Van ECK Associates Corp Sells 19,935 Shares of M&T Bank Corporation $MTB

Van ECK Associates Corp reduced its position in M&T Bank Corporation (NYSE:MTB) by 87.1% in the second quarter, Holdings Channel.com reports. The fund owned 2,944 shares of the financial services provider’s stock after selling 19,935 shares during the period. Van ECK Associates Corp’s holdings in M&T Bank were worth $701,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Bank of New York Mellon Corp purchased a new position in shares of M&T Bank in the second quarter worth $330,978,000. Davis Asset Management L.P. purchased a new stake in shares of M&T Bank during the second quarter valued at $97,584,000. Danske Bank A S bought a new stake in M&T Bank in the 3rd quarter worth about $29,612,000. Russell Investments Group Ltd. raised its position in M&T Bank by 35.4% in the 4th quarter. Russell Investments Group Ltd. now owns 396,531 shares of the financial services provider’s stock worth $79,954,000 after buying an additional 103,692 shares during the last quarter. Finally, Hsbc Holdings PLC raised its position in M&T Bank by 18.9% in the 2nd quarter. Hsbc Holdings PLC now owns 396,157 shares of the financial services provider’s stock worth $94,364,000 after buying an additional 62,877 shares during the last quarter. 84.68% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other M&T Bank news, Director Rudina Seseri sold 623 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $241.04, for a total value of $150,167.92. Following the transaction, the director directly owned 3,649 shares in the company, valued at approximately $879,554.96. This trade represents a 14.58% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.44% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on MTB. Keefe, Bruyette & Woods raised their price target on shares of M&T Bank from $242.00 to $250.00 and gave the company a “market perform” rating in a report on Thursday, July 16th. Truist Financial boosted their price objective on shares of M&T Bank from $230.00 to $268.00 and gave the company a “hold” rating in a report on Tuesday, July 21st. Evercore set a $260.00 price objective on shares of M&T Bank in a research report on Monday, July 6th. Royal Bank Of Canada raised their target price on shares of M&T Bank from $230.00 to $255.00 and gave the stock an “outperform” rating in a report on Thursday, July 16th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $300.00 target price on shares of M&T Bank in a research report on Wednesday, July 15th. Seven research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $253.43.

M&T Bank Trading Down 0.0%

M&T Bank stock opened at $240.05 on Friday. The business has a 50-day simple moving average of $244.88 and a two-hundred day simple moving average of $225.94. The company has a market cap of $34.67 billion, a P/E ratio of 12.67, a P/E/G ratio of 1.36 and a beta of 0.56. M&T Bank Corporation has a 52-week low of $174.76 and a 52-week high of $255.95. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.53.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share for the quarter, topping the consensus estimate of $4.66 by $0.69. The firm had revenue of $2.53 billion for the quarter, compared to analysts’ expectations of $2.46 billion. M&T Bank had a net margin of 22.72% and a return on equity of 11.80%. During the same quarter in the prior year, the business earned $4.28 EPS. Analysts predict that M&T Bank Corporation will post 19.43 EPS for the current year.

M&T Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st will be issued a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Tuesday, September 1st. M&T Bank’s dividend payout ratio is currently 31.68%.

About M&T Bank

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.