M & T BK CORP MTB
COM · Common Stock · CUSIP 55261F104 · ISIN US55261F1049
American bank holding company
- SectorFinancials
- IndustryState Commercial Banks
- HeadquartersBuffalo, NY
- Founded1856
- Websitewww3.mtb.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($61.0m this quarter). Holder counts are more reliable. Shares outstanding: 156.3m as of 2025-07-31, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $193.96. Options: 23 managers hold calls ($120.6m notional), 15 hold puts ($48.4m).
Trends to Q2 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 924 |
| Q4 2022 | 897 |
| Q1 2023 | 831 |
| Q2 2023 | 832 |
| Q3 2023 | 809 |
| Q4 2023 | 893 |
| Q1 2024 | 897 |
| Q2 2024 | 925 |
| Q3 2024 | 950 |
| Q4 2024 | 1,049 |
| Q1 2025 | 1,041 |
| Q2 2025 | 1,027 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 338 | 389 |
| Q4 2023 | 380 | 391 |
| Q1 2024 | 376 | 434 |
| Q2 2024 | 431 | 376 |
| Q3 2024 | 435 | 416 |
| Q4 2024 | 479 | 413 |
| Q1 2025 | 475 | 474 |
| Q2 2025 | 459 | 477 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $153.9m | $96.6m | 0.63 |
| Q4 2024 | $103.8m | $101.5m | 0.98 |
| Q1 2025 | $97.6m | $44.4m | 0.45 |
| Q2 2025 | $120.6m | $48.4m | 0.40 |
Biggest buyers
| Thrivent Financial for Lutherans | Added | +592.2k |
| JENNISON ASSOCIATES LLC | Added | +555.8k |
| ROYAL BANK OF CANADA | Added | +359.5k |
| Canoe Financial LP | Added | +294.3k |
| Junto Capital Management LP | New | +285.0k |
| Artemis Investment Management LLP | New | +201.7k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | Added | +172.7k |
| VICTORY CAPITAL MANAGEMENT INC | Added | +141.2k |
| CANADA PENSION PLAN INVESTMENT BOARD | Added | +139.4k |
| BARCLAYS PLC | Added | +100.3k |
Biggest sellers
| VIKING GLOBAL INVESTORS LP | Sold out | -746.3k |
| BARROW HANLEY MEWHINNEY & STRAUSS LLC | Reduced | -672.1k |
| BlackRock, Inc. | Reduced | -600.0k |
| STATE STREET CORP | Reduced | -430.0k |
| Giverny Capital Inc. | Reduced | -360.0k |
| FIRST TRUST ADVISORS LP | Reduced | -354.4k |
| FMR LLC | Reduced | -301.3k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -267.3k |
| D. E. Shaw & Co., Inc. | Sold out | -265.3k |
| HRT FINANCIAL LP | Reduced | -252.3k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $33.0m169.9k shares |
| Twin Tree Management, LP | New | $18.3m94.3k shares |
| JANE STREET GROUP, LLC | Added | $12.9m66.3k shares |
| CITADEL ADVISORS LLC | Added | $12.5m64.5k shares |
| GARDA CAPITAL PARTNERS LP | Reduced | $9.6m49.5k shares |
| BNP PARIBAS FINANCIAL MARKETS | Reduced | $4.5m231 shares |
| WOLVERINE TRADING, LLC | Added | $4.2m21.5k shares |
| NOMURA HOLDINGS INC | Reduced | $4.1m21.3k shares |
| IMC-Chicago, LLC | Reduced | $3.2m16.5k shares |
| SIMPLEX TRADING, LLC | Reduced | $3.2m16.4k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $16.5m85.3k shares |
| WOLVERINE TRADING, LLC | Reduced | $6.5m33.6k shares |
| BNP PARIBAS FINANCIAL MARKETS | Reduced | $4.5m231 shares |
| CITIGROUP INC | Unchanged | $4.5m23.0k shares |
| JANE STREET GROUP, LLC | Added | $3.1m16.0k shares |
| CITADEL ADVISORS LLC | Reduced | $2.3m12.0k shares |
| Walleye Trading LLC | Added | $2.1m10.6k shares |
| Squarepoint Ops LLC | Reduced | $1.6m8.2k shares |
| Walleye Capital LLC | Added | $1.3m6.7k shares |
| MILLENNIUM MANAGEMENT LLC | New | $1.3m6.5k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| FMR LLC 13G · institution +1.4 pts · filed 2026-02-05 | 8.7% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-30 | 7.6% |
| WELLINGTON MANAGEMENT GROUP LLP 13G · institution +1.5 pts · filed 2025-05-12 | 6.0% |
Fell to 5% or below in the last year: VANGUARD PORTFOLIO MANAGEMENT LLC (4.8%, 2026-07-31; now reported by VANGUARD CAPITAL MANAGEMENT LLC), VANGUARD GROUP INC (0.0%, 2026-03-27; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales in Q2 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q3 2023 | 0 | — | 2 | $8.2m | — |
| Q4 2023 | 1 | $555.2k | 5 | $20.8m | — |
| Q1 2024 | 0 | — | 3 | $5.2m | — |
| Q2 2024 | 0 | — | 4 | $26.2m | — |
| Q3 2024 | 0 | — | 6 | $3.7m | — |
| Q4 2024 | 0 | — | 12 | $25.9m | — |
| Q1 2025 | 0 | — | 1 | $299.5k | — |
| Q2 2025 | 0 | — | 1 | $1.2m | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-06-12 | SADLER ROBERT E JR Director · By Wife | Sold | $1.2m6.7k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.06% of their portfolio | 19.3m $3.7bn | Reduced -201.6k |
| BlackRock, Inc. 0.05% of their portfolio | 12.7m $2.5bn | Reduced -600.0k |
| FMR LLC 0.13% of their portfolio | 11.7m $2.3bn | Reduced -301.3k |
| WELLINGTON MANAGEMENT GROUP LLP 0.35% of their portfolio | 10.0m $1.9bn | Added +65.5k |
| STATE STREET CORP 0.06% of their portfolio | 7.6m $1.5bn | Reduced -430.0k |
| MORGAN STANLEY 0.07% of their portfolio | 5.9m $1.1bn | Added +74.5k |
| JPMORGAN CHASE & CO 0.08% of their portfolio | 5.8m $1.1bn | Reduced -32.2k |
| GEODE CAPITAL MANAGEMENT, LLC 0.06% of their portfolio | 4.4m $844.4m | Reduced -72.9k |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.71% of their portfolio | 4.1m $799.7m | Unchanged |
| Invesco Ltd. 0.12% of their portfolio | 3.6m $704.6m | Added +79.2k |
| NORGES BANK 0.05% of their portfolio | 2.2m $434.0m | Added +50.7k |
| NORTHERN TRUST CORP 0.04% of their portfolio | 1.7m $322.1m | Reduced -60.9k |
| DIMENSIONAL FUND ADVISORS LP 0.07% of their portfolio | 1.6m $311.3m | Reduced -6.3k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.09% of their portfolio | 1.5m $296.1m | Added +20.8k |
| M&T Bank Corp 0.99% of their portfolio | 1.5m $288.4m | Reduced -495 |
| Nuveen, LLC 0.07% of their portfolio | 1.4m $267.8m | Added +18.7k |
| Bank of New York Mellon Corp 0.05% of their portfolio | 1.4m $266.8m | Reduced -67.1k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.05% of their portfolio | 1.2m $236.5m | Added +172.7k |
| UBS Group AG 0.05% of their portfolio | 1.1m $217.9m | Reduced -111.4k |
| LONDON CO OF VIRGINIA 1.20% of their portfolio | 1.1m $211.8m | Reduced -46.9k |
| Legal & General Group Plc 0.05% of their portfolio | 1.1m $204.5m | Added +51.4k |
| FIRST TRUST ADVISORS LP 0.16% of their portfolio | 1.0m $203.2m | Reduced -354.4k |
| BANK OF AMERICA CORP /DE/ 0.02% of their portfolio | 1.0m $197.6m | Reduced -143.2k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.03% of their portfolio | 1.0m $195.8m | Reduced -18.4k |
| GOLDMAN SACHS GROUP INC 0.03% of their portfolio | 1.0m $194.3m | Reduced -96.4k |
| MENORA MIVTACHIM HOLDINGS LTD. 0.86% of their portfolio | 773.1k $150.0m | Unchanged |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 708.2k $137.4m | Added +359.5k |
| Thrivent Financial for Lutherans 0.29% of their portfolio | 687.6k $133.4m | Added +592.2k |
| BARCLAYS PLC 0.05% of their portfolio | 610.5k $118.4m | Added +100.3k |
| MARSHALL WACE, LLP 0.13% of their portfolio | 584.4k $113.4m | Added +33.9k |
| JENNISON ASSOCIATES LLC 0.07% of their portfolio | 583.2k $113.1m | Added +555.8k |
| WELLS FARGO & COMPANY/MN 0.02% of their portfolio | 555.9k $107.8m | Added +50.2k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.09% of their portfolio | 535.0k $103.8m | Reduced -28.5k |
| DEUTSCHE BANK AG\ 0.04% of their portfolio | 518.6k $100.6m | Reduced -67.4k |
| ALLIANCEBERNSTEIN L.P. 0.03% of their portfolio | 518.1k $100.5m | Added +46.1k |
| Sumitomo Mitsui Trust Group, Inc. 0.06% of their portfolio | 463.7k $89.9m | Added +13.7k |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.32% of their portfolio | 443.8k $86.1m | Reduced -131.2k |
| HSBC HOLDINGS PLC 0.05% of their portfolio | 431.0k $83.7m | Reduced -34.4k |
| Clearbridge Investments, LLC 0.06% of their portfolio | 395.9k $76.8m | Reduced -15.6k |
| Smead Capital Management, Inc. 1.51% of their portfolio | 388.6k $75.4m | Reduced -51.8k |
| STIFEL FINANCIAL CORP 0.07% of their portfolio | 374.5k $72.7m | Reduced -4.0k |
| AMERIPRISE FINANCIAL INC 0.02% of their portfolio | 368.3k $71.4m | Reduced -34.5k |
| Amundi 0.03% of their portfolio | 365.5k $73.1m | Reduced -99.2k |
| ANCHOR CAPITAL ADVISORS LLC 2.07% of their portfolio | 363.2k $70.5m | Added +19.4k |
| RNC CAPITAL MANAGEMENT LLC 3.42% of their portfolio | 363.1k $70.4m | Added +1.1k |
| HUNTINGTON NATIONAL BANK 0.46% of their portfolio | 361.3k $70.1m | Reduced -67.3k |
| Brandywine Global Investment Management, LLC 0.49% of their portfolio | 355.7k $69.0m | Added +6.2k |
| BANK OF MONTREAL /CAN/ 0.03% of their portfolio | 344.1k $66.7m | Reduced -67.4k |
| FEDERATED HERMES, INC. 0.12% of their portfolio | 337.8k $65.5m | Reduced -55.5k |
| Davis Asset Management, L.P. 2.45% of their portfolio | 325.0k $63.0m | Unchanged |
| VICTORY CAPITAL MANAGEMENT INC 0.04% of their portfolio | 319.0k $61.9m | Added +141.2k |
| COOKE & BIELER LP 0.62% of their portfolio | 318.9k $61.9m | Added +48.9k |
| RHUMBLINE ADVISERS 0.05% of their portfolio | 315.2k $61.1m | Reduced -2.6k |
| California Public Employees Retirement System 0.04% of their portfolio | 310.7k $60.3m | Added +18.9k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.05% of their portfolio | 309.5k $60.0m | Added +16.9k |
| JANE STREET GROUP, LLC 0.10% of their portfolio | 304.2k $59.0m | Reduced -91.9k |
| Canoe Financial LP 0.82% of their portfolio | 295.5k $57.3m | Added +294.3k |
| BNP PARIBAS FINANCIAL MARKETS 0.04% of their portfolio | 287.8k $55.8m | Reduced -22.7k |
| LSV ASSET MANAGEMENT 0.13% of their portfolio | 285.6k $55.4m | Reduced -9.3k |
| Junto Capital Management LP 1.17% of their portfolio | 285.0k $55.3m | New |
| ENVESTNET ASSET MANAGEMENT INC 0.02% of their portfolio | 270.0k $52.4m | Added +1.0k |
| AGF MANAGEMENT LTD 0.23% of their portfolio | 265.6k $51.5m | Reduced -47.6k |
| National Pension Service 0.04% of their portfolio | 257.3k $49.9m | Added +1.9k |
| ABSHER WEALTH MANAGEMENT, LLC 5.95% of their portfolio | 247.6k $48.0m | Added +16.4k |
| BERKSHIRE ASSET MANAGEMENT LLC/PA 2.17% of their portfolio | 247.0k $47.9m | Added +2.1k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio | 235.5k $45.7m | Reduced -5.3k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.05% of their portfolio | 235.4k $45.7m | Reduced -8.2k |
| MEAG MUNICH ERGO, Kapitalanlagegesellschaft mbH 1.27% of their portfolio | 232.9k $45.2m | Added +20.2k |
| AQR CAPITAL MANAGEMENT LLC 0.04% of their portfolio | 232.3k $45.1m | Added +25.6k |
| NATIXIS ADVISORS, LLC 0.06% of their portfolio | 207.6k $40.3m | Added +20.1k |
| CANADA LIFE ASSURANCE Co 0.06% of their portfolio | 201.9k $39.2m | Reduced -26.4k |
| Artemis Investment Management LLP 0.50% of their portfolio | 201.7k $39.1m | New |
| Advisors Capital Management, LLC 0.52% of their portfolio | 194.1k $37.7m | Added +9.1k |
| PRINCIPAL FINANCIAL GROUP INC 0.02% of their portfolio | 182.7k $35.4m | Reduced -12.0k |
| SAPIENT CAPITAL LLC 0.62% of their portfolio | 178.7k $34.7m | Reduced -6.4k |
| Lansforsakringar Fondforvaltning AB (publ) 0.20% of their portfolio | 177.0k $34.3m | Reduced -39.9k |
| CITIGROUP INC 0.02% of their portfolio | 170.1k $33.0m | Reduced -91.9k |
| Artisan Partners Limited Partnership 0.05% of their portfolio | 169.4k $32.9m | Reduced -593 |
| STRS OHIO 0.12% of their portfolio | 167.9k $32.6m | Added +2.5k |
| LGT CAPITAL PARTNERS LTD. 1.43% of their portfolio | 166.1k $32.2m | Reduced -18.4k |
| Korea Investment CORP 0.07% of their portfolio | 158.2k $30.7m | Added +88.4k |
| Invenomic Capital Management LP 1.74% of their portfolio | 158.1k $30.7m | Added +73.4k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.03% of their portfolio | 155.7k $30.2m | Reduced -2.2k |
| Russell Investments Group, Ltd. 0.04% of their portfolio | 150.2k $29.1m | Reduced -4.3k |
| Polaris Capital Management, LLC 1.93% of their portfolio | 149.6k $29.0m | Reduced -16.7k |
| NATIONAL BANK OF CANADA /FI/ 0.03% of their portfolio | 149.3k $29.0m | Added +60.7k |
| TOCQUEVILLE ASSET MANAGEMENT L.P. 0.44% of their portfolio | 148.6k $28.8m | Reduced -6.1k |
| Ensign Peak Advisors, Inc 0.05% of their portfolio | 147.3k $28.6m | Reduced -17.2k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.06% of their portfolio | 146.8k $28.5m | Reduced -193 |
| CANADA PENSION PLAN INVESTMENT BOARD 0.02% of their portfolio | 141.9k $27.5m | Added +139.4k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.04% of their portfolio | 130.2k $25.3m | Added +550 |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 124.2k $24.1m | Added +6.2k |
| Aberdeen Group plc 0.04% of their portfolio | 123.6k $24.0m | Added +5.8k |
| LPL Financial LLC 0.01% of their portfolio | 123.6k $24.0m | Added +1.8k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.03% of their portfolio | 119.7k $23.2m | Unchanged |
| Rafferty Asset Management, LLC 0.07% of their portfolio | 113.5k $22.0m | Reduced -11.7k |
| TWO SIGMA INVESTMENTS, LP 0.04% of their portfolio | 111.8k $21.7m | Reduced -61.1k |
| DNB Asset Management AS 0.09% of their portfolio | 111.3k $21.6m | Added +1.1k |
| Vest Financial, LLC 0.30% of their portfolio | 110.0k $21.3m | Reduced -51.8k |
| SEI INVESTMENTS CO 0.02% of their portfolio | 106.4k $20.6m | Added +10.5k |