Fifth Third Bancorp reduces its equity holdings in M&T Bank Co. (NYSE:MTB)

July 2, 2022

Montana Lending

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Fifth Third Bancorp reduced its stake in M&T Bank Co. (NYSE: MTBGet a rating) by 4.6% in the 1st quarter, according to its last Form 13F filed with the Securities & Exchange Commission. The institutional investor held 37,439 shares of the financial services provider after selling 1,805 shares during the quarter. Fifth Third Bancorp’s holdings in M&T Bank were worth $6,346,000 at the end of the last quarter.

Several other large investors have also recently changed their holdings in the company. Commerce Bank increased its position in M&T Bank shares by 1.2% during the 4th quarter. Commerce Bank now owns 4,979 shares of the financial services provider valued at $765,000 after buying 57 additional shares during the period. Bradley Foster & Sargent Inc. CT increased its position in M&T Bank shares by 2.1% during the fourth quarter. Bradley Foster & Sargent Inc. CT now owns 2,774 shares of the financial services provider valued at $426,000 after purchasing 58 additional shares during the period. Mercer Global Advisors Inc. ADV increased its position in M&T Bank shares by 1.3% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 4,931 shares of the financial services provider valued at $757,000 after purchasing an additional 62 shares during the period. Kentucky Retirement Systems Insurance Trust Fund increased its position in M&T Bank shares by 1.9% during the 4th quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 3,376 shares of the financial services provider valued at $518,000 after buying 63 additional shares during the period. Finally, Wedbush Securities Inc. increased its position in M&T Bank shares by 3.9% during the 4th quarter. Wedbush Securities Inc. now owns 1,859 shares of the financial services provider valued at $286,000 after purchasing an additional 69 shares during the period. Institutional investors and hedge funds hold 87.61% of the company’s shares.

Separately, Executive Vice President Robert J. Bojdak sold 525 shares of the company in a transaction dated Wednesday, June 8. The stock was sold at an average price of $177.82, for a total transaction of $93,355.50. Following the transaction, the executive vice president now directly owns 19,075 shares of the company, valued at $3,391,916.50. The sale was disclosed in a filing with the Securities & Exchange Commission, available at this hyperlink. Additionally, Vice Chairman Kevin J. Pearson sold 5,000 shares of the company in a trade dated Tuesday, May 17. The shares were sold at an average price of $169.71, for a total value of $848,550.00. Following the transaction, the insider now owns 39,008 shares of the company, valued at $6,620,047.68. Disclosure of this sale can be found here. Insiders sold a total of 7,725 shares of the company valued at $1,335,332 over the past three months. 0.73% of the shares are held by insiders.

Shares of NYSE: MTB opened at $159.71 on Friday. M&T Bank Co. has a fifty-two-week low of $128.46 and a fifty-two-week high of $186.95. The company has a 50-day moving average of $168.99 and a two-hundred-day moving average of $170.33. The stock has a market capitalization of $28.65 billion, a P/E ratio of 12.20, a P/E/G ratio of 0.96 and a beta of 0.86. The company has a debt ratio of 0.21, a current ratio of 1.05 and a quick ratio of 1.05.

M&T Bank (NYSE: MTBGet a rating) last released its quarterly earnings data on Wednesday, April 20. The financial services provider reported earnings per share of $2.73 for the quarter, beating the consensus estimate of $2.26 by $0.47. M&T Bank had a return on equity of 11.45% and a net margin of 29.31%. The company posted revenue of $1.45 billion in the quarter, versus $1.43 billion expected by analysts. In the same quarter of the previous year, the company achieved EPS of $3.41. As a group, research analysts expect M&T Bank Co. to post EPS of 14.11 for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 30. Investors of record on Wednesday, June 1 received a dividend of $1.20 per share. The ex-dividend date was Tuesday, May 31. This represents an annualized dividend of $4.80 and a dividend yield of 3.01%. M&T Bank’s dividend payout ratio is currently 36.67%.

A number of stock analysts have recently released reports on MTB shares. Deutsche Bank Aktiengesellschaft raised its price target on M&T Bank from $180.00 to $200.00 in a Friday, March 25 report. Robert W. Baird upgraded M&T Bank from a “neutral” rating to an “outperforming” rating and raised its share price target from $175.00 to $200.00 in a Friday, June 17 report. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a Friday, June 10 report. JPMorgan Chase & Co. cut its target price on M&T Bank from $200.00 to $195.00 and set a “neutral” rating on the stock in a report released Friday. Finally, Piper Sandler raised her price target on M&T Bank from $200.00 to $210.00 in a Wednesday, April 20 report. Seven equity research analysts gave the stock a hold rating and eight gave the company a buy rating. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $193.31.

M&T Bank Company Profile (Get a rating)

M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The Company’s Business Banking segment provides deposit, lending, cash management and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial loans and leases, letters of credit and cash management services to medium and large commercial enterprises.

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Institutional ownership by quarter for M&T Bank (NYSE:MTB)



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