M&T Bank Co. (NYSE:MTB) Shares Sold by Victory Capital Management Inc.

Victory Capital Management Inc. lowered its stake in M&T Bank Co. (NYSE:MTB) by 0.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 182,778 shares of the financial services provider’s stock after selling 1,294 shares during the period. Victory Capital Management Inc.’s holdings in M&T Bank were worth $32,556,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Aptus Capital Advisors LLC increased its stake in M&T Bank by 5.8% in the 3rd quarter. Aptus Capital Advisors LLC now owns 2,072 shares of the financial services provider’s stock valued at $369,000 after buying an additional 114 shares during the period. Commonwealth Retirement Investments LLC increased its stake in shares of M&T Bank by 2.7% during the third quarter. Commonwealth Retirement Investments LLC now owns 13,705 shares of the financial services provider’s stock worth $2,441,000 after acquiring an additional 365 shares during the period. Sumitomo Mitsui Trust Group Inc. lifted its position in M&T Bank by 8.5% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 467,801 shares of the financial services provider’s stock valued at $83,325,000 after purchasing an additional 36,822 shares during the period. Apollon Wealth Management LLC lifted its position in M&T Bank by 21.1% in the third quarter. Apollon Wealth Management LLC now owns 2,678 shares of the financial services provider’s stock valued at $477,000 after purchasing an additional 467 shares during the period. Finally, Venturi Wealth Management LLC increased its position in M&T Bank by 68.3% during the 3rd quarter. Venturi Wealth Management LLC now owns 488 shares of the financial services provider’s stock worth $87,000 after purchasing an additional 198 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Morgan Stanley increased their target price on M&T Bank from $195.00 to $220.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. Royal Bank of Canada upped their price target on shares of M&T Bank from $190.00 to $208.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Wedbush raised their price objective on shares of M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a research note on Tuesday, September 24th. Wolfe Research raised shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective on the stock in a report on Friday, October 4th. Finally, Piper Sandler increased their target price on shares of M&T Bank from $164.00 to $190.00 and gave the company an “overweight” rating in a report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $199.65.

Insider Transactions at M&T Bank

In related news, CEO Rene F. Jones sold 23,071 shares of the stock in a transaction on Monday, October 28th. The stock was sold at an average price of $193.88, for a total value of $4,473,005.48. Following the transaction, the chief executive officer now directly owns 77,226 shares of the company’s stock, valued at approximately $14,972,576.88. This trade represents a 23.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP John R. Taylor sold 1,436 shares of the business’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $195.03, for a total value of $280,063.08. Following the sale, the executive vice president now directly owns 5,618 shares of the company’s stock, valued at approximately $1,095,678.54. This trade represents a 20.36 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 72,854 shares of company stock worth $13,637,588 in the last three months. Company insiders own 0.82% of the company’s stock.

M&T Bank Stock Up 0.7 %

MTB stock opened at $214.74 on Friday. The company has a 50 day moving average price of $187.11 and a two-hundred day moving average price of $167.05. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market capitalization of $35.63 billion, a P/E ratio of 15.89, a PEG ratio of 2.98 and a beta of 0.74. M&T Bank Co. has a one year low of $123.37 and a one year high of $216.84.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.60 by $0.48. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. The business had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.30 billion. As a group, sell-side analysts expect that M&T Bank Co. will post 14.56 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.51%. The ex-dividend date was Tuesday, September 3rd. M&T Bank’s dividend payout ratio is currently 39.97%.

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.