Abacus Planning Group Inc. Decreases Position in M&T Bank Co. (NYSE:MTB)

Abacus Planning Group Inc. trimmed its holdings in M&T Bank Co. (NYSE:MTB) by 3.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,188 shares of the financial services provider’s stock after selling 573 shares during the period. M&T Bank accounts for about 0.5% of Abacus Planning Group Inc.’s holdings, making the stock its 27th biggest holding. Abacus Planning Group Inc.’s holdings in M&T Bank were worth $3,072,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of MTB. Wood Tarver Financial Group LLC purchased a new stake in shares of M&T Bank in the fourth quarter valued at approximately $29,000. Banque Transatlantique SA acquired a new position in M&T Bank during the fourth quarter worth $38,000. Human Investing LLC purchased a new stake in M&T Bank in the 4th quarter valued at $44,000. Sierra Ocean LLC acquired a new stake in shares of M&T Bank in the 4th quarter worth $44,000. Finally, Loomis Sayles & Co. L P acquired a new position in shares of M&T Bank during the 4th quarter valued at about $52,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $200.00 target price on shares of M&T Bank in a research note on Monday, May 19th. Truist Financial cut their price target on shares of M&T Bank from $225.00 to $200.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Barclays decreased their price objective on M&T Bank from $235.00 to $220.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 15th. JPMorgan Chase & Co. cut their target price on M&T Bank from $212.50 to $186.50 and set a “neutral” rating for the company in a research note on Thursday, April 3rd. Finally, Cowen assumed coverage on M&T Bank in a research report on Wednesday, May 14th. They issued a “buy” rating on the stock. One analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $212.53.

Insider Transactions at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total transaction of $299,526.92. Following the sale, the executive vice president now directly owns 10,751 shares in the company, valued at $1,852,827.34. This trade represents a 13.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.53% of the company’s stock.

M&T Bank Stock Performance

Shares of MTB stock opened at $184.21 on Friday. The firm has a 50 day moving average of $172.67 and a two-hundred day moving average of $186.61. The stock has a market capitalization of $29.57 billion, a PE ratio of 12.59, a P/E/G ratio of 1.38 and a beta of 0.62. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. M&T Bank Co. has a 52 week low of $139.78 and a 52 week high of $225.70.

M&T Bank (NYSE:MTB) last issued its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing the consensus estimate of $3.41 by ($0.03). M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. The firm had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period last year, the business earned $3.09 EPS. On average, research analysts predict that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 2nd will be issued a $1.35 dividend. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.93%. M&T Bank’s payout ratio is currently 36.17%.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.