TIAA Trust National Association Sells 670 Shares of M&T Bank Co. (NYSE:MTB)

TIAA Trust National Association decreased its holdings in shares of M&T Bank Co. (NYSE:MTB) by 9.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,515 shares of the financial services provider’s stock after selling 670 shares during the quarter. TIAA Trust National Association’s holdings in M&T Bank were worth $948,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. M&G Plc bought a new stake in M&T Bank during the 1st quarter valued at approximately $8,147,000. HBK Sorce Advisory LLC boosted its stake in M&T Bank by 1.8% during the 1st quarter. HBK Sorce Advisory LLC now owns 24,140 shares of the financial services provider’s stock valued at $3,511,000 after purchasing an additional 423 shares during the period. Delta Investment Management LLC bought a new stake in M&T Bank during the 1st quarter valued at approximately $2,058,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in M&T Bank by 16.0% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 196,039 shares of the financial services provider’s stock valued at $28,512,000 after purchasing an additional 27,012 shares during the period. Finally, State Board of Administration of Florida Retirement System boosted its stake in M&T Bank by 1.8% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 180,188 shares of the financial services provider’s stock valued at $26,207,000 after purchasing an additional 3,112 shares during the period. Institutional investors own 84.68% of the company’s stock.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, Director Kirk W. Walters sold 16,179 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $148.01, for a total value of $2,394,653.79. Following the transaction, the director now directly owns 6,348 shares in the company, valued at approximately $939,567.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other M&T Bank news, Director Kirk W. Walters sold 16,179 shares of the stock in a transaction on Monday, May 6th. The stock was sold at an average price of $148.01, for a total value of $2,394,653.79. Following the transaction, the director now directly owns 6,348 shares in the company, valued at approximately $939,567.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John P. Barnes sold 43,426 shares of the stock in a transaction on 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 completion of the transaction, the director now owns 35,480 shares in the company, valued at $5,481,660. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 95,915 shares of company stock worth $14,497,759. Insiders own 0.82% of the company’s stock.

M&T Bank Price Performance

MTB stock traded down $2.13 during midday trading on Friday, reaching $165.25. 1,260,933 shares of the company’s stock traded hands, compared to its average volume of 955,890. The company has a 50-day simple moving average of $150.48 and a two-hundred day simple moving average of $143.76. M&T Bank Co. has a 1-year low of $108.53 and a 1-year high of $175.00. The company has a market cap of $27.57 billion, a price-to-earnings ratio of 11.17, a PEG ratio of 3.86 and a beta of 0.77. The company has a quick ratio of 1.00, a current ratio of 0.94 and a debt-to-equity ratio of 0.44.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 EPS for the quarter, beating analysts’ consensus estimates of $3.50 by $0.23. The firm had revenue of $3.37 billion for the quarter, compared to analyst estimates of $2.27 billion. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. During the same period last year, the company earned $5.12 EPS. On average, analysts anticipate that M&T Bank Co. will post 13.95 earnings per share for the current year.

M&T Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 3rd were given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 3.27%. This is a positive change from M&T Bank’s previous quarterly dividend of $1.30. The ex-dividend date was Monday, June 3rd. M&T Bank’s dividend payout ratio (DPR) is presently 36.51%.

Wall Street Analysts Forecast Growth

A number of analysts have commented on MTB shares. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research report on Friday. Evercore ISI raised their price objective on M&T Bank from $157.00 to $168.00 and gave the stock an “in-line” rating in a research report on Tuesday, June 25th. Piper Sandler reiterated an “overweight” rating and issued a $164.00 price objective on shares of M&T Bank in a research report on Friday, June 21st. Wedbush reiterated an “outperform” rating and issued a $170.00 price objective on shares of M&T Bank in a research report on Wednesday, April 10th. Finally, Bank of America raised 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. Ten investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $166.79.

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.