M&T Bank Co. (NYSE:MTB) Stake Raised by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. boosted its holdings in shares of M&T Bank Co. (NYSE:MTB) by 8.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 467,801 shares of the financial services provider’s stock after acquiring an additional 36,822 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.28% of M&T Bank worth $83,325,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Envestnet Portfolio Solutions Inc. grew its position in M&T Bank by 13.6% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 4,471 shares of the financial services provider’s stock valued at $650,000 after purchasing an additional 535 shares in the last quarter. Empowered Funds LLC increased its stake in shares of M&T Bank by 26.7% in the first quarter. Empowered Funds LLC now owns 2,204 shares of the financial services provider’s stock worth $321,000 after acquiring an additional 465 shares during the last quarter. Sei Investments Co. increased its stake in shares of M&T Bank by 0.7% in the first quarter. Sei Investments Co. now owns 52,092 shares of the financial services provider’s stock worth $7,578,000 after acquiring an additional 338 shares during the last quarter. Bleakley Financial Group LLC boosted its position in M&T Bank by 13.2% during the first quarter. Bleakley Financial Group LLC now owns 2,980 shares of the financial services provider’s stock valued at $433,000 after purchasing an additional 348 shares during the last quarter. Finally, State Board of Administration of Florida Retirement System grew its stake in M&T Bank by 1.8% in the first quarter. State Board of Administration of Florida Retirement System now owns 180,188 shares of the financial services provider’s stock valued at $26,207,000 after purchasing an additional 3,112 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insider Buying and Selling

In other news, Director Robert E. Sadler, Jr. sold 2,000 shares of the stock in a transaction on Wednesday, October 30th. The stock was sold at an average price of $198.00, for a total transaction of $396,000.00. Following the sale, the director now owns 29,796 shares in the company, valued at approximately $5,899,608. This represents a 6.29 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael J. Todaro sold 4,786 shares of M&T Bank stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $214.10, for a total value of $1,024,682.60. Following the completion of the transaction, the executive vice president now directly owns 2,787 shares of the company’s stock, valued at $596,696.70. This represents a 63.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 72,854 shares of company stock worth $13,637,588 in the last three months. Insiders own 0.82% of the company’s stock.

M&T Bank Stock Up 0.6 %

NYSE MTB opened at $213.27 on Friday. M&T Bank Co. has a 1-year low of $123.37 and a 1-year high of $216.84. The company has a market capitalization of $35.39 billion, a price-to-earnings ratio of 15.79, a PEG ratio of 3.00 and a beta of 0.74. The stock’s 50 day moving average is $185.26 and its two-hundred day moving average is $166.25. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.44.

M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, beating the consensus estimate of $3.60 by $0.48. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. The company had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.30 billion. Equities analysts forecast that M&T Bank Co. will post 14.56 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were issued a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.53%. The ex-dividend date was Tuesday, September 3rd. M&T Bank’s payout ratio is currently 39.97%.

Wall Street Analyst Weigh In

MTB has been the subject of several recent research reports. Barclays boosted their price target on M&T Bank from $170.00 to $228.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. upgraded M&T Bank from a “neutral” rating to an “overweight” rating and raised their target price for the company from $183.00 to $215.00 in a report on Tuesday, September 3rd. Citigroup increased their price objective on M&T Bank from $180.00 to $195.00 and gave the company a “buy” rating in a report on Friday, July 19th. Piper Sandler increased their price target on M&T Bank from $164.00 to $190.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. Finally, Royal Bank of Canada upped their price target on shares of M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $198.76.

About M&T Bank

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.