M&T Bank Corporation $MTB Shares Sold by Magnolia Capital Management Ltd.

Magnolia Capital Management Ltd. trimmed its holdings in shares of M&T Bank Corporation (NYSE:MTB) by 85.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,080 shares of the financial services provider’s stock after selling 11,868 shares during the period. Magnolia Capital Management Ltd.’s holdings in M&T Bank were worth $495,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Bogart Wealth LLC raised its stake in shares of M&T Bank by 233.3% during the 1st quarter. Bogart Wealth LLC now owns 120 shares of the financial services provider’s stock worth $25,000 after buying an additional 84 shares during the last quarter. Triumph Capital Management acquired a new stake in M&T Bank in the 3rd quarter valued at about $32,000. Elyxium Wealth LLC acquired a new stake in M&T Bank in the 4th quarter valued at about $33,000. Bank of Jackson Hole Trust grew its stake in M&T Bank by 38.7% in the 4th quarter. Bank of Jackson Hole Trust now owns 215 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 60 shares during the last quarter. Finally, FNY Investment Advisers LLC purchased a new position in M&T Bank during the 2nd quarter valued at about $51,000. 84.68% of the stock is owned by institutional investors and hedge funds.

M&T Bank Price Performance

MTB stock opened at $251.98 on Wednesday. The stock has a market capitalization of $36.39 billion, a price-to-earnings ratio of 13.30, a price-to-earnings-growth ratio of 1.16 and a beta of 0.57. The stock’s fifty day simple moving average is $239.21 and its 200-day simple moving average is $223.85. M&T Bank Corporation has a 52-week low of $174.76 and a 52-week high of $255.00. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.53.

M&T Bank (NYSE:MTB) last released its earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share for the quarter, topping the consensus estimate of $4.66 by $0.69. M&T Bank had a return on equity of 11.80% and a net margin of 22.72%.The firm had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.46 billion. During the same period in the prior year, the business posted $4.28 earnings per share. Equities research analysts expect that M&T Bank Corporation will post 19.42 EPS for the current year.

Wall Street Analyst Weigh In

MTB has been the subject of a number of research reports. Barclays lifted their target price on shares of M&T Bank from $236.00 to $267.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 16th. Evercore set a $260.00 price objective on shares of M&T Bank in a research note on Monday, July 6th. Robert W. Baird lifted their price objective on M&T Bank from $240.00 to $250.00 and gave the stock a “neutral” rating in a research report on Thursday, July 16th. DA Davidson upped their target price on M&T Bank from $263.00 to $266.00 and gave the company a “neutral” rating in a research note on Thursday, July 16th. Finally, Truist Financial raised their price target on M&T Bank from $230.00 to $268.00 and gave the stock a “hold” rating in a research report on Tuesday, July 21st. Seven equities research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $252.28.

About M&T Bank

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.