68%.

M&T Bank Profile

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, Manufacturers and Traders Trust Company, commonly known as M&T Bank, provides financial products and services to individuals, businesses, institutions and government entities.

The company’s offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, credit cards, treasury management and other business banking services.