Sanibel Captiva Trust Company Inc. Has $5.96 Million Holdings in M&T Bank Co. (NYSE:MTB)

Sanibel Captiva Trust Company Inc. decreased its holdings in M&T Bank Co. (NYSE:MTB) by 4.7% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 33,327 shares of the financial services provider’s stock after selling 1,630 shares during the quarter. Sanibel Captiva Trust Company Inc.’s holdings in M&T Bank were worth $5,957,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. FMR LLC raised its stake in M&T Bank by 14.3% in the 4th quarter. FMR LLC now owns 14,110,412 shares of the financial services provider’s stock valued at $2,652,899,000 after acquiring an additional 1,761,014 shares during the period. Charles Schwab Investment Management Inc. raised its position in shares of M&T Bank by 5.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider’s stock valued at $994,522,000 after purchasing an additional 252,583 shares during the period. Geode Capital Management LLC lifted its stake in shares of M&T Bank by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider’s stock worth $819,768,000 after buying an additional 40,948 shares during the last quarter. Norges Bank bought a new stake in shares of M&T Bank during the 4th quarter worth about $317,690,000. Finally, Northern Trust Corp grew its stake in M&T Bank by 14.7% in the 4th quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider’s stock valued at $316,483,000 after buying an additional 215,100 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on MTB shares. Truist Financial reduced their price objective on M&T Bank from $225.00 to $200.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Evercore ISI reduced their price objective on M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Citigroup dropped their price objective on M&T Bank from $230.00 to $195.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $200.00 price objective on shares of M&T Bank in a research note on Monday, May 19th. Finally, Jefferies Financial Group set a $225.00 target price on shares of M&T Bank and gave the company a “buy” rating in a report on Wednesday, May 21st. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $212.53.

M&T Bank Price Performance

Shares of MTB opened at $184.37 on Tuesday. The firm has a fifty day simple moving average of $172.76 and a two-hundred day simple moving average of $186.14. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The firm has a market cap of $29.59 billion, a PE ratio of 12.60, a P/E/G ratio of 1.38 and a beta of 0.62. M&T Bank Co. has a 1-year low of $139.78 and a 1-year high of $225.70.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing the consensus estimate of $3.41 by ($0.03). The company had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.35 billion. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same quarter last year, the company earned $3.09 earnings per share. On average, equities analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 2nd will be given a dividend of $1.35 per share. The ex-dividend date 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%.

Insider Activity at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the sale, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at $1,852,827.34. This represents a 13.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.53% of the stock is currently owned by corporate insiders.

About M&T Bank

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.