Sequoia Financial Advisors LLC Decreases Stock Position in M&T Bank Co. (NYSE:MTB) (2024)

Sequoia Financial Advisors LLC Decreases Stock Position in M&T Bank Co. (NYSE:MTB) (1)Sequoia Financial Advisors LLC lessened its stake in M&T Bank Co. (NYSE:MTBFree Report) by 92.8% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,469 shares of the financial services provider’s stock after selling 44,454 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in M&T Bank were worth $505,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Massachusetts Financial Services Co. MA increased its holdings in shares of M&T Bank by 0.3% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,730,853 shares of the financial services provider’s stock valued at $237,265,000 after purchasing an additional 4,419 shares during the last quarter. Norges Bank acquired a new stake in shares of M&T Bank in the fourth quarter valued at approximately $232,322,000. Dimensional Fund Advisors LP raised its position in M&T Bank by 7.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,451,856 shares of the financial services provider’s stock valued at $199,037,000 after purchasing an additional 100,008 shares during the period. The Manufacturers Life Insurance Company raised its position in M&T Bank by 8.2% in the fourth quarter. The Manufacturers Life Insurance Company now owns 546,751 shares of the financial services provider’s stock valued at $74,949,000 after purchasing an additional 41,523 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. raised its position in M&T Bank by 7.7% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock valued at $72,357,000 after purchasing an additional 35,692 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Price Performance

Shares of NYSE MTB opened at $146.49 on Monday. The stock’s 50-day moving average is $148.58 and its two-hundred day moving average is $142.36. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.00 and a quick ratio of 1.00. M&T Bank Co. has a 1-year low of $108.53 and a 1-year high of $156.65. The company has a market cap of $24.44 billion, a price-to-earnings ratio of 9.90, a price-to-earnings-growth ratio of 2.88 and a beta of 0.77.

M&T Bank (NYSE:MTBGet Free Report) last released its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.13 by ($0.11). The business had revenue of $2.26 billion for the quarter, compared to analyst estimates of $2.26 billion. M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. During the same period in the prior year, the company posted $4.09 earnings per share. Analysts forecast that M&T Bank Co. will post 13.99 EPS for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Monday, June 3rd were given a dividend of $1.35 per share. This is a boost from M&T Bank’s previous quarterly dividend of $1.30. This represents a $5.40 annualized dividend and a dividend yield of 3.69%. The ex-dividend date of this dividend was Monday, June 3rd. M&T Bank’s dividend payout ratio is currently 36.51%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Piper Sandler restated an “overweight” rating and issued a $164.00 target price on shares of M&T Bank in a research report on Friday, June 21st. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $170.00 target price on shares of M&T Bank in a research report on Thursday, June 27th. Wells Fargo & Company lifted their target price on M&T Bank from $145.00 to $150.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 16th. Royal Bank of Canada reiterated an “outperform” rating and issued a $160.00 price objective on shares of M&T Bank in a report on Tuesday, April 16th. Finally, DA Davidson reiterated a “neutral” rating and issued a $159.00 price objective on shares of M&T Bank in a report on Tuesday, April 16th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, M&T Bank currently has a consensus rating of “Hold” and a consensus target price of $161.58.

View Our Latest Analysis on M&T Bank

Insider Transactions at M&T Bank

In other news, EVP Doris P. Meister sold 1,638 shares of the company’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total transaction of $226,387.98. Following the completion of the transaction, the executive vice president now directly owns 3,362 shares of the company’s stock, valued at approximately $464,662.02. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, EVP Doris P. Meister sold 1,638 shares of the company’s stock in a transaction dated Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total value of $226,387.98. Following the completion of the sale, the executive vice president now directly owns 3,362 shares of the company’s stock, valued at approximately $464,662.02. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Christopher E. Kay sold 1,821 shares of the company’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $153.78, for a total value of $280,033.38. Following the completion of the sale, the executive vice president now directly owns 8,579 shares of the company’s stock, valued at $1,319,278.62. The disclosure for this sale can be found here. In the last ninety days, insiders sold 97,553 shares of company stock valued at $14,724,147. 0.82% of the stock is currently owned by corporate insiders.

M&T Bank Profile

(Free Report)

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.

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Sequoia Financial Advisors LLC Decreases Stock Position in M&T Bank Co. (NYSE:MTB) (2)

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Sequoia Financial Advisors LLC Decreases Stock Position in M&T Bank Co. (NYSE:MTB) (2024)

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