QRG Capital Management Inc. Cuts Stake in M&T Bank Co. (NYSE:MTB)

QRG Capital Management Inc. reduced its stake in M&T Bank Co. (NYSE:MTB – Free Report) by 5.4% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,602 shares of the financial services provider after selling 91 shares during the period. QRG Capital Management Inc.’s holdings in M&T Bank were worth $233,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in MTB recently. HHM Wealth Advisors LLC purchased a new position in shares of M&T Bank during the 4th quarter worth approximately $25,000. General Partner Inc. purchased a new stake in M&T Bank during the first quarter worth approximately $27,000. Fidelis Capital Partners LLC purchased a new position in shares of M&T Bank during the first quarter worth approximately $30,000. BKM Wealth Management LLC purchased a new stake in M&T Bank during the 4th quarter worth approximately $32,000. Finally, CVA Family Office LLC purchased a new position in M&T Bank during the 4th quarter worth approximately $33,000. Institutional investors own 84.68% of the company’s shares.

M&T Bank trades down 1.3%

NYSE:MTB opened Friday at $165.25. The stock has a market cap of $27.57 billion, a price-to-earnings ratio of 11.17, a PEG ratio of 3.91 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. The company’s 50-day moving average price is $150.48 and its 200-day moving average price is $143.76. M&T Bank Co. has a 52-week low of $108.53 and a 52-week high of $175.00.

M&T Bank (NYSE:MTB – Get Free Report) last announced its quarterly results on Thursday, July 18. The financial services company reported $3.73 earnings per share (EPS) for the quarter, topping 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 for the quarter, compared to the consensus estimate of $2.27 billion. In the same period last year, the company posted earnings per share of $5.12. On average, equities research analysts predict that M&T Bank Co. will post earnings per share of 13.9 for the current fiscal year.

M&T Bank raises dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 3rd were paid a dividend of $1.35 per share. This is an increase from M&T Bank’s previous quarterly dividend of $1.30. The ex-dividend date was Monday, June 3rd. This represents an annualized dividend of $5.40 and a yield of 3.27%. M&T Bank’s dividend payout ratio is 36.51%.

Analysts set new price targets

Several equities research analysts have weighed in on the stock. DA Davidson raised their price target on shares of M&T Bank from $159.00 to $185.00 and gave the company a “neutral” rating in a research note on Friday. Evercore ISI raised their price target on M&T Bank from $157.00 to $168.00 and gave the company an “in-line” rating in a research note on Tuesday, June 25th. Citigroup raised their price target on M&T Bank from $180.00 to $195.00 and gave the company a “buy” rating in a research note on Friday. Piper Sandler reaffirmed an “overweight” rating and set a $164.00 price target on shares of M&T Bank in a research note on Friday, June 21st. Finally, StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday. Ten equity analysts have rated the stock with a hold rating and six have rated it with a buy rating. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $166.79.

Check out our latest stock report on MTB

Insider Buying and Selling at M&T Bank

In related news, Director John P. Barnes sold 10,000 shares of the company’s stock in a transaction on Thursday, April 25. The shares were sold at an average price of $147.11, for a total transaction of $1,471,100.00. Following the completion of the sale, the Director now owns 34,545 shares of the company’s stock, valued at $5,081,914.95. The transaction was disclosed in a document filed with the SEC, which can be accessed at this hyperlink. In other news, Director John P. Barnes sold 10,000 shares of M&T Bank stock in a transaction on Thursday, April 25. The shares were sold at an average price of $147.11, for a total transaction of $1,471,100.00. Following the transaction, the Director now owns 34,545 shares of the company’s stock, valued at approximately $5,081,914.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Doris P. Meister sold 3,362 shares of the company’s stock in a transaction on Friday, May 3. The shares were sold at an average price of $147.27, for a total value of $495,121.74. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 95,915 shares of the company’s stock for $14,497,759. Insiders own 0.82% of the company’s shares.

About M&T Bank

(Free Report)

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association, engaged in providing 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.