Massmutual Trust Co. FSB ADV Buys 309 Shares of M&T Bank Co. (NYSE:MTB)

Massmutual Trust Co. FSB ADV grew its stake in shares of M&T Bank Co. (NYSE:MTBGet Rating) by 7.8% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,259 shares of the financial services provider’s stock after acquiring an additional 309 shares during the period. Massmutual Trust Co. FSB ADV’s holdings in M&T Bank were worth $679,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. grew its position in shares of M&T Bank by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 14,607,431 shares of the financial services provider’s stock valued at $2,475,959,000 after acquiring an additional 316,266 shares during the period. BlackRock Inc. grew its position in shares of M&T Bank by 8.8% during the 1st quarter. BlackRock Inc. now owns 11,292,279 shares of the financial services provider’s stock valued at $1,914,040,000 after acquiring an additional 915,914 shares during the period. Wellington Management Group LLP boosted its holdings in M&T Bank by 9.9% in the 1st 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 during the period. State Street Corp boosted its holdings in M&T Bank by 0.3% in the 4th quarter. State Street Corp now owns 7,481,488 shares of the financial services provider’s stock worth $1,149,007,000 after buying an additional 23,271 shares during the period. Finally, Capital World Investors bought a new position in M&T Bank in the 1st quarter worth approximately $982,517,000. 82.24% of the stock is owned by institutional investors.

Insider Activity at M&T Bank

In related news, Director Kirk W. Walters sold 21,116 shares of the stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $180.00, for a total value of $3,800,880.00. Following the completion of the transaction, the director now directly owns 6,134 shares of the company’s stock, valued at approximately $1,104,120. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Michele D. Trolli sold 4,667 shares of M&T Bank stock in a transaction that occurred on Friday, August 12th. The shares were sold at an average price of $189.28, for a total transaction 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 legal filing with the SEC, which is available through the SEC website. Also, Director Kirk W. Walters sold 21,116 shares of M&T Bank stock in a transaction that occurred on Tuesday, August 9th. The shares were sold at an average price of $180.00, for a total transaction of $3,800,880.00. Following the transaction, the director now directly owns 6,134 shares of the company’s stock, valued at $1,104,120. The disclosure for this sale can be found here. Insiders sold 30,656 shares of company stock valued at $5,604,091 in the last three months. 0.73% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts recently commented on MTB shares. Wolfe Research cut their price objective on shares of M&T Bank from $214.00 to $187.00 and set an “outperform” rating for the company in a report on Thursday, May 26th. Jefferies Financial Group cut their price objective on shares of M&T Bank from $192.00 to $175.00 and set a “hold” rating for the company in a report on Monday, July 11th. JPMorgan Chase & Co. cut their price objective on shares of M&T Bank from $200.00 to $195.00 and set a “neutral” rating for the company in a report on Friday, July 1st. Citigroup raised their price objective on shares of M&T Bank to $200.00 in a report on Friday, July 22nd. Finally, StockNews.com downgraded shares of M&T Bank from a “hold” rating to a “sell” rating in a report on Saturday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, M&T Bank has a consensus rating of “Moderate Buy” and an average price target of $202.64.

M&T Bank Stock Performance

MTB opened at $182.85 on Friday. The company has a debt-to-equity ratio of 0.13, a current ratio of 0.98 and a quick ratio of 0.98. The company has a 50 day simple moving average of $178.12 and a two-hundred day simple moving average of $172.59. M&T Bank Co. has a 1-year low of $131.42 and a 1-year high of $193.42. The firm has a market cap of $32.81 billion, a P/E ratio of 16.99, a PEG ratio of 0.83 and a beta of 0.88.

M&T Bank (NYSE:MTBGet Rating) last announced its earnings results on Wednesday, July 20th. The financial services provider reported $3.10 earnings per share for the quarter, meeting the consensus estimate of $3.10. The business had revenue of $1.98 billion for the quarter, compared to the consensus estimate of $2.05 billion. M&T Bank had a net margin of 23.21% and a return on equity of 10.76%. During the same quarter in the prior year, the firm posted $3.45 earnings per share. Equities analysts forecast that M&T Bank Co. will post 15.21 earnings per share for the current fiscal year.

M&T Bank announced that its board has initiated a share repurchase plan on Tuesday, July 19th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 9.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors 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 2.63%. The ex-dividend date of this dividend is Wednesday, August 31st. M&T Bank’s payout ratio is currently 44.61%.

M&T Bank Company Profile

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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.

See Also

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

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