Vanguard Group Inc. Sells 21,394 Shares of M&T Bank Co. (NYSE:MTB)

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Vanguard Group Inc. cut its stake in M&T Bank Co. (NYSE:MTB) by 0.1% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 14,354,288 shares of the financial services provider’s stock after selling 21,394 shares during the period. Vanguard Group Inc. owned 0.11% of M&T Bank worth $2,441,235,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in MTB. Webster Bank N. A. acquired a new position in shares of M&T Bank during the second quarter worth approximately $43,000. CX Institutional raised its position in shares of M&T Bank by 24.8% during the second quarter. CX Institutional now owns 372 shares of the financial services provider’s stock worth $63,000 after purchasing an additional 74 shares during the period. Steward Partners Investment Advisory LLC acquired a new position in shares of M&T Bank during the second quarter worth approximately $79,000. Mitsubishi UFJ Securities Holdings Co. Ltd. acquired a new position in shares of M&T Bank during the second quarter worth approximately $82,000. Finally, Coastal Investment Advisors Inc. raised its position in shares of M&T Bank by 56.2% during the second quarter. Coastal Investment Advisors Inc. now owns 553 shares of the financial services provider’s stock worth $94,000 after purchasing an additional 199 shares during the period. Institutional investors and hedge funds own 82.08% of the company’s stock.

A number of equities analysts have recently weighed in on MTB shares. Zacks Investment Research lowered M&T Bank from a “hold” rating to a “sell” rating and set a $166.00 target price on the stock. in a research report on Wednesday. Macquarie set a $158.00 target price on M&T Bank and gave the stock a “sell” rating in a research report on Friday, July 19th. Citigroup lowered their target price on M&T Bank from $163.00 to $155.00 and set a “sell” rating on the stock in a research report on Monday, September 9th. Keefe, Bruyette & Woods lowered their target price on M&T Bank from $189.00 to $185.00 and set an “outperform” rating on the stock in a research report on Friday, July 19th. Finally, UBS Group lowered their target price on M&T Bank from $176.00 to $172.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 10th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $175.77.

In related news, EVP William J. Farrell II sold 3,070 shares of the stock in a transaction on Thursday, August 1st. The stock was sold at an average price of $163.82, for a total value of $502,927.40. Following the completion of the sale, the executive vice president now directly owns 10,774 shares of the company’s stock, valued at approximately $1,764,996.68. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP John L. Dangelo sold 650 shares of the stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $154.58, for a total value of $100,477.00. Following the completion of the sale, the executive vice president now directly owns 3,016 shares of the company’s stock, valued at $466,213.28. The disclosure for this sale can be found here. Insiders sold a total of 4,828 shares of company stock valued at $770,668 over the last three months. 0.54% of the stock is currently owned by insiders.

NYSE MTB traded down $2.13 on Thursday, reaching $157.31. The company had a trading volume of 45,655 shares, compared to its average volume of 606,484. The stock has a market capitalization of $21.33 billion, a P/E ratio of 12.23, a P/E/G ratio of 2.23 and a beta of 1.09. The company’s fifty day moving average is $150.98 and its 200 day moving average is $162.54. M&T Bank Co. has a 52-week low of $133.78 and a 52-week high of $176.11. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.53.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.34 EPS for the quarter, missing analysts’ consensus estimates of $3.70 by ($0.36). The company had revenue of $1.55 billion during the quarter, compared to analysts’ expectations of $1.53 billion. M&T Bank had a net margin of 29.81% and a return on equity of 14.26%. During the same period in the previous year, the company posted $3.26 earnings per share. On average, research analysts expect that M&T Bank Co. will post 13.88 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Tuesday, September 3rd will be given a $1.00 dividend. This represents a $4.00 dividend on an annualized basis and a yield of 2.54%. The ex-dividend date is Friday, August 30th. M&T Bank’s payout ratio is currently 31.10%.

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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Institutional Ownership by Quarter for M&T Bank (NYSE:MTB)

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