Meitav Investment House Ltd. Reduces Holdings in M&T Bank Co. (NYSE:MTB)

Meitav Investment House Ltd. trimmed its position in shares of M&T Bank Co. (NYSE:MTB) by 9.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,201 shares of the financial services provider’s stock after selling 229 shares during the quarter. Meitav Investment House Ltd.’s holdings in M&T Bank were worth $325,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in MTB. Ontario Teachers Pension Plan Board boosted its stake in M&T Bank by 43.1% during the first quarter. Ontario Teachers Pension Plan Board now owns 12,423 shares of the financial services provider’s stock worth $1,807,000 after buying an additional 3,739 shares during the last quarter. Leuthold Group LLC acquired a new position in M&T Bank during the first quarter worth $3,125,000. Rafferty Asset Management LLC boosted its stake in M&T Bank by 72.1% during the fourth quarter. Rafferty Asset Management LLC now owns 239,934 shares of the financial services provider’s stock worth $32,890,000 after buying an additional 100,526 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. boosted its stake in M&T Bank by 7.7% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock worth $72,357,000 after buying an additional 35,692 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of M&T Bank by 5.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock valued at $48,267,000 after purchasing an additional 18,566 shares during the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on MTB shares. JPMorgan Chase & Co. increased their target price on M&T Bank from $180.00 to $183.00 and gave the stock a “neutral” rating in a research note on Tuesday, July 23rd. Bank of America increased their target price on M&T Bank from $160.00 to $188.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Piper Sandler increased their target price on M&T Bank from $164.00 to $190.00 and gave the stock an “overweight” rating in a research note on Monday, July 22nd. Citigroup increased their target price on M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Finally, DA Davidson increased their target price on M&T Bank from $159.00 to $185.00 and gave the stock a “neutral” rating in a research note on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $173.85.

M&T Bank Price Performance

Shares of MTB traded up $0.89 during mid-day trading on Thursday, hitting $171.32. The company’s stock had a trading volume of 256,018 shares, compared to its average volume of 1,014,554. The company has a current ratio of 0.94, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. The firm has a 50-day simple moving average of $159.78 and a 200 day simple moving average of $149.42. The firm has a market capitalization of $28.59 billion, a P/E ratio of 11.53, a P/E/G ratio of 3.34 and a beta of 0.77. M&T Bank Co. has a 1-year low of $108.53 and a 1-year high of $176.44.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, beating the consensus estimate of $3.50 by $0.23. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. The firm had revenue of $3.37 billion during the quarter, compared to the consensus estimate of $2.27 billion. During the same period last year, the business posted $5.12 EPS. Analysts predict that M&T Bank Co. will post 14.24 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd will be given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 3.15%. The ex-dividend date is Tuesday, September 3rd. M&T Bank’s payout ratio is 36.51%.

Insiders Place Their Bets

In other M&T Bank news, Director Kirk W. Walters sold 2,471 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $24.60, for a total transaction of $60,786.60. Following the completion of the transaction, the director now owns 20,414 shares of the company’s stock, valued at $502,184.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Kirk W. Walters sold 2,471 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $24.60, for a total transaction of $60,786.60. Following the transaction, the director now directly owns 20,414 shares in the company, valued at approximately $502,184.40. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Robert E. Sadler, Jr. sold 1,000 shares of the business’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total transaction of $172,230.00. Following the completion of the sale, the director now owns 31,796 shares of the company’s stock, valued at $5,476,225.08. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 22,699 shares of company stock valued at $3,395,049. Corporate insiders own 0.82% of the company’s stock.

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.