Whittier Trust Co. Lowers Stock Holdings in M&T Bank Co. (NYSE:MTB)

Whittier Trust Co. lowered its stake in shares of M&T Bank Co. (NYSE:MTB) by 17.9% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,121 shares of the financial services provider’s stock after selling 682 shares during the quarter. Whittier Trust Co.’s holdings in M&T Bank were worth $454,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in MTB. Norges Bank purchased a new position in shares of M&T Bank during the fourth quarter worth about $232,322,000. Smead Capital Management Inc. purchased a new position in shares of M&T Bank during the fourth quarter worth about $59,418,000. Los Angeles Capital Management LLC purchased a new stake in M&T Bank in the 4th quarter valued at approximately $34,645,000. Bank of Nova Scotia boosted its holdings in M&T Bank by 1,155.9% in the 4th quarter. Bank of Nova Scotia now owns 205,392 shares of the financial services provider’s stock valued at $28,154,000 after purchasing an additional 189,038 shares in the last quarter. Finally, BNP Paribas Financial Markets boosted its holdings in M&T Bank by 127.6% in the 4th quarter. BNP Paribas Financial Markets now owns 277,330 shares of the financial services provider’s stock valued at $38,016,000 after purchasing an additional 155,487 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Up 1.1 %

Shares of NYSE:MTB traded up $1.60 during trading on Tuesday, reaching $149.80. 714,369 shares of the company traded hands, compared to its average volume of 1,034,768. The firm has a fifty day simple moving average of $148.63 and a 200 day simple moving average of $142.45. M&T Bank Co. has a 1-year low of $108.53 and a 1-year high of $156.65. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.46. The firm has a market cap of $24.99 billion, a P/E ratio of 10.02, a price-to-earnings-growth ratio of 2.88 and a beta of 0.77.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.13 by ($0.11). M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. The company had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.26 billion. During the same quarter in the previous year, the firm posted $4.09 EPS. Analysts anticipate that M&T Bank Co. will post 13.99 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 3rd were paid a $1.35 dividend. The ex-dividend date was Monday, June 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 3.60%. This is a boost from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s payout ratio is presently 36.51%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Wedbush reaffirmed an “outperform” rating and issued a $170.00 price objective on shares of M&T Bank in a report on Wednesday, April 10th. JPMorgan Chase & Co. boosted their price target on M&T Bank from $170.00 to $180.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Bank of America lifted their price objective on M&T Bank from $157.00 to $160.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. StockNews.com downgraded M&T Bank from a “hold” rating to a “sell” rating in a research report on Friday, May 3rd. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $170.00 price target on shares of M&T Bank in a report on Thursday, June 27th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $161.58.

Insider Activity at M&T Bank

In related news, Director John P. Barnes sold 43,426 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $154.50, for a total value of $6,709,317.00. Following the sale, the director now owns 35,480 shares of the company’s stock, valued at $5,481,660. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other M&T Bank news, EVP Doris P. Meister sold 1,638 shares of the company’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $138.21, for a total transaction of $226,387.98. Following the sale, the executive vice president now directly owns 3,362 shares of the company’s stock, valued at $464,662.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director John P. Barnes sold 43,426 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $154.50, for a total transaction of $6,709,317.00. Following the sale, the director now directly owns 35,480 shares in the company, valued at $5,481,660. The disclosure for this sale can be found here. Insiders have sold a total of 97,553 shares of company stock valued at $14,724,147 over the last quarter. 0.82% of the stock is owned by company insiders.

M&T Bank Company Profile

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.