DNB Asset Management AS Decreases Position in M&T Bank Corporation $MTB

DNB Asset Management AS decreased its position in M&T Bank Corporation (NYSE:MTB) by 9.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 100,683 shares of the financial services provider’s stock after selling 10,659 shares during the period. DNB Asset Management AS’s holdings in M&T Bank were worth $19,897,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Canoe Financial LP boosted its position in shares of M&T Bank by 46.8% in the 3rd quarter. Canoe Financial LP now owns 433,679 shares of the financial services provider’s stock worth $85,704,000 after buying an additional 138,173 shares in the last quarter. Adams Diversified Equity Fund Inc. acquired a new position in M&T Bank during the third quarter worth about $18,497,000. SG Americas Securities LLC lifted its holdings in shares of M&T Bank by 932.4% in the second quarter. SG Americas Securities LLC now owns 100,169 shares of the financial services provider’s stock valued at $19,432,000 after purchasing an additional 90,466 shares in the last quarter. LSV Asset Management grew its position in shares of M&T Bank by 19.9% in the third quarter. LSV Asset Management now owns 342,400 shares of the financial services provider’s stock valued at $67,665,000 after purchasing an additional 56,750 shares during the last quarter. Finally, Cooke & Bieler LP grew its position in shares of M&T Bank by 18.1% in the second quarter. Cooke & Bieler LP now owns 318,930 shares of the financial services provider’s stock valued at $61,869,000 after purchasing an additional 48,870 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Down 3.9%

MTB opened at $216.56 on Friday. M&T Bank Corporation has a 12 month low of $150.75 and a 12 month high of $239.00. The business has a 50-day moving average of $218.15 and a two-hundred day moving average of $201.43. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.96 and a quick ratio of 0.96. The stock has a market capitalization of $32.27 billion, a price-to-earnings ratio of 12.70, a price-to-earnings-growth ratio of 0.99 and a beta of 0.60.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Friday, January 16th. The financial services provider reported $4.72 earnings per share for the quarter, topping the consensus estimate of $4.47 by $0.25. M&T Bank had a net margin of 21.55% and a return on equity of 10.94%. The business had revenue of $1.79 billion for the quarter, compared to analyst estimates of $2.47 billion. During the same period in the prior year, the firm posted $3.77 EPS. On average, research analysts expect that M&T Bank Corporation will post 16.57 earnings per share for the current year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 2nd will be issued a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date is Monday, March 2nd. M&T Bank’s dividend payout ratio (DPR) is 35.19%.

Insider Activity

In related news, Vice Chairman Gary N. Geisel sold 887 shares of M&T Bank stock in a transaction on Wednesday, January 28th. The stock was sold at an average price of $215.79, for a total value of $191,405.73. Following the transaction, the insider owned 16,446 shares in the company, valued at approximately $3,548,882.34. This trade represents a 5.12% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John P. Barnes sold 21,193 shares of the company’s stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $235.85, for a total value of $4,998,369.05. Following the sale, the director owned 15,142 shares of the company’s stock, valued at $3,571,240.70. This represents a 58.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 40,855 shares of company stock valued at $9,341,446 in the last ninety days. Company insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently issued reports on MTB shares. Jefferies Financial Group lifted their price objective on M&T Bank from $250.00 to $255.00 and gave the stock a “buy” rating in a research report on Friday, January 16th. TD Cowen reissued a “buy” rating on shares of M&T Bank in a research report on Wednesday, January 7th. UBS Group boosted their price target on M&T Bank from $217.00 to $230.00 and gave the stock a “neutral” rating in a report on Wednesday, February 4th. Truist Financial set a $230.00 price objective on M&T Bank in a research note on Tuesday, January 20th. Finally, Royal Bank Of Canada lifted their price objective on M&T Bank from $210.00 to $220.00 and gave the stock an “outperform” rating in a research report on Friday, January 16th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, M&T Bank currently has a consensus rating of “Hold” and an average target price of $228.50.

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.