Evergreen Capital Management LLC Sells 5,028 Shares of M&T Bank Co. (NYSE:MTB)

Evergreen Capital Management LLC lowered its position in shares of M&T Bank Co. (NYSE:MTBGet Rating) by 8.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 53,219 shares of the financial services provider’s stock after selling 5,028 shares during the period. Evergreen Capital Management LLC’s holdings in M&T Bank were worth $9,021,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently made changes to their positions in MTB. BlackRock Inc. increased its stake in shares of M&T Bank by 8.8% during the first quarter. BlackRock Inc. now owns 11,292,279 shares of the financial services provider’s stock worth $1,914,040,000 after purchasing an additional 915,914 shares during the period. Wellington Management Group LLP grew its position in M&T Bank by 9.9% during the first quarter. Wellington Management Group LLP now owns 8,612,467 shares of the financial services provider’s stock worth $1,459,815,000 after buying an additional 777,422 shares in the last quarter. Invesco Ltd. grew its position in M&T Bank by 20.6% during the first quarter. Invesco Ltd. now owns 4,119,471 shares of the financial services provider’s stock worth $698,252,000 after buying an additional 702,716 shares in the last quarter. Castleview Partners LLC acquired a new stake in M&T Bank during the fourth quarter worth approximately $4,106,000. Finally, Thrivent Financial for Lutherans grew its position in M&T Bank by 7,874.3% during the fourth quarter. Thrivent Financial for Lutherans now owns 450,790 shares of the financial services provider’s stock worth $69,233,000 after buying an additional 445,137 shares in the last quarter. Institutional investors own 82.24% of the company’s stock.

M&T Bank Stock Up 1.6 %

Shares of NYSE:MTB opened at $190.55 on Tuesday. The firm has a market cap of $34.19 billion, a P/E ratio of 17.71, a P/E/G ratio of 0.83 and a beta of 0.88. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 0.13. M&T Bank Co. has a 12-month low of $131.42 and a 12-month high of $193.42. The business has a fifty day simple moving average of $176.01 and a 200 day simple moving average of $172.30.

M&T Bank (NYSE:MTBGet Rating) last posted its quarterly earnings data on Wednesday, July 20th. The financial services provider reported $3.10 earnings per share for the quarter, hitting the consensus estimate of $3.10. M&T Bank had a return on equity of 10.76% and a net margin of 23.21%. The firm had revenue of $1.98 billion during the quarter, compared to analyst estimates of $2.05 billion. During the same period last year, the company posted $3.45 EPS. Analysts predict that M&T Bank Co. will post 15.21 earnings per share for the current year.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 1st will be given a $1.20 dividend. This represents a $4.80 annualized dividend and a dividend yield of 2.52%. The ex-dividend date is Wednesday, August 31st. M&T Bank’s dividend payout ratio (DPR) is presently 44.61%.

M&T Bank announced that its Board of Directors has approved a stock buyback plan on Tuesday, July 19th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 9.7% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on MTB shares. Deutsche Bank Aktiengesellschaft increased their price target on M&T Bank from $200.00 to $255.00 in a research report on Monday. Wedbush increased their price target on M&T Bank to $188.00 in a research report on Friday, July 22nd. Wolfe Research reduced their target price on M&T Bank from $214.00 to $187.00 and set an “outperform” rating on the stock in a report on Thursday, May 26th. Wells Fargo & Company dropped their price target on M&T Bank from $195.00 to $175.00 and set an “equal weight” rating for the company in a research note on Friday, July 1st. Finally, StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday. Five equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $202.64.

Insider Transactions at M&T Bank

In other news, EVP Michele D. Trolli sold 4,667 shares of M&T Bank stock in a transaction dated Friday, August 12th. The stock was sold at an average price of $189.28, for a total value of $883,369.76. Following the completion of the transaction, the executive vice president now directly owns 9,197 shares of the company’s stock, valued at approximately $1,740,808.16. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Michele D. Trolli sold 4,667 shares of the firm’s stock in a transaction dated Friday, August 12th. The stock was sold at an average price of $189.28, for a total value of $883,369.76. Following the completion of the sale, the executive vice president now directly owns 9,197 shares in the company, valued at approximately $1,740,808.16. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Gary N. Geisel sold 533 shares of the firm’s stock in a transaction dated Friday, August 19th. The shares were sold at an average price of $189.34, for a total value of $100,918.22. Following the completion of the sale, the director now owns 17,740 shares of the company’s stock, valued at $3,358,891.60. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,656 shares of company stock valued at $5,604,091. Corporate insiders own 0.73% of the company’s stock.

About M&T Bank

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M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial lending and leasing, letters of credit, and cash management services for middle-market and large commercial customers.

Further Reading

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

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