Eastern Bank Trims Stock Holdings in M&T Bank Co. (NYSE:MTB)

Eastern Bank lowered its stake in M&T Bank Co. (NYSE:MTB) by 13.2% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,856 shares of the financial services provider’s stock after selling 283 shares during the quarter. Eastern Bank’s holdings in M&T Bank were worth $349,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Acadian Asset Management LLC bought a new position in M&T Bank during the 2nd quarter valued at about $547,000. American Century Companies Inc. boosted its position in shares of M&T Bank by 7.0% during the second quarter. American Century Companies Inc. now owns 61,818 shares of the financial services provider’s stock valued at $9,357,000 after buying an additional 4,067 shares during the period. Parallel Advisors LLC grew its stake in shares of M&T Bank by 8.4% during the second quarter. Parallel Advisors LLC now owns 4,293 shares of the financial services provider’s stock valued at $650,000 after buying an additional 331 shares during the last quarter. Thoroughbred Financial Services LLC raised its holdings in shares of M&T Bank by 13.8% in the second quarter. Thoroughbred Financial Services LLC now owns 3,804 shares of the financial services provider’s stock worth $575,000 after buying an additional 462 shares during the period. Finally, Envestnet Asset Management Inc. lifted its stake in shares of M&T Bank by 5.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 241,213 shares of the financial services provider’s stock worth $36,510,000 after acquiring an additional 13,278 shares during the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have commented on MTB shares. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $223.50 price objective (up previously from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. Bank of America raised their price target on shares of M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Wedbush lifted their price objective on shares of M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. Citigroup downgraded shares of M&T Bank from a “buy” rating to a “neutral” rating and upped their target price for the stock from $220.00 to $230.00 in a research note on Monday, November 25th. Finally, Truist Financial began coverage on shares of M&T Bank in a research note on Tuesday, January 7th. They set a “buy” rating and a $233.00 price target for the company. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $216.86.

Insider Transactions at M&T Bank

In related news, Director John P. Barnes sold 20,000 shares of the business’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $193.97, for a total transaction of $3,879,400.00. Following the transaction, the director now directly owns 49,960 shares in the company, valued at $9,690,741.20. The trade was a 28.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Tracy S. Woodrow sold 2,121 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total value of $468,210.75. Following the completion of the sale, the executive vice president now owns 5,141 shares of the company’s stock, valued at approximately $1,134,875.75. This trade represents a 29.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 84,994 shares of company stock valued at $17,211,278. Corporate insiders own 0.82% of the company’s stock.

M&T Bank Trading Up 1.9 %

Shares of NYSE MTB opened at $194.82 on Wednesday. M&T Bank Co. has a 1-year low of $128.31 and a 1-year high of $225.70. The business has a fifty day moving average price of $203.21 and a 200 day moving average price of $182.94. The stock has a market capitalization of $32.32 billion, a P/E ratio of 14.42, a price-to-earnings-growth ratio of 2.79 and a beta of 0.79. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 0.99.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, beating the consensus estimate of $3.60 by $0.48. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. The business had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.30 billion. Equities research analysts expect that M&T Bank Co. will post 14.63 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd were issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 2.77%. The ex-dividend date of this dividend was Monday, December 2nd. M&T Bank’s dividend payout ratio is currently 39.97%.

About M&T Bank

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.