Wellington Management Group LLP Lowers Holdings in M&T Bank Corporation $MTB

Wellington Management Group LLP trimmed its stake in M&T Bank Corporation (NYSE:MTB) by 1.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 9,801,881 shares of the financial services provider’s stock after selling 150,431 shares during the quarter. Wellington Management Group LLP owned 6.79% of M&T Bank worth $2,332,946,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Rakuten Investment Management Inc. increased its holdings in shares of M&T Bank by 6.5% during the second quarter. Rakuten Investment Management Inc. now owns 24,099 shares of the financial services provider’s stock valued at $5,764,000 after acquiring an additional 1,472 shares in the last quarter. Empowered Funds LLC raised its position in shares of M&T Bank by 14.4% in the 2nd quarter. Empowered Funds LLC now owns 99,840 shares of the financial services provider’s stock worth $23,763,000 after purchasing an additional 12,599 shares during the last quarter. WNY Asset Management LLC boosted its stake in M&T Bank by 10.1% in the 2nd quarter. WNY Asset Management LLC now owns 5,604 shares of the financial services provider’s stock worth $1,334,000 after purchasing an additional 514 shares in the last quarter. Public Employees Retirement System of Ohio boosted its stake in M&T Bank by 2.9% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 45,488 shares of the financial services provider’s stock worth $10,827,000 after purchasing an additional 1,285 shares in the last quarter. Finally, Almitas Capital LLC purchased a new stake in M&T Bank during the 2nd quarter valued at about $428,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Trading Down 0.3%

NYSE:MTB opened at $237.86 on Friday. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.96 and a quick ratio of 0.96. The business has a fifty day moving average price of $244.59 and a 200-day moving average price of $225.84. The firm has a market capitalization of $34.35 billion, a price-to-earnings ratio of 12.56, a price-to-earnings-growth ratio of 1.11 and a beta of 0.57. M&T Bank Corporation has a one year low of $174.76 and a one year high of $255.95.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $2.46 billion. During the same period in the previous year, the firm earned $4.28 EPS. Sell-side analysts forecast that M&T Bank Corporation will post 19.43 EPS for the current year.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st will be given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Tuesday, September 1st. M&T Bank’s dividend payout ratio is presently 31.68%.

Insider Activity

In other news, Director Rudina Seseri sold 623 shares of the stock in a transaction on Friday, August 21st. The shares were sold at an average price of $241.04, for a total value of $150,167.92. Following the completion of the sale, the director directly owned 3,649 shares of the company’s stock, valued at $879,554.96. This represents a 14.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.44% of the stock is currently owned by company insiders.

Analyst Ratings Changes

MTB has been the subject of a number of analyst reports. Keefe, Bruyette & Woods raised their price objective on shares of M&T Bank from $242.00 to $250.00 and gave the company a “market perform” rating in a research note on Thursday, July 16th. Wall Street Zen upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Monday, July 20th. JPMorgan Chase & Co. increased their price target on shares of M&T Bank from $251.50 to $265.50 and gave the company a “neutral” rating in a report on Wednesday, July 29th. Royal Bank Of Canada raised their price target on shares of M&T Bank from $230.00 to $255.00 and gave the company an “outperform” rating in a research report on Thursday, July 16th. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $300.00 price objective on shares of M&T Bank in a report on Wednesday, July 15th. Seven research analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $253.43.

M&T Bank Profile

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.