M&T Bank Co. (NYSE:MTB) Stock Position Reduced by Westpac Banking Corp

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Westpac Banking Corp cut its stake in shares of M&T Bank Co. (NYSE:MTB) by 3.0% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 48,947 shares of the financial services provider’s stock after selling 1,500 shares during the period. Westpac Banking Corp’s holdings in M&T Bank were worth $8,324,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Wedbush Securities Inc. grew its position in M&T Bank by 9.4% in the second quarter. Wedbush Securities Inc. now owns 1,676 shares of the financial services provider’s stock worth $285,000 after acquiring an additional 144 shares in the last quarter. CWM LLC grew its position in M&T Bank by 20.4% in the second quarter. CWM LLC now owns 1,329 shares of the financial services provider’s stock worth $226,000 after acquiring an additional 225 shares in the last quarter. Janus Henderson Group PLC grew its position in M&T Bank by 3.5% in the second quarter. Janus Henderson Group PLC now owns 821,566 shares of the financial services provider’s stock worth $139,722,000 after acquiring an additional 28,071 shares in the last quarter. Highstreet Asset Management Inc. bought a new stake in M&T Bank in the second quarter worth approximately $906,000. Finally, KBC Group NV grew its position in M&T Bank by 1.3% in the second quarter. KBC Group NV now owns 45,527 shares of the financial services provider’s stock worth $7,743,000 after acquiring an additional 578 shares in the last quarter. 81.41% of the stock is currently owned by hedge funds and other institutional investors.

A number of analysts have recently weighed in on the stock. UBS Group reduced their price objective on shares of M&T Bank from $176.00 to $172.00 and set a “neutral” rating for the company in a research note on Wednesday, July 10th. Macquarie set a $158.00 price objective on shares of M&T Bank and gave the stock a “sell” rating in a research note on Friday, July 19th. Zacks Investment Research cut shares of M&T Bank from a “buy” rating to a “hold” rating and set a $179.00 price objective for the company. in a research note on Monday, July 1st. ValuEngine upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Piper Jaffray Companies cut shares of M&T Bank from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $196.00 to $168.00 in a research note on Monday, July 22nd. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $176.77.

In related news, EVP Doris P. Meister sold 1,108 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $150.96, for a total transaction of $167,263.68. Following the completion of the transaction, the executive vice president now directly owns 1,371 shares in the company, valued at approximately $206,966.16. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP William J. Farrell II sold 3,070 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $163.82, for a total transaction of $502,927.40. Following the transaction, the executive vice president now owns 10,774 shares of the company’s stock, valued at $1,764,996.68. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 6,479 shares of company stock valued at $1,043,915. Corporate insiders own 0.54% of the company’s stock.

NYSE:MTB traded up $0.93 during trading hours on Thursday, hitting $145.69. 8,310 shares of the company traded hands, compared to its average volume of 892,940. The company has a market capitalization of $20.03 billion, a PE ratio of 11.35, a price-to-earnings-growth ratio of 2.09 and a beta of 1.05. M&T Bank Co. has a twelve month low of $133.78 and a twelve month high of $180.77. The stock’s 50-day moving average price is $164.30. The company has a debt-to-equity ratio of 0.53, a current ratio of 1.06 and a quick ratio of 1.06.

M&T Bank (NYSE:MTB) last released its earnings results on Thursday, July 18th. The financial services provider reported $3.34 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $3.70 by ($0.36). The company had revenue of $1.55 billion for the quarter, compared to analyst estimates of $1.53 billion. M&T Bank had a net margin of 29.81% and a return on equity of 14.26%. During the same quarter in the previous year, the company earned $3.26 earnings per share. On average, analysts expect that M&T Bank Co. will post 13.89 EPS for the current year.

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

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