Penserra Capital Management LLC Lowers Stake in M&T Bank Corporation (NYSE:MTB)

Penserra Capital Management LLC reduced its holdings in shares of M&T Bank Corporation (NYSE:MTB) by 32.0% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 817 shares of the financial services provider’s stock after selling 385 shares during the period. Penserra Capital Management LLC’s holdings in M&T Bank were worth $145,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently bought and sold shares of MTB. Proficio Capital Partners LLC purchased a new stake in shares of M&T Bank in the fourth quarter valued at about $20,791,000. Raymond James Financial Inc. purchased a new stake in shares of M&T Bank in the fourth quarter valued at about $21,783,000. Independent Advisor Alliance boosted its holdings in shares of M&T Bank by 29.9% in the fourth quarter. Independent Advisor Alliance now owns 2,077 shares of the financial services provider’s stock valued at $391,000 after acquiring an additional 478 shares in the last quarter. HighTower Advisors LLC boosted its holdings in shares of M&T Bank by 1.9% in the fourth quarter. HighTower Advisors LLC now owns 53,479 shares of the financial services provider’s stock valued at $10,055,000 after acquiring an additional 972 shares in the last quarter. Finally, Wellington Shields & Co. LLC boosted its holdings in shares of M&T Bank by 5.2% in the fourth quarter. Wellington Shields & Co. LLC now owns 1,966 shares of the financial services provider’s stock valued at $370,000 after acquiring an additional 98 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Stock Performance

Shares of MTB opened at $201.67 on Friday. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.39. The stock has a market cap of $32.37 billion, a P/E ratio of 13.51, a PEG ratio of 1.46 and a beta of 0.63. The company has a 50-day moving average of $186.49 and a two-hundred day moving average of $184.07. M&T Bank Corporation has a 12-month low of $150.75 and a 12-month high of $225.70.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). The firm had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.35 billion. M&T Bank had a net margin of 19.86% and a return on equity of 10.18%. During the same period in the prior year, the firm earned $3.09 EPS. As a group, research analysts predict that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 2nd were given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date of this dividend was Monday, June 2nd. M&T Bank’s dividend payout ratio is presently 36.17%.

Analyst Ratings Changes

Several brokerages have recently weighed in on MTB. Deutsche Bank Aktiengesellschaft raised shares of M&T Bank from a “hold” rating to a “buy” rating and set a $210.00 target price on the stock in a report on Thursday, April 24th. Robert W. Baird lowered their target price on shares of M&T Bank from $220.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday, April 15th. Wells Fargo & Company reduced their price objective on shares of M&T Bank from $185.00 to $175.00 and set an “underweight” rating for the company in a research note on Tuesday, April 15th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $200.00 price objective on shares of M&T Bank in a research note on Monday, May 19th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of M&T Bank from $212.50 to $186.50 and set a “neutral” rating for the company in a research note on Thursday, April 3rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat, M&T Bank currently has an average rating of “Moderate Buy” and a consensus price target of $211.48.

Insider Buying and Selling at M&T Bank

In other news, Director Robert E. Sadler, Jr. sold 6,700 shares of the business’s stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $183.52, for a total value of $1,229,584.00. Following the completion of the transaction, the director owned 23,070 shares of the company’s stock, valued at $4,233,806.40. The trade was a 22.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.53% of the stock is currently owned by corporate insiders.

M&T Bank Profile

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management, and investment services. It operates through the following segments: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.