Truist Financial Corp Trims Stake in M&T Bank Co. (NYSE:MTB)

Truist Financial Corp lowered its holdings in M&T Bank Co. (NYSE:MTB) by 3.3% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 168,110 shares of the financial services provider’s stock after selling 5,748 shares during the period. Truist Financial Corp owned approximately 0.10% of M&T Bank worth $23,045,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Headinvest LLC purchased a new stake in M&T Bank in the third quarter valued at approximately $29,000. BKM Wealth Management LLC bought a new position in shares of M&T Bank in the 4th quarter worth $32,000. Creative Financial Designs Inc. ADV purchased a new stake in shares of M&T Bank during the 4th quarter valued at $33,000. CVA Family Office LLC bought a new stake in shares of M&T Bank during the 4th quarter worth $33,000. Finally, Planned Solutions Inc. purchased a new position in M&T Bank in the fourth quarter worth $33,000. Institutional investors own 84.68% of the company’s stock.

Insider Activity

In related news, EVP Doris P. Meister sold 1,000 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $132.30, for a total value of $132,300.00. Following the completion of the transaction, the executive vice president now directly owns 7,274 shares in the company, valued at approximately $962,350.20. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other M&T Bank news, EVP Doris P. Meister sold 1,000 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $132.30, for a total value of $132,300.00. Following the sale, the executive vice president now owns 7,274 shares in the company, valued at $962,350.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John P. Barnes sold 10,000 shares of M&T Bank stock in a transaction that occurred on Thursday, April 25th. 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 $5,081,914.95. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 47,119 shares of company stock worth $6,812,112. Corporate insiders own 0.82% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Jefferies Financial Group lowered their price target on M&T Bank from $154.00 to $151.00 and set a “hold” rating on the stock in a research report on Monday, April 8th. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research report on Thursday, April 25th. Wells Fargo & Company upped their target price on M&T Bank from $145.00 to $150.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 16th. Wedbush reissued an “outperform” rating and set a $170.00 price target on shares of M&T Bank in a research note on Wednesday, April 10th. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $159.00 price objective on shares of M&T Bank in a research note on Tuesday, April 16th. Ten research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, M&T Bank currently has an average rating of “Hold” and an average target price of $158.48.

M&T Bank Price Performance

MTB stock opened at $145.54 on Tuesday. M&T Bank Co. has a 12-month low of $108.53 and a 12-month high of $148.93. The stock has a market capitalization of $24.25 billion, a price-to-earnings ratio of 9.84, a PEG ratio of 1.22 and a beta of 0.80. The company has a current ratio of 0.94, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The firm’s 50-day moving average price is $141.15 and its two-hundred day moving average price is $134.03.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.13 by ($0.11). M&T Bank had a net margin of 19.52% and a return on equity of 10.68%. The company had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.26 billion. During the same period in the previous year, the firm posted $4.09 earnings per share. As a group, equities analysts predict that M&T Bank Co. will post 13.92 earnings per share for the current year.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 4th were given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a yield of 3.57%. The ex-dividend date was Friday, March 1st. M&T Bank’s dividend payout ratio is currently 35.16%.

About M&T Bank

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.