Wealthfront Advisers LLC trimmed its holdings in shares of M&T Bank Co. (NYSE:MTB) by 8.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 10,311 shares of the financial services provider’s stock after selling 910 shares during the period. Wealthfront Advisers LLC’s holdings in M&T Bank were worth $1,619,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also made changes to their positions in the company. IFP Advisors Inc increased its stake in M&T Bank by 21.9% in the 4th quarter. IFP Advisors Inc now owns 351 shares of the financial services provider’s stock worth $50,000 after acquiring an additional 63 shares during the last quarter. First Mercantile Trust Co. increased its stake in M&T Bank by 49.0% in the 4th quarter. First Mercantile Trust Co. now owns 626 shares of the financial services provider’s stock worth $90,000 after acquiring an additional 206 shares during the last quarter. Dupont Capital Management Corp increased its stake in M&T Bank by 23.5% in the 4th quarter. Dupont Capital Management Corp now owns 1,772 shares of the financial services provider’s stock worth $254,000 after acquiring an additional 337 shares during the last quarter. TD Asset Management Inc. increased its stake in M&T Bank by 0.5% in the 4th quarter. TD Asset Management Inc. now owns 61,908 shares of the financial services provider’s stock worth $8,861,000 after acquiring an additional 312 shares during the last quarter. Finally, Financial Gravity Companies Inc. bought a new stake in M&T Bank in the 4th quarter worth approximately $30,000. 81.60% of the stock is owned by hedge funds and other institutional investors.
In related news, VP Michele D. Trolli sold 5,000 shares of the business’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $173.14, for a total transaction of $865,700.00. Following the completion of the transaction, the vice president now owns 10,878 shares in the company, valued at approximately $1,883,416.92. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Doris P. Meister sold 460 shares of the business’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $160.29, for a total value of $73,733.40. Following the transaction, the insider now owns 1,553 shares of the company’s stock, valued at approximately $248,930.37. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 14,521 shares of company stock valued at $2,460,209. 0.54% of the stock is owned by company insiders.
M&T Bank (NYSE:MTB) last announced its earnings results on Monday, April 15th. The financial services provider reported $3.35 EPS for the quarter, topping the Zacks’ consensus estimate of $3.30 by $0.05. The firm had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.51 billion. M&T Bank had a return on equity of 14.46% and a net margin of 30.84%. During the same quarter in the previous year, the business earned $2.23 EPS. Sell-side analysts predict that M&T Bank Co. will post 14.63 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Monday, June 3rd will be issued a dividend of $1.00 per share. This represents a $4.00 dividend on an annualized basis and a yield of 2.40%. The ex-dividend date is Friday, May 31st. M&T Bank’s payout ratio is currently 31.10%.
A number of analysts have issued reports on the company. ValuEngine raised M&T Bank from a “sell” rating to a “hold” rating in a research note on Monday, May 20th. Barclays reiterated a “buy” rating and issued a $217.00 target price on shares of M&T Bank in a report on Wednesday, April 17th. Wedbush lifted their target price on M&T Bank from $150.00 to $155.00 and gave the stock a “neutral” rating in a report on Tuesday, April 16th. UBS Group set a $169.00 target price on M&T Bank and gave the stock a “hold” rating in a report on Tuesday, April 2nd. Finally, Zacks Investment Research cut M&T Bank from a “buy” rating to a “hold” rating in a report on Friday, March 29th. Eight investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $179.25.
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About M&T Bank
M&T Bank Corporation operates as the holding company for Manufacturers and Traders Trust Company; and Wilmington Trust, National Association that provide banking services. The company's Business Banking segment offers deposits, business loans and leases, and credit cards; and cash management, payroll, and letters of credit services to small businesses and professionals.
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