14,383 M&T Bank Corporation $MTB Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lowered its stake in M&T Bank Corporation (NYSE:MTB) by 3.7% during the third quarter, Holdings Channel.com reports. The fund owned 378,966 shares of the financial services provider’s stock after selling 14,383 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in M&T Bank were worth $82,463,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MTB. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of M&T Bank in the third quarter valued at about $7,788,000. Profund Advisors LLC increased its stake in shares of M&T Bank by 3.8% during the third quarter. Profund Advisors LLC now owns 1,739 shares of the financial services provider’s stock worth $378,000 after purchasing an additional 63 shares in the last quarter. Vise Technologies Inc. increased its stake in shares of M&T Bank by 45.8% during the third quarter. Vise Technologies Inc. now owns 9,037 shares of the financial services provider’s stock worth $1,967,000 after purchasing an additional 2,840 shares in the last quarter. Intrua Financial LLC acquired a new position in shares of M&T Bank during the 3rd quarter worth about $223,000. Finally, Avestar Capital LLC acquired a new position in shares of M&T Bank during the 3rd quarter worth about $492,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insider Activity at M&T Bank

In other news, CEO René Jones sold 19,396 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $239.35, for a total value of $4,642,432.60. Following the completion of the sale, the chief executive officer directly owned 103,831 shares in the company, valued at $24,851,949.85. This represents a 15.74% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rudina Seseri sold 623 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $241.04, for a total value of $150,167.92. Following the completion of the sale, the director directly owned 3,649 shares of the company’s stock, valued at approximately $879,554.96. This represents a 14.58% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.44% of the company’s stock.

M&T Bank Stock Performance

NYSE:MTB opened at $221.88 on Wednesday. The company’s 50-day moving average price is $225.51 and its 200-day moving average price is $225.16. The company has a current ratio of 0.89, a quick ratio of 0.89 and a debt-to-equity ratio of 0.54. The company has a market cap of $32.04 billion, a P/E ratio of 11.58, a P/E/G ratio of 1.30 and a beta of 0.64. M&T Bank Corporation has a twelve month low of $179.75 and a twelve month high of $255.95.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Friday, October 16th. The financial services provider reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.93 by $0.15. The company had revenue of $2.54 billion during the quarter, compared to analysts’ expectations of $2.53 billion. M&T Bank had a net margin of 22.63% and a return on equity of 11.86%. During the same quarter in the prior year, the company earned $4.82 EPS. On average, sell-side analysts forecast that M&T Bank Corporation will post 19.48 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st were issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a dividend yield of 2.7%. The ex-dividend date was Tuesday, September 1st. M&T Bank’s payout ratio is currently 31.32%.

Wall Street Analyst Weigh In

MTB has been the topic of a number of research reports. UBS Group decreased their price target on shares of M&T Bank from $255.00 to $238.00 and set a “neutral” rating on the stock in a research note on Monday, October 5th. Barclays boosted their price objective on M&T Bank from $236.00 to $267.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 16th. Robert W. Baird increased their target price on M&T Bank from $240.00 to $250.00 and gave the company a “neutral” rating in a report on Thursday, July 16th. Royal Bank Of Canada decreased their target price on M&T Bank from $255.00 to $245.00 and set an “outperform” rating on the stock in a research report on Monday, October 19th. Finally, Raymond James Financial initiated coverage on M&T Bank in a research report on Tuesday, October 6th. They issued an “outperform” rating and a $250.00 target price on the stock. Eight research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, M&T Bank presently has an average rating of “Hold” and an average target price of $244.89.

About M&T Bank

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, M&T Bank, was founded in 1856 and provides financial products and services to individuals, businesses and institutions.

The company’s offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, credit cards, treasury management and other banking services. Through its wealth management and institutional businesses, including Wilmington Trust, M&T also provides investment management, fiduciary, trust, estate planning and related corporate services.

M&T Bank serves customers through branch locations and digital banking channels in several states, primarily across the Mid-Atlantic and Northeast, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and the District of Columbia.