Bank of New York Mellon Corp Sells 8,355 Shares of M&T Bank Corporation $MTB

Bank of New York Mellon Corp lessened its holdings in shares of M&T Bank Corporation (NYSE:MTB) by 0.6% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,366,888 shares of the financial services provider’s stock after selling 8,355 shares during the quarter. Bank of New York Mellon Corp owned about 0.89% of M&T Bank worth $270,124,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of MTB. Golden State Wealth Management LLC grew its stake in M&T Bank by 2,214.3% in the 2nd quarter. Golden State Wealth Management LLC now owns 162 shares of the financial services provider’s stock valued at $31,000 after buying an additional 155 shares in the last quarter. Bank of Jackson Hole Trust boosted its holdings in shares of M&T Bank by 342.9% in the third quarter. Bank of Jackson Hole Trust now owns 155 shares of the financial services provider’s stock worth $31,000 after acquiring an additional 120 shares during the period. Twin Peaks Wealth Advisors LLC purchased a new position in shares of M&T Bank in the second quarter valued at $36,000. Cullen Frost Bankers Inc. raised its stake in shares of M&T Bank by 1,109.5% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 254 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 233 shares during the period. Finally, Root Financial Partners LLC purchased a new stake in M&T Bank during the 3rd quarter worth about $61,000. Institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Performance

NYSE MTB opened at $221.33 on Friday. M&T Bank Corporation has a 52-week low of $150.75 and a 52-week high of $222.18. The company has a fifty day moving average of $204.86 and a 200-day moving average of $196.09. The company has a market capitalization of $34.02 billion, a P/E ratio of 12.98, a P/E/G ratio of 0.95 and a beta of 0.59. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.97 and a current ratio of 0.90.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Friday, January 16th. The financial services provider reported $4.72 earnings per share for the quarter, beating analysts’ consensus estimates of $4.47 by $0.25. M&T Bank had a return on equity of 10.94% and a net margin of 21.55%.The business had revenue of $2.48 billion for the quarter, compared to the consensus estimate of $2.47 billion. During the same quarter last year, the business posted $3.77 earnings per share. As a group, equities research analysts predict that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 1st were given a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Monday, December 1st. M&T Bank’s dividend payout ratio (DPR) is presently 35.19%.

Insiders Place Their Bets

In related news, Director John P. Barnes sold 17,866 shares of M&T Bank stock in a transaction on Thursday, January 22nd. The shares were sold at an average price of $220.81, for a total value of $3,944,991.46. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Christopher E. Kay sold 5,250 shares of the company’s stock in a transaction dated Wednesday, November 26th. The shares were sold at an average price of $191.70, for a total transaction of $1,006,425.00. Following the sale, the executive vice president owned 5,501 shares of the company’s stock, valued at approximately $1,054,541.70. The trade was a 48.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 29,116 shares of company stock valued at $6,091,776. 0.53% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on MTB. Piper Sandler lifted their target price on M&T Bank from $225.00 to $235.00 in a report on Friday, January 16th. The Goldman Sachs Group boosted their price objective on shares of M&T Bank from $230.00 to $231.00 and gave the company a “neutral” rating in a research note on Tuesday, January 20th. Citigroup raised their price target on shares of M&T Bank from $215.00 to $225.00 and gave the company a “neutral” rating in a report on Friday, January 2nd. Keefe, Bruyette & Woods boosted their price target on shares of M&T Bank from $220.00 to $230.00 and gave the company a “market perform” rating in a research report on Wednesday, December 17th. Finally, Wall Street Zen downgraded M&T Bank from a “hold” rating to a “sell” rating in a research report on Friday, January 23rd. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, M&T Bank currently has a consensus rating of “Hold” and a consensus target price of $224.29.

M&T Bank Company Profile

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.