Quest Partners LLC Sells 3,965 Shares of M&T Bank Co. (NYSE:MTB)

Quest Partners LLC trimmed its holdings in shares of M&T Bank Co. (NYSE:MTB) by 54.8% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 3,275 shares of the financial services provider’s stock after selling 3,965 shares during the period. Quest Partners LLC’s holdings in M&T Bank were worth $496,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Principal Securities Inc. purchased a new stake in shares of M&T Bank in the fourth quarter worth $34,000. Jump Financial LLC bought a new stake in M&T Bank during the 4th quarter valued at about $203,000. QRG Capital Management Inc. purchased a new stake in shares of M&T Bank during the fourth quarter valued at approximately $232,000. Dimensional Fund Advisors LP raised its holdings in M&T Bank by 7.4% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,451,856 shares of the financial services provider’s stock worth $199,037,000 after acquiring an additional 100,008 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its stake in M&T Bank by 1.5% during the 4th quarter. Principal Financial Group Inc. now owns 196,358 shares of the financial services provider’s stock valued at $26,917,000 after purchasing an additional 2,887 shares during the last quarter. 84.68% of the stock is owned by institutional investors.

M&T Bank Stock Down 0.1 %

MTB opened at $165.68 on Friday. The firm has a 50-day simple moving average of $164.62 and a two-hundred day simple moving average of $151.91. M&T Bank Co. has a 52 week low of $108.53 and a 52 week high of $176.44. The company has a market capitalization of $27.64 billion, a PE ratio of 11.20, a price-to-earnings-growth ratio of 3.34 and a beta of 0.76. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.44.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, topping the consensus estimate of $3.50 by $0.23. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. The company had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $2.27 billion. During the same quarter in the previous year, the business posted $5.12 earnings per share. Analysts forecast that M&T Bank Co. will post 14.24 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Tuesday, September 3rd will be given a $1.35 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $5.40 annualized dividend and a yield of 3.26%. M&T Bank’s dividend payout ratio is currently 36.51%.

Analysts Set New Price Targets

MTB has been the topic of several analyst reports. Bank of America lifted their target price on M&T Bank from $160.00 to $188.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. JPMorgan Chase & Co. raised M&T Bank from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $183.00 to $215.00 in a research report on Tuesday, September 3rd. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Friday, July 19th. Piper Sandler lifted their price target 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. Finally, Jefferies Financial Group increased their price objective on shares of M&T Bank from $160.00 to $161.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $175.85.

Insiders Place Their Bets

In other news, Vice Chairman Gary N. Geisel sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $172.50, for a total value of $86,250.00. Following the completion of the sale, the insider now directly owns 16,429 shares of the company’s stock, valued at approximately $2,834,002.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Vice Chairman Gary N. Geisel sold 500 shares of the stock in a transaction on Wednesday, July 24th. The stock was sold at an average price of $172.50, for a total transaction of $86,250.00. Following the sale, the insider now owns 16,429 shares in the company, valued at approximately $2,834,002.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kirk W. Walters sold 7,464 shares of the business’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $173.97, for a total transaction of $1,298,512.08. Following the transaction, the director now owns 15,045 shares in the company, valued at approximately $2,617,378.65. The disclosure for this sale can be found here. Insiders have sold 32,699 shares of company stock valued at $5,115,349 over the last ninety days. 0.82% of the stock is owned by insiders.

M&T Bank 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.