Sumitomo Mitsui Trust Holdings Inc. Sells 32,284 Shares of M&T Bank Co. (NYSE:MTB)

Sumitomo Mitsui Trust Holdings Inc. lessened its position in shares of M&T Bank Co. (NYSE:MTB) by 6.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 461,811 shares of the financial services provider’s stock after selling 32,284 shares during the period. Sumitomo Mitsui Trust Holdings Inc.’s holdings in M&T Bank were worth $63,305,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of MTB. Raymond James & Associates raised its stake in M&T Bank by 7.0% during the first quarter. Raymond James & Associates now owns 134,655 shares of the financial services provider’s stock worth $2,692,000 after buying an additional 8,765 shares during the last quarter. American Century Companies Inc. grew its holdings in M&T Bank by 112.8% in the first quarter. American Century Companies Inc. now owns 82,957 shares of the financial services provider’s stock worth $1,658,000 after purchasing an additional 43,979 shares during the period. US Bancorp DE grew its holdings in M&T Bank by 9.4% in the first quarter. US Bancorp DE now owns 15,149 shares of the financial services provider’s stock worth $303,000 after purchasing an additional 1,304 shares during the period. Cambridge Investment Research Advisors Inc. grew its holdings in M&T Bank by 7.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 59,394 shares of the financial services provider’s stock worth $1,187,000 after purchasing an additional 4,175 shares during the period. Finally, AlphaCrest Capital Management LLC acquired a new stake in M&T Bank in the first quarter worth $306,000. Institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Performance

Shares of MTB stock opened at $139.30 on Friday. The firm has a market cap of $23.21 billion, a price-to-earnings ratio of 9.42, a P/E/G ratio of 1.26 and a beta of 0.80. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 0.94. M&T Bank Co. has a 52 week low of $108.53 and a 52 week high of $148.23. The firm’s 50-day simple moving average is $139.76 and its two-hundred day simple moving average is $132.81.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 EPS for the quarter, missing the consensus estimate of $3.13 by ($0.11). The company had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.26 billion. M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. During the same period in the prior year, the firm posted $4.09 EPS. As a group, equities analysts forecast that M&T Bank Co. will post 13.93 earnings per share for the current year.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 4th were given a $1.30 dividend. This represents a $5.20 annualized dividend and a dividend yield of 3.73%. The ex-dividend date was Friday, March 1st. M&T Bank’s dividend payout ratio (DPR) is currently 35.16%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Piper Sandler reduced their price target on shares of M&T Bank from $156.00 to $152.00 and set an “overweight” rating for the company in a report on Friday, January 19th. Bank of America raised their price target on shares of M&T Bank from $157.00 to $160.00 and gave the stock a “buy” rating in a report on Tuesday. UBS Group raised their price target on shares of M&T Bank from $139.00 to $154.00 in a report on Wednesday, January 17th. StockNews.com cut shares of M&T Bank from a “hold” rating to a “sell” rating in a report on Wednesday, December 27th. Finally, Wells Fargo & Company lifted their price objective on shares of M&T Bank from $145.00 to $150.00 and gave the company an “equal weight” rating in a report on Tuesday. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $158.48.

Insider Activity

In other news, Director Kirk W. Walters sold 28,845 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $145.00, for a total value of $4,182,525.00. Following the sale, the director now owns 6,367 shares of the company’s stock, valued at $923,215. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, Director Kirk W. Walters sold 28,845 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $145.00, for a total value of $4,182,525.00. Following the sale, the director now owns 6,367 shares of the company’s stock, valued at $923,215. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Doris P. Meister sold 1,675 shares of the business’s stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $137.91, for a total transaction of $230,999.25. Following the completion of the sale, the executive vice president now directly owns 8,961 shares in the company, valued at approximately $1,235,811.51. The disclosure for this sale can be found here. Insiders have sold a total of 35,481 shares of company stock valued at $5,114,624 over the last quarter. Company insiders own 0.82% of the company’s stock.

M&T Bank Profile

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.