Chevy Chase Trust Holdings LLC Sells 678 Shares of M&T Bank Co. (NYSE:MTB)

Chevy Chase Trust Holdings LLC cut its position in M&T Bank Co. (NYSE:MTB) by 0.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 92,678 shares of the financial services provider’s stock after selling 678 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in M&T Bank were worth $13,479,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in MTB. Massachusetts Financial Services Co. MA grew its stake in M&T Bank by 0.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,730,853 shares of the financial services provider’s stock valued at $237,265,000 after buying an additional 4,419 shares in the last quarter. Norges Bank purchased a new stake in shares of M&T Bank in the fourth quarter worth about $232,322,000. Dimensional Fund Advisors LP boosted its position in shares of M&T Bank by 7.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,451,856 shares of the financial services provider’s stock valued at $199,037,000 after acquiring an additional 100,008 shares during the period. The Manufacturers Life Insurance Company grew its stake in M&T Bank by 8.2% during the fourth quarter. The Manufacturers Life Insurance Company now owns 546,751 shares of the financial services provider’s stock valued at $74,949,000 after acquiring an additional 41,523 shares in the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. boosted its holdings in M&T Bank by 7.7% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock valued at $72,357,000 after purchasing an additional 35,692 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Wall Street Analyst Weigh In

MTB has been the topic of a number of research analyst reports. Bank of America upped their target price on M&T Bank from $157.00 to $160.00 and gave the stock a “buy” rating in a research note on Tuesday, April 16th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $170.00 price objective on shares of M&T Bank in a report on Thursday, June 27th. Wells Fargo & Company lifted their price target on M&T Bank from $145.00 to $150.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 16th. Wedbush reiterated an “outperform” rating and issued a $170.00 price objective on shares of M&T Bank in a report on Wednesday, April 10th. Finally, StockNews.com cut M&T Bank from a “hold” rating to a “sell” rating in a report on Friday, May 3rd. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $161.58.

M&T Bank Trading Up 1.2 %

MTB traded up $1.75 during trading on Wednesday, hitting $151.55. 309,766 shares of the stock traded hands, compared to its average volume of 1,029,233. The firm has a market capitalization of $25.29 billion, a P/E ratio of 10.13, a price-to-earnings-growth ratio of 2.91 and a beta of 0.77. M&T Bank Co. has a 12-month low of $108.53 and a 12-month high of $156.65. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a 50-day moving average of $148.74 and a 200 day moving average of $142.54.

M&T Bank (NYSE:MTB) last posted its earnings results on Monday, April 15th. The financial services provider reported $3.02 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.26 billion. During the same quarter in the prior year, the company posted $4.09 earnings per share. Equities research analysts anticipate that M&T Bank Co. will post 13.99 EPS for the current year.

M&T Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 3rd were given a $1.35 dividend. This is a positive change from M&T Bank’s previous quarterly dividend of $1.30. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.56%. The ex-dividend date was Monday, June 3rd. M&T Bank’s dividend payout ratio (DPR) is currently 36.51%.

Insider Activity at M&T Bank

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

About M&T Bank

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.