Bridgefront Capital LLC Reduces Holdings in M&T Bank Co. (NYSE:MTB)

Bridgefront Capital LLC decreased its holdings in shares of M&T Bank Co. (NYSE:MTB) by 33.5% during the second quarter, Holdings Channel.com reports. The fund owned 3,335 shares of the financial services provider’s stock after selling 1,681 shares during the period. Bridgefront Capital LLC’s holdings in M&T Bank were worth $485,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in MTB. Select Equity Group L.P. acquired a new stake in shares of M&T Bank during the first quarter worth about $154,892,000. Amundi Asset Management US Inc. lifted its holdings in shares of M&T Bank by 131.8% during the first quarter. Amundi Asset Management US Inc. now owns 1,189,344 shares of the financial services provider’s stock worth $180,318,000 after purchasing an additional 676,212 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of M&T Bank by 4.8% during the first quarter. JPMorgan Chase & Co. now owns 4,237,102 shares of the financial services provider’s stock worth $642,388,000 after purchasing an additional 194,568 shares during the period. Marathon Asset Management LLP lifted its holdings in shares of M&T Bank by 58.9% during the second quarter. Marathon Asset Management LLP now owns 517,897 shares of the financial services provider’s stock worth $75,256,000 after purchasing an additional 191,962 shares during the period. Finally, BlackRock Inc. lifted its holdings in shares of M&T Bank by 1.7% during the second quarter. BlackRock Inc. now owns 10,331,915 shares of the financial services provider’s stock worth $1,501,332,000 after purchasing an additional 176,927 shares during the period. 85.09% of the stock is owned by hedge funds and other institutional investors.

Shares of MTB stock opened at $143.26 on Friday. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.06 and a quick ratio of 1.06. The company has a market cap of $18.43 billion, a price-to-earnings ratio of 11.01 and a beta of 1.20. The stock has a 50 day simple moving average of $136.92 and a 200-day simple moving average of $147.94. M&T Bank Co. has a 1-year low of $88.48 and a 1-year high of $168.27.

M&T Bank (NYSE:MTB) last announced its earnings results on Tuesday, July 20th. The financial services provider reported $3.41 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $3.70 by ($0.29). The business had revenue of $1.46 billion for the quarter, compared to analyst estimates of $1.49 billion. M&T Bank had a return on equity of 11.70% and a net margin of 28.58%. During the same period in the previous year, the company earned $1.76 earnings per share. Analysts anticipate that M&T Bank Co. will post 13.5 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 30th. Stockholders of record on Wednesday, September 1st will be paid a dividend of $1.10 per share. This represents a $4.40 annualized dividend and a dividend yield of 3.07%. The ex-dividend date is Tuesday, August 31st. M&T Bank’s payout ratio is 43.91%.

A number of equities research analysts recently commented on the company. Wells Fargo & Company decreased their target price on M&T Bank from $168.00 to $155.00 and set an “equal weight” rating for the company in a report on Thursday, July 22nd. Morgan Stanley decreased their target price on M&T Bank from $180.00 to $175.00 and set an “equal weight” rating for the company in a report on Monday, August 2nd. Wedbush decreased their price target on M&T Bank from $171.00 to $158.00 and set a “neutral” rating for the company in a report on Thursday, July 22nd. Odeon Capital Group raised M&T Bank from a “sell” rating to a “hold” rating and set a $128.68 price target for the company in a report on Monday, July 19th. Finally, Citigroup began coverage on M&T Bank in a report on Friday, July 16th. They issued a “hold” rating and a $141.19 price target for the company. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $158.76.

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 following segments: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.

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Institutional Ownership by Quarter for M&T Bank (NYSE:MTB)

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