Greenleaf Trust cut its stake in M&T Bank Co. (NYSE:MTB – Get Rating) by 5.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,401 shares of the financial services provider’s stock after selling 128 shares during the period. Greenleaf Trust’s holdings in M&T Bank were worth $348,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. First Hawaiian Bank grew its holdings in shares of M&T Bank by 1.1% in the third quarter. First Hawaiian Bank now owns 8,193 shares of the financial services provider’s stock worth $1,444,000 after purchasing an additional 91 shares during the last quarter. Xponance Inc. grew its holdings in shares of M&T Bank by 20.0% in the fourth quarter. Xponance Inc. now owns 20,998 shares of the financial services provider’s stock worth $3,046,000 after purchasing an additional 3,494 shares during the last quarter. Prudential PLC grew its holdings in shares of M&T Bank by 12.8% in the third quarter. Prudential PLC now owns 5,192 shares of the financial services provider’s stock worth $915,000 after purchasing an additional 590 shares during the last quarter. Raymond James & Associates grew its holdings in M&T Bank by 3.9% during the 3rd quarter. Raymond James & Associates now owns 245,119 shares of the financial services provider’s stock worth $43,221,000 after acquiring an additional 9,266 shares in the last quarter. Finally, CIBC Asset Management Inc grew its holdings in M&T Bank by 42.2% during the 3rd quarter. CIBC Asset Management Inc now owns 31,086 shares of the financial services provider’s stock worth $5,481,000 after acquiring an additional 9,220 shares in the last quarter. 84.10% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
Several research analysts have issued reports on the stock. JPMorgan Chase & Co. dropped their target price on shares of M&T Bank from $160.00 to $125.00 in a report on Thursday. Citigroup upgraded shares of M&T Bank from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $178.00 to $155.00 in a report on Monday, March 27th. Royal Bank of Canada dropped their target price on shares of M&T Bank from $190.00 to $183.00 and set an “outperform” rating on the stock in a report on Friday, March 24th. Odeon Capital Group upgraded shares of M&T Bank from a “hold” rating to a “buy” rating and set a $171.76 target price on the stock in a report on Tuesday, January 10th. Finally, Wolfe Research cut shares of M&T Bank from an “outperform” rating to a “peer perform” rating in a report on Thursday, March 23rd. Eight investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $172.32.
M&T Bank Stock Performance
M&T Bank (NYSE:MTB – Get Rating) last announced its quarterly earnings data on Thursday, January 19th. The financial services provider reported $4.57 EPS for the quarter, beating the consensus estimate of $4.47 by $0.10. The firm had revenue of $2.51 billion during the quarter, compared to analyst estimates of $2.37 billion. M&T Bank had a net margin of 23.15% and a return on equity of 11.41%. During the same period last year, the firm posted $3.37 EPS. Sell-side analysts expect that M&T Bank Co. will post 17.81 EPS for the current year.
M&T Bank Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, March 31st. Investors of record on Monday, March 6th were given a $1.30 dividend. This is a positive change from M&T Bank’s previous quarterly dividend of $1.20. This represents a $5.20 annualized dividend and a dividend yield of 4.42%. The ex-dividend date of this dividend was Friday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is presently 45.14%.
M&T Bank Company Profile
M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management and investment services. It operates through the following segments: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.
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