Anchor Capital Advisors LLC Cuts Stake in M&T Bank Co. (NYSE:MTB)

Anchor Capital Advisors LLC lessened its position in M&T Bank Co. (NYSE:MTB) by 3.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 391,658 shares of the financial services provider’s stock after selling 15,410 shares during the period. M&T Bank comprises 1.7% of Anchor Capital Advisors LLC’s portfolio, making the stock its 11th largest holding. Anchor Capital Advisors LLC owned about 0.23% of M&T Bank worth $59,281,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Massachusetts Financial Services Co. MA boosted its stake in M&T Bank by 0.3% during 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 purchasing an additional 4,419 shares during the last quarter. Norges Bank purchased a new position in M&T Bank in the 4th quarter worth about $232,322,000. Bank of New York Mellon Corp lifted its stake in M&T Bank by 3.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,513,452 shares of the financial services provider’s stock valued at $229,076,000 after acquiring an additional 44,442 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of M&T Bank by 7.4% during the 4th 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 last quarter. Finally, Los Angeles Capital Management LLC grew its stake in shares of M&T Bank by 77.0% in the second quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock worth $110,993,000 after acquiring an additional 319,051 shares during the period. Institutional investors own 84.68% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. DA Davidson lifted their target price on shares of M&T Bank from $159.00 to $185.00 and gave the stock a “neutral” rating in a research report on Friday, July 19th. Jefferies Financial Group increased their target price on M&T Bank from $160.00 to $161.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. Keefe, Bruyette & Woods boosted their price target on M&T Bank from $170.00 to $180.00 and gave the company a “market perform” rating in a research note on Friday, July 19th. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, July 19th. Finally, Piper Sandler raised their price objective on shares of M&T Bank from $164.00 to $190.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $175.85.

Insider Transactions at M&T Bank

In related news, Director Denis J. Salamone sold 10,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total value of $1,720,300.00. Following the sale, the director now directly owns 44,902 shares of the company’s stock, valued at approximately $7,724,491.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Vice Chairman Gary N. Geisel sold 500 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $172.50, for a total value of $86,250.00. Following the transaction, the insider now owns 16,429 shares of the company’s stock, valued at approximately $2,834,002.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Denis J. Salamone sold 10,000 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the completion of the sale, the director now directly owns 44,902 shares of the company’s stock, valued at $7,724,491.06. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,699 shares of company stock worth $5,115,349. 0.82% of the stock is currently owned by insiders.

M&T Bank Stock Performance

MTB opened at $166.51 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.00 and a current ratio of 1.00. The stock has a market capitalization of $27.78 billion, a price-to-earnings ratio of 11.26, a PEG ratio of 3.45 and a beta of 0.76. The company has a fifty day moving average of $163.27 and a 200 day moving average of $151.19. M&T Bank Co. has a fifty-two week low of $108.53 and a fifty-two week high of $176.44.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results 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. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. The company had revenue of $3.37 billion during the quarter, compared to analyst estimates of $2.27 billion. During the same period in the prior year, the company earned $5.12 earnings per share. As a group, sell-side analysts forecast that M&T Bank Co. will post 14.24 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 3.24%. The ex-dividend date of this dividend is Tuesday, September 3rd. M&T Bank’s dividend payout ratio is currently 36.51%.

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.