M&T Bank Co. (NYSE:MTB) Stock Position Lessened by abrdn plc

abrdn plc reduced its stake in shares of M&T Bank Co. (NYSE:MTB) by 4.6% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 65,045 shares of the financial services provider’s stock after selling 3,152 shares during the quarter. abrdn plc’s holdings in M&T Bank were worth $11,537,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of MTB. Sumitomo Mitsui Trust Holdings Inc. increased its stake in M&T Bank by 7.7% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock valued at $72,357,000 after buying an additional 35,692 shares during the period. State of Alaska Department of Revenue boosted its holdings in shares of M&T Bank by 0.6% in the first quarter. State of Alaska Department of Revenue now owns 18,024 shares of the financial services provider’s stock valued at $2,621,000 after acquiring an additional 100 shares in the last quarter. Norden Group LLC acquired a new position in shares of M&T Bank during the first quarter valued at approximately $784,000. First Trust Direct Indexing L.P. raised its holdings in M&T Bank by 16.3% during the first quarter. First Trust Direct Indexing L.P. now owns 3,347 shares of the financial services provider’s stock worth $487,000 after purchasing an additional 470 shares in the last quarter. Finally, Van ECK Associates Corp acquired a new stake in M&T Bank in the first quarter worth approximately $2,259,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insider Buying and Selling at M&T Bank

In other news, Director Kirk W. Walters sold 2,471 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $24.60, for a total transaction of $60,786.60. Following the transaction, the director now owns 20,414 shares in the company, valued at $502,184.40. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Robert E. Sadler, Jr. sold 2,000 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $198.00, for a total transaction of $396,000.00. Following the completion of the sale, the director now owns 29,796 shares in the company, valued at $5,899,608. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kirk W. Walters sold 2,471 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $24.60, for a total transaction of $60,786.60. Following the completion of the sale, the director now owns 20,414 shares in the company, valued at approximately $502,184.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 70,234 shares of company stock worth $12,586,627 over the last 90 days. 0.82% of the stock is currently owned by corporate insiders.

M&T Bank Stock Performance

Shares of MTB stock opened at $192.25 on Friday. M&T Bank Co. has a 1-year low of $112.60 and a 1-year high of $200.94. The company has a market capitalization of $32.08 billion, a price-to-earnings ratio of 14.23, a P/E/G ratio of 2.80 and a beta of 0.75. The company has a current ratio of 0.94, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. The stock’s fifty day simple moving average is $179.30 and its 200-day simple moving average is $162.56.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 2.81%. The ex-dividend date was Tuesday, September 3rd. M&T Bank’s dividend payout ratio is currently 39.97%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on MTB shares. The Goldman Sachs Group lifted their price target on M&T Bank from $190.00 to $216.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Royal Bank of Canada lifted their target price on M&T Bank from $190.00 to $208.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Wolfe Research raised shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price target for the company in a report on Friday, October 4th. Evercore ISI lifted their price objective on shares of M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a research note on Wednesday. Finally, Bank of America increased their target price on shares of M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat, M&T Bank presently has an average rating of “Hold” and a consensus target price of $198.76.

M&T Bank Company Profile

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.