The Manufacturers Life Insurance Company Sells 10,911 Shares of M&T Bank Corporation $MTB

The Manufacturers Life Insurance Company lessened its holdings in shares of M&T Bank Corporation (NYSE:MTB) by 4.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 261,834 shares of the financial services provider’s stock after selling 10,911 shares during the period. The Manufacturers Life Insurance Company’s holdings in M&T Bank were worth $62,319,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. LSV Asset Management lifted its holdings in M&T Bank by 14.5% during the 4th quarter. LSV Asset Management now owns 391,900 shares of the financial services provider’s stock worth $78,960,000 after buying an additional 49,500 shares during the period. Adams Diversified Equity Fund Inc. increased its stake in shares of M&T Bank by 22.8% in the first quarter. Adams Diversified Equity Fund Inc. now owns 119,900 shares of the financial services provider’s stock valued at $24,786,000 after buying an additional 22,300 shares during the period. Danske Bank A S acquired a new stake in shares of M&T Bank in the second quarter valued at about $34,683,000. Bank of New York Mellon Corp bought a new position in shares of M&T Bank during the second quarter worth about $330,978,000. Finally, Allstate Corp raised its position in shares of M&T Bank by 99.4% during the fourth quarter. Allstate Corp now owns 11,242 shares of the financial services provider’s stock worth $2,265,000 after acquiring an additional 5,604 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.

Insider Buying and Selling at M&T Bank

In related news, Director Rudina Seseri sold 623 shares of the business’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $241.04, for a total transaction of $150,167.92. Following the transaction, the director owned 3,649 shares in the company, valued at $879,554.96. The trade was a 14.58% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.44% of the stock is owned by corporate insiders.

M&T Bank Stock Up 0.3%

Shares of M&T Bank stock opened at $239.75 on Friday. The stock’s 50-day moving average is $244.86 and its 200 day moving average is $226.26. M&T Bank Corporation has a one year low of $174.76 and a one year high of $255.95. The firm has a market cap of $34.63 billion, a price-to-earnings ratio of 12.66, a PEG ratio of 1.36 and a beta of 0.56. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.96 and a quick ratio of 0.96.

M&T Bank (NYSE:MTB) last issued its earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share for the quarter, topping analysts’ consensus estimates of $4.66 by $0.69. M&T Bank had a return on equity of 11.80% and a net margin of 22.72%.The business had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.46 billion. During the same period in the previous year, the company posted $4.28 earnings per share. Equities research analysts anticipate that M&T Bank Corporation will post 19.45 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st will be given a dividend of $1.50 per share. The ex-dividend date of this dividend is Tuesday, September 1st. This represents a $6.00 annualized dividend and a dividend yield of 2.5%. M&T Bank’s dividend payout ratio (DPR) is 31.68%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on MTB. Morgan Stanley raised M&T Bank from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $253.00 to $304.00 in a research note on Tuesday. Cantor Fitzgerald increased their target price on shares of M&T Bank from $262.00 to $285.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. Evercore set a $260.00 price target on shares of M&T Bank in a report on Monday, July 6th. Wells Fargo & Company boosted their price target on shares of M&T Bank from $215.00 to $224.00 and gave the stock an “underweight” rating in a research report on Thursday, July 16th. Finally, Royal Bank Of Canada upped their price objective on shares of M&T Bank from $230.00 to $255.00 and gave the company an “outperform” rating in a research note on Thursday, July 16th. Eight equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, M&T Bank presently has a consensus rating of “Hold” and a consensus target price of $255.97.

M&T Bank Profile

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, Manufacturers and Traders Trust Company, commonly known as M&T Bank, provides financial products and services to individuals, businesses, institutions and government entities.

The company’s offerings include checking and savings accounts, consumer and commercial loans, residential mortgages, credit cards, treasury management and other business banking services.