Neuberger Berman Group LLC trimmed its stake in shares of M&T Bank Co. (NYSE:MTB) by 24.7% during the first quarter, Holdings Channel reports. The fund owned 291,486 shares of the financial services provider’s stock after selling 95,406 shares during the quarter. Neuberger Berman Group LLC’s holdings in M&T Bank were worth $45,769,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently bought and sold shares of MTB. FMR LLC boosted its stake in M&T Bank by 74.1% during the 4th quarter. FMR LLC now owns 5,947,002 shares of the financial services provider’s stock valued at $851,195,000 after acquiring an additional 2,532,038 shares during the last quarter. Norges Bank bought a new position in shares of M&T Bank in the 4th quarter worth about $174,207,000. PNC Financial Services Group Inc. lifted its position in shares of M&T Bank by 404.6% in the 1st quarter. PNC Financial Services Group Inc. now owns 841,781 shares of the financial services provider’s stock worth $132,174,000 after buying an additional 674,968 shares during the last quarter. BlackRock Inc. lifted its position in shares of M&T Bank by 2.3% in the 4th quarter. BlackRock Inc. now owns 10,220,602 shares of the financial services provider’s stock worth $1,462,876,000 after buying an additional 234,015 shares during the last quarter. Finally, Banco Santander S.A. bought a new position in shares of M&T Bank in the 4th quarter worth about $23,961,000. Hedge funds and other institutional investors own 81.60% of the company’s stock.
A number of research firms have recently issued reports on MTB. ValuEngine upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Monday, May 20th. Wedbush raised their price target on shares of M&T Bank from $150.00 to $155.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. UBS Group set a $169.00 price target on shares of M&T Bank and gave the stock a “hold” rating in a research report on Tuesday, April 2nd. Barclays restated a “buy” rating and issued a $217.00 price target on shares of M&T Bank in a research report on Wednesday, April 17th. Finally, Robert W. Baird downgraded shares of M&T Bank from an “outperform” rating to a “neutral” rating and set a $175.00 price target on the stock. in a research report on Thursday, February 21st. Eight analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. M&T Bank presently has an average rating of “Buy” and an average price target of $179.25.
Shares of MTB stock traded up $0.68 during trading hours on Thursday, reaching $166.13. The stock had a trading volume of 1,470 shares, compared to its average volume of 639,024. The company has a quick ratio of 1.06, a current ratio of 1.06 and a debt-to-equity ratio of 0.59. M&T Bank Co. has a twelve month low of $133.78 and a twelve month high of $180.77. The stock has a market cap of $22.60 billion, a PE ratio of 12.93, a price-to-earnings-growth ratio of 1.53 and a beta of 1.07.
M&T Bank (NYSE:MTB) last released its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.35 earnings per share for the quarter, topping the Zacks’ consensus estimate of $3.30 by $0.05. M&T Bank had a net margin of 30.84% and a return on equity of 14.46%. The business had revenue of $1.55 billion for the quarter, compared to analysts’ expectations of $1.51 billion. During the same quarter last year, the company earned $2.23 EPS. Equities analysts forecast that M&T Bank Co. will post 14.63 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Monday, June 3rd will be issued a $1.00 dividend. The ex-dividend date is Friday, May 31st. This represents a $4.00 dividend on an annualized basis and a dividend yield of 2.41%. M&T Bank’s dividend payout ratio (DPR) is presently 31.10%.
In related news, VP Michele D. Trolli sold 5,000 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $173.14, for a total value of $865,700.00. Following the sale, the vice president now owns 10,878 shares of the company’s stock, valued at approximately $1,883,416.92. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Brian E. Hickey sold 4,000 shares of the stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $168.53, for a total transaction of $674,120.00. Following the completion of the sale, the insider now directly owns 17,819 shares in the company, valued at approximately $3,003,036.07. The disclosure for this sale can be found here. In the last ninety days, insiders sold 14,521 shares of company stock worth $2,460,209. Corporate insiders own 0.54% of the company’s stock.
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M&T Bank Profile
M&T Bank Corporation operates as the holding company for Manufacturers and Traders Trust Company; and Wilmington Trust, National Association that provide banking services. The company's Business Banking segment offers deposits, business loans and leases, and credit cards; and cash management, payroll, and letters of credit services to small businesses and professionals.
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