M&T Bank Co. (NYSE:MTB) Shares Sold by Zurcher Kantonalbank Zurich Cantonalbank

Posted by Defense World Staff on Apr 22nd, 2023

Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in shares of M&T Bank Co. (NYSE:MTB – Get Rating) by 8.9% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,328 shares of the financial services provider’s stock after selling 2,676 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in M&T Bank were worth $3,964,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in MTB. Ronald Blue Trust Inc. grew its holdings in M&T Bank by 148.9% during the 3rd quarter. Ronald Blue Trust Inc. now owns 219 shares of the financial services provider’s stock worth $35,000 after acquiring an additional 131 shares in the last quarter. Affiance Financial LLC acquired a new position in shares of M&T Bank in the 4th quarter valued at about $35,000. Private Trust Co. NA acquired a new position in shares of M&T Bank in the 2nd quarter valued at about $40,000. CI Investments Inc. boosted its holdings in shares of M&T Bank by 887.5% in the 3rd quarter. CI Investments Inc. now owns 237 shares of the financial services provider’s stock valued at $42,000 after buying an additional 213 shares during the period. Finally, Riverview Trust Co boosted its holdings in shares of M&T Bank by 219.3% in the 3rd quarter. Riverview Trust Co now owns 265 shares of the financial services provider’s stock valued at $47,000 after buying an additional 182 shares during the period. 84.10% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

MTB has been the subject of several research reports. UBS Group lowered shares of M&T Bank from a “buy” rating to a “neutral” rating in a report on Monday, April 10th. Argus raised shares of M&T Bank from a “hold” rating to a “buy” rating and set a $150.00 price target for the company in a report on Tuesday. Citigroup raised shares of M&T Bank from a “neutral” rating to a “buy” rating and decreased their price target for the company from $178.00 to $155.00 in a report on Monday, March 27th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of M&T Bank from $255.00 to $175.00 in a research note on Friday, January 6th. Finally, StockNews.com lowered shares of M&T Bank from a “hold” rating to a “sell” rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, M&T Bank has a consensus rating of “Hold” and an average target price of $165.10.

M&T Bank Stock Down 0.6 %

NYSE MTB opened at $124.09 on Friday. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.91 and a quick ratio of 0.96. The company’s 50 day simple moving average is $134.27 and its 200 day simple moving average is $151.45. M&T Bank Co. has a 12 month low of $110.00 and a 12 month high of $193.42. The company has a market capitalization of $20.85 billion, a P/E ratio of 9.61, a PEG ratio of 4.98 and a beta of 0.78.

M&T Bank (NYSE:MTB – Get Rating) last released its earnings results on Monday, April 17th. The financial services provider reported $4.01 EPS for the quarter, topping analysts’ consensus estimates of $3.98 by $0.03. M&T Bank had a net margin of 23.20% and a return on equity of 11.97%. The business had revenue of $2.91 billion for the quarter, compared to the consensus estimate of $2.37 billion. During the same period in the previous year, the firm earned $2.73 EPS. Equities research analysts expect that M&T Bank Co. will post 17.16 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 31st. Investors of record on Monday, March 6th were issued a $1.30 dividend. This is an increase from M&T Bank’s previous quarterly dividend of $1.20. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.19%. The ex-dividend date of this dividend was Friday, March 3rd. M&T Bank’s payout ratio is presently 40.28%.

M&T Bank Profile

(Get Rating)

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.