HM Payson & Co. Trims Stock Position in M&T Bank Co. (NYSE:MTB)

Posted by Defense World Staff on Jul 1st, 2023

HM Payson & Co. cut its stake in shares of M&T Bank Co. (NYSE:MTB – Free Report) by 53.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,417 shares of the financial services provider’s stock after selling 1,609 shares during the quarter. HM Payson & Co.’s holdings in M&T Bank were worth $169,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of MTB. Xponance Inc. increased its holdings in M&T Bank by 2.4% during the first quarter. Xponance Inc. now owns 21,503 shares of the financial services provider’s stock valued at $2,571,000 after buying an additional 505 shares during the period. Burns J W & Co. Inc. NY grew its holdings in M&T Bank by 1.7% in the first quarter. Burns J W & Co. Inc. NY now owns 5,864 shares of the financial services provider’s stock worth $701,000 after purchasing an additional 99 shares during the last quarter. Annapolis Financial Services LLC grew its holdings in M&T Bank by 42.7% in the first quarter. Annapolis Financial Services LLC now owns 311 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 93 shares during the last quarter. Absher Wealth Management LLC grew its holdings in M&T Bank by 27.3% in the first quarter. Absher Wealth Management LLC now owns 295,784 shares of the financial services provider’s stock worth $35,367,000 after purchasing an additional 63,405 shares during the last quarter. Finally, Claro Advisors LLC grew its holdings in M&T Bank by 13.3% in the first quarter. Claro Advisors LLC now owns 3,068 shares of the financial services provider’s stock worth $367,000 after purchasing an additional 360 shares during the last quarter. 82.62% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, Director Rudina Seseri sold 700 shares of the firm’s stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $118.40, for a total value of $82,880.00. Following the completion of the transaction, the director now owns 1,736 shares of the company’s stock, valued at approximately $205,542.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Daryl N. Bible acquired 10,000 shares of M&T Bank stock in a transaction dated Thursday, June 1st. The shares were acquired at an average cost of $120.61 per share, for a total transaction of $1,206,100.00. Following the acquisition, the chief financial officer now owns 10,000 shares of the company’s stock, valued at $1,206,100. The acquisition was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Rudina Seseri sold 700 shares of the firm’s stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $118.40, for a total transaction of $82,880.00. Following the completion of the sale, the director now owns 1,736 shares in the company, valued at $205,542.40. The disclosure for this sale can be found here. 0.97% of the stock is currently owned by corporate insiders.

M&T Bank Stock Down 0.4 %

MTB opened at $123.76 on Friday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.32. The company has a market cap of $20.53 billion, a PE ratio of 9.59, a price-to-earnings-growth ratio of 0.72 and a beta of 0.79. The company has a 50-day moving average price of $121.24 and a 200 day moving average price of $134.23. M&T Bank Co. has a twelve month low of $109.36 and a twelve month high of $193.42.

M&T Bank (NYSE:MTB – Free Report) last posted its quarterly earnings data on Monday, April 17th. The financial services provider reported $4.01 earnings per share for the quarter, topping analysts’ consensus estimates of $3.98 by $0.03. The firm had revenue of $2.91 billion during the quarter, compared to analysts’ expectations of $2.37 billion. M&T Bank had a net margin of 23.20% and a return on equity of 11.97%. During the same quarter last year, the company posted $2.73 EPS. Sell-side analysts expect that M&T Bank Co. will post 16.23 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 30th. Shareholders of record on Thursday, June 1st were given a $1.30 dividend. The ex-dividend date of this dividend was Wednesday, May 31st. This represents a $5.20 annualized dividend and a yield of 4.20%. M&T Bank’s dividend payout ratio is presently 40.28%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on MTB shares. Bank of America lifted their price objective on shares of M&T Bank from $141.00 to $145.00 and gave the stock a “buy” rating in a research note on Tuesday, April 18th. StockNews.com downgraded shares of M&T Bank from a “hold” rating to a “sell” rating in a research note on Friday, June 16th. Citigroup lowered their price objective on shares of M&T Bank from $150.00 to $145.00 in a research note on Monday, June 26th. Barclays lowered their price objective on shares of M&T Bank from $153.00 to $150.00 in a research note on Tuesday. Finally, Wolfe Research downgraded shares of M&T Bank from an “outperform” rating to a “peer perform” rating in a research report on Thursday, March 23rd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $161.52.

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 that offer retail and commercial banking products and services in the United States. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals.