Bessemer Group Inc. Sells 12,573 Shares of M&T Bank Corporation (NYSE:MTB)

Bessemer Group Inc. reduced its holdings in M&T Bank Corporation (NYSE:MTB) by 31.0% in the 1st quarter, Holdings Channel reports. The fund owned 27,989 shares of the financial services provider’s stock after selling 12,573 shares during the quarter. Bessemer Group Inc.’s holdings in M&T Bank were worth $5,003,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the business. FMR LLC increased its holdings in shares of M&T Bank by 14.3% in the fourth quarter. FMR LLC now owns 14,110,412 shares of the financial services provider’s stock worth $2,652,899,000 after acquiring an additional 1,761,014 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings 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 worth $994,522,000 after acquiring an additional 252,583 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of M&T Bank by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider’s stock worth $819,768,000 after acquiring an additional 40,948 shares in the last quarter. Norges Bank bought a new stake in shares of M&T Bank in the fourth quarter worth about $317,690,000. Finally, Northern Trust Corp boosted its position in shares of M&T Bank by 14.7% during the fourth quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider’s stock worth $316,483,000 after buying an additional 215,100 shares during the period. 84.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MTB. JPMorgan Chase & Co. reduced their price objective on M&T Bank from $212.50 to $186.50 and set a “neutral” rating for the company in a research report on Thursday, April 3rd. Cowen began coverage on M&T Bank in a research report on Wednesday, May 14th. They set a “buy” rating for the company. Morgan Stanley upped their price objective on M&T Bank from $206.00 to $215.00 and gave the stock an “overweight” rating in a research report on Friday, June 20th. Jefferies Financial Group set a $225.00 price objective on M&T Bank and gave the stock a “buy” rating in a research report on Wednesday, May 21st. Finally, Robert W. Baird reduced their price objective on M&T Bank from $220.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday, April 15th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $210.88.

M&T Bank Stock Performance

Shares of NYSE MTB opened at $193.87 on Friday. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a 50 day moving average price of $179.92 and a 200 day moving average price of $183.66. The stock has a market capitalization of $31.12 billion, a PE ratio of 12.98, a price-to-earnings-growth ratio of 1.40 and a beta of 0.62. M&T Bank Corporation has a 52 week low of $145.82 and a 52 week high of $225.70.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.41 by ($0.03). The business had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.35 billion. M&T Bank had a net margin of 19.86% and a return on equity of 10.18%. During the same quarter in the prior year, the company earned $3.09 EPS. Analysts predict that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 2nd will be paid 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 2.79%. M&T Bank’s dividend payout ratio (DPR) is currently 36.17%.

Insider Transactions at M&T Bank

In other news, Director Robert E. Sadler, Jr. sold 6,700 shares of the stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the transaction, the director now owns 23,070 shares in the company, valued at approximately $4,233,806.40. This trade represents a 22.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.53% of the stock is owned by corporate insiders.

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.