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 ($68.3m this quarter). Holder counts are more reliable. Shares outstanding: 153.7m as of 2025-10-23, 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 ≈ $197.54. Options: 21 managers hold calls ($124.2m notional), 21 hold puts ($82.7m).
Trends to Q3 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 |
| Q3 2025 | 1,056 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q3 2025 | 503 | 388 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q4 2024 | $103.8m | $101.5m | 0.98 |
| Q1 2025 | $97.6m | $44.4m | 0.45 |
| Q2 2025 | $120.6m | $48.4m | 0.40 |
| Q3 2025 | $124.2m | $82.7m | 0.67 |
Biggest buyers
| JPMORGAN CHASE & CO | Added | +5.5m |
| FMR LLC | Added | +502.1k |
| Boston Partners | Added | +408.5k |
| MORGAN STANLEY | Added | +359.1k |
| BANK OF AMERICA CORP /DE/ | Added | +336.8k |
| WELLINGTON MANAGEMENT GROUP LLP | Added | +276.5k |
| JENNISON ASSOCIATES LLC | Added | +257.4k |
| MILLENNIUM MANAGEMENT LLC | Added | +209.1k |
| ARIEL INVESTMENTS, LLC | Added | +187.1k |
| NEUBERGER BERMAN GROUP LLC | Added | +169.0k |
Biggest sellers
| MARSHALL WACE, LLP | Reduced | -579.1k |
| FIRST TRUST ADVISORS LP | Reduced | -382.6k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | Reduced | -344.1k |
| ROYAL BANK OF CANADA | Reduced | -305.5k |
| Junto Capital Management LP | Sold out | -285.0k |
| BlackRock, Inc. | Reduced | -261.9k |
| VANGUARD GROUP INC | Reduced | -253.2k |
| Artemis Investment Management LLP | Sold out | -201.7k |
| STATE STREET CORP | Reduced | -171.4k |
| JANE STREET GROUP, LLC | Reduced | -143.8k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $31.8m161.0k shares |
| Twin Tree Management, LP | Added | $19.6m99.3k shares |
| JANE STREET GROUP, LLC | Added | $15.0m76.0k shares |
| CITIGROUP INC | New | $12.8m64.8k shares |
| CITADEL ADVISORS LLC | Reduced | $8.2m41.5k shares |
| Jefferies Financial Group Inc. | Added | $7.9m40.2k shares |
| WOLVERINE TRADING, LLC | Added | $6.5m32.8k shares |
| Interval Partners, LP | New | $4.2m21.2k shares |
| IMC-Chicago, LLC | Added | $3.4m17.3k shares |
| NOMURA HOLDINGS INC | Reduced | $2.3m11.7k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $17.7m89.4k shares |
| CITIGROUP INC | Added | $15.6m79.0k shares |
| JANE STREET GROUP, LLC | Added | $11.6m58.8k shares |
| WOLVERINE TRADING, LLC | Added | $7.7m38.8k shares |
| Jefferies Financial Group Inc. | Added | $6.4m32.5k shares |
| ExodusPoint Capital Management, LP | New | $4.0m20.0k shares |
| BNP PARIBAS FINANCIAL MARKETS | Reduced | $2.6m131 shares |
| CITADEL ADVISORS LLC | Added | $2.4m12.3k shares |
| Walleye Trading LLC | Added | $2.3m11.7k shares |
| BARCLAYS PLC | New | $2.0m10.0k 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 Q3 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 |
|---|---|---|---|---|---|
| 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 | — |
| Q3 2025 | 0 | — | 6 | $9.2m | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-08-29 | Woodrow Tracy S. Sr. Executive Vice President | Sold | $693.1k3.4k shares |
| 2025-08-26 | Taylor John R. EVP and Controller | Sold | $89.5k448 shares |
| 2025-08-22 | BARNES JOHN P Director · By John P. Barnes Living Trust | Sold | $3.0m15.0k shares |
| 2025-08-14 | PEARSON KEVIN J Vice Chairman | Sold | $3.9m20.1k shares |
| 2025-08-14 | PEARSON KEVIN J Vice Chairman | Sold | $834.8k4.3k shares |
| 2025-07-22 | D'Arcy Peter Sr. Executive Vice President | Sold | $485.6k2.5k shares |
| 2025-07-21 | Ledgett Richard H. Jr. Director | Sold | $252.2k1.3k 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, Q3 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.06% of their portfolio | 19.0m $3.8bn | Reduced -253.2k |
| BlackRock, Inc. 0.04% of their portfolio | 12.4m $2.5bn | Reduced -261.9k |
| FMR LLC 0.13% of their portfolio | 12.2m $2.4bn | Added +502.1k |
| JPMORGAN CHASE & CO 0.07% of their portfolio | 11.3m $2.2bn | Added +5.5m |
| WELLINGTON MANAGEMENT GROUP LLP 0.35% of their portfolio | 10.2m $2.0bn | Added +276.5k |
| STATE STREET CORP 0.05% of their portfolio | 7.5m $1.5bn | Reduced -171.4k |
| MORGAN STANLEY 0.07% of their portfolio | 6.2m $1.2bn | Added +359.1k |
| GEODE CAPITAL MANAGEMENT, LLC 0.05% of their portfolio | 4.3m $849.5m | Reduced -54.5k |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.68% of their portfolio | 4.1m $814.7m | Unchanged |
| Invesco Ltd. 0.11% of their portfolio | 3.7m $727.3m | Added +48.5k |
| NORTHERN TRUST CORP 0.04% of their portfolio | 1.6m $318.4m | Reduced -49.1k |
| DIMENSIONAL FUND ADVISORS LP 0.07% of their portfolio | 1.6m $309.7m | Reduced -37.9k |
| M&T Bank Corp 0.99% of their portfolio | 1.5m $293.8m | Reduced -166 |
| Nuveen, LLC 0.07% of their portfolio | 1.4m $282.2m | Added +47.5k |
| Bank of New York Mellon Corp 0.05% of their portfolio | 1.4m $270.1m | Reduced -8.4k |
| BANK OF AMERICA CORP /DE/ 0.02% of their portfolio | 1.4m $267.9m | Added +336.8k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.07% of their portfolio | 1.2m $233.6m | Reduced -344.1k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.05% of their portfolio | 1.1m $219.1m | Reduced -110.5k |
| Legal & General Group Plc 0.05% of their portfolio | 1.1m $208.3m | Reduced -83 |
| LONDON CO OF VIRGINIA 1.14% of their portfolio | 1.0m $205.7m | Reduced -50.9k |
| UBS Group AG 0.04% of their portfolio | 1.0m $204.5m | Reduced -88.1k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.03% of their portfolio | 991.6k $196.0m | Reduced -18.0k |
| GOLDMAN SACHS GROUP INC 0.03% of their portfolio | 936.4k $185.1m | Reduced -65.1k |
| JENNISON ASSOCIATES LLC 0.10% of their portfolio | 840.7k $166.1m | Added +257.4k |
| MENORA MIVTACHIM HOLDINGS LTD. 0.78% of their portfolio | 773.1k $152.8m | Unchanged |
| Thrivent Financial for Lutherans 0.26% of their portfolio | 667.4k $131.9m | Reduced -20.1k |
| FIRST TRUST ADVISORS LP 0.10% of their portfolio | 664.9k $131.4m | Reduced -382.6k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.09% of their portfolio | 569.5k $112.5m | Added +34.5k |
| WELLS FARGO & COMPANY/MN 0.02% of their portfolio | 548.0k $108.3m | Reduced -7.9k |
| BARCLAYS PLC 0.04% of their portfolio | 520.2k $102.8m | Reduced -90.4k |
| Brandywine Global Investment Management, LLC 0.64% of their portfolio | 471.3k $93.1m | Added +115.5k |
| ALLIANCEBERNSTEIN L.P. 0.03% of their portfolio | 467.7k $92.4m | Reduced -50.4k |
| HSBC HOLDINGS PLC 0.05% of their portfolio | 466.1k $91.9m | Added +35.1k |
| Sumitomo Mitsui Trust Group, Inc. 0.05% of their portfolio | 463.1k $91.5m | Reduced -536 |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.31% of their portfolio | 456.9k $90.3m | Added +13.0k |
| Canoe Financial LP 1.22% of their portfolio | 433.7k $85.7m | Added +138.2k |
| DEUTSCHE BANK AG\ 0.03% of their portfolio | 432.4k $85.4m | Reduced -86.2k |
| Boston Partners 0.09% of their portfolio | 420.4k $83.1m | Added +408.5k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 402.8k $79.6m | Reduced -305.5k |
| Clearbridge Investments, LLC 0.06% of their portfolio | 387.0k $76.5m | Reduced -8.8k |
| STIFEL FINANCIAL CORP 0.07% of their portfolio | 380.7k $75.2m | Added +6.1k |
| Amundi 0.02% of their portfolio | 373.0k $70.9m | Added +7.5k |
| HUNTINGTON NATIONAL BANK 0.44% of their portfolio | 361.6k $71.5m | Added +396 |
| RNC CAPITAL MANAGEMENT LLC 3.29% of their portfolio | 361.4k $71.4m | Reduced -1.6k |
| Smead Capital Management, Inc. 1.38% of their portfolio | 361.0k $71.3m | Reduced -27.6k |
| ANCHOR CAPITAL ADVISORS LLC 2.04% of their portfolio | 356.4k $70.4m | Reduced -6.8k |
| AMERIPRISE FINANCIAL INC 0.02% of their portfolio | 352.6k $69.7m | Reduced -15.7k |
| LSV ASSET MANAGEMENT 0.15% of their portfolio | 342.4k $67.7m | Added +56.8k |
| Davis Asset Management, L.P. 2.29% of their portfolio | 325.0k $64.2m | Unchanged |
| FEDERATED HERMES, INC. 0.11% of their portfolio | 324.0k $64.0m | Reduced -13.8k |
| COOKE & BIELER LP 0.66% of their portfolio | 323.4k $63.9m | Added +4.5k |
| AQR CAPITAL MANAGEMENT LLC 0.04% of their portfolio | 314.6k $62.2m | Added +82.3k |
| BANK OF MONTREAL /CAN/ 0.03% of their portfolio | 314.6k $62.2m | Reduced -29.4k |
| MILLENNIUM MANAGEMENT LLC 0.05% of their portfolio | 311.8k $61.6m | Added +209.1k |
| California Public Employees Retirement System 0.04% of their portfolio | 311.3k $61.5m | Added +608 |
| RHUMBLINE ADVISERS 0.05% of their portfolio | 308.8k $61.0m | Reduced -6.3k |
| Korea Investment CORP 0.13% of their portfolio | 307.7k $60.8m | Added +149.5k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.04% of their portfolio | 307.7k $60.8m | Reduced -1.9k |
| BNP PARIBAS FINANCIAL MARKETS 0.05% of their portfolio | 295.8k $58.5m | Added +8.0k |
| Russell Investments Group, Ltd. 0.07% of their portfolio | 292.8k $57.9m | Added +142.6k |
| CANADA LIFE ASSURANCE Co 0.08% of their portfolio | 279.5k $55.5m | Added +77.6k |
| ENVESTNET ASSET MANAGEMENT INC 0.02% of their portfolio | 275.8k $54.5m | Added +5.9k |
| National Pension Service 0.04% of their portfolio | 268.5k $53.1m | Added +11.2k |
| VICTORY CAPITAL MANAGEMENT INC 0.03% of their portfolio | 259.2k $51.2m | Reduced -59.8k |
| Munich Reinsurance Co Stock Corp in Munich 1.27% of their portfolio | 256.1k $50.6m | First filing |
| ABSHER WEALTH MANAGEMENT, LLC 5.88% of their portfolio | 249.1k $49.2m | Added +1.5k |
| BERKSHIRE ASSET MANAGEMENT LLC/PA 2.08% of their portfolio | 248.1k $49.0m | Added +1.1k |
| NATIXIS ADVISORS, LLC 0.07% of their portfolio | 233.7k $46.2m | Added +26.1k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 225.7k $44.6m | Reduced -9.9k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.05% of their portfolio | 225.0k $44.5m | Reduced -10.5k |
| Qube Research & Technologies Ltd 0.06% of their portfolio | 202.5k $40.0m | Added +138.6k |
| Advisors Capital Management, LLC 0.49% of their portfolio | 199.4k $39.4m | Added +5.3k |
| LGT CAPITAL PARTNERS LTD. 1.87% of their portfolio | 195.2k $38.6m | Added +29.1k |
| ARIEL INVESTMENTS, LLC 0.40% of their portfolio | 191.4k $37.8m | Added +187.1k |
| NEUBERGER BERMAN GROUP LLC 0.03% of their portfolio | 187.2k $37.0m | Added +169.0k |
| AGF MANAGEMENT LTD 0.15% of their portfolio | 176.1k $34.8m | Reduced -89.5k |
| Lansforsakringar Fondforvaltning AB (publ) 0.18% of their portfolio | 175.9k $34.8m | Reduced -1.0k |
| PRINCIPAL FINANCIAL GROUP INC 0.02% of their portfolio | 175.5k $34.7m | Reduced -7.2k |
| SAPIENT CAPITAL LLC 0.53% of their portfolio | 174.5k $34.6m | Reduced -4.2k |
| Bridgewater Associates, LP 0.12% of their portfolio | 160.7k $31.8m | Added +75.2k |
| Artisan Partners Limited Partnership 0.05% of their portfolio | 160.7k $31.8m | Reduced -8.7k |
| JANE STREET GROUP, LLC 0.04% of their portfolio | 160.4k $31.7m | Reduced -143.8k |
| CITIGROUP INC 0.02% of their portfolio | 159.6k $31.5m | Reduced -10.5k |
| Walleye Capital LLC 0.25% of their portfolio | 154.5k $30.5m | Added +152.4k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.02% of their portfolio | 151.7k $30.1m | Reduced -4.0k |
| DANSKE BANK A/S 0.07% of their portfolio | 149.8k $29.6m | Added +60.5k |
| Polaris Capital Management, LLC 1.93% of their portfolio | 148.4k $29.3m | Reduced -1.2k |
| TOCQUEVILLE ASSET MANAGEMENT L.P. 0.43% of their portfolio | 147.8k $29.2m | Reduced -809 |
| Invenomic Capital Management LP 1.52% of their portfolio | 147.0k $29.0m | Reduced -11.1k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.06% of their portfolio | 144.3k $28.5m | Reduced -2.6k |
| Caisse de depot et placement du Quebec 0.05% of their portfolio | 134.0k $26.5m | Added +83.6k |
| LPL Financial LLC 0.01% of their portfolio | 131.3k $25.9m | Added +7.7k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 130.3k $25.7m | Added +6.1k |
| STRS OHIO 0.09% of their portfolio | 125.7k $24.8m | Reduced -42.1k |
| Ensign Peak Advisors, Inc 0.04% of their portfolio | 120.0k $23.7m | Reduced -27.3k |
| Aberdeen Group plc 0.04% of their portfolio | 118.9k $23.3m | Reduced -4.7k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.04% of their portfolio | 117.5k $23.2m | Reduced -12.7k |
| SEI INVESTMENTS CO 0.02% of their portfolio | 117.3k $23.2m | Added +10.9k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.03% of their portfolio | 114.2k $22.6m | Reduced -5.5k |
| Quantinno Capital Management LP 0.06% of their portfolio | 111.1k $21.9m | Added +43.6k |