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 ($95.0m this quarter). Holder counts are more reliable. Shares outstanding: 149.0m as of 2026-02-13, 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 ≈ $201.36. Options: 19 managers hold calls ($112.7m notional), 18 hold puts ($114.0m).
Trends to Q4 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 |
| Q4 2025 | 1,107 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q4 2025 | 452 | 473 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $97.6m | $44.4m | 0.45 |
| Q2 2025 | $120.6m | $48.4m | 0.40 |
| Q3 2025 | $124.2m | $82.7m | 0.67 |
| Q4 2025 | $112.7m | $114.0m | 1.01 |
Biggest buyers
| FMR LLC | Added | +1.1m |
| BlackRock, Inc. | Added | +482.6k |
| Invesco Ltd. | Added | +409.9k |
| VANGUARD GROUP INC | Added | +293.4k |
| HSBC HOLDINGS PLC | Added | +263.7k |
| DEUTSCHE BANK AG\ | Added | +243.4k |
| Canoe Financial LP | Added | +219.1k |
| MILLER HOWARD INVESTMENTS INC /NY | New | +212.5k |
| GOLDMAN SACHS GROUP INC | Added | +199.8k |
| NEUBERGER BERMAN GROUP LLC | Added | +182.9k |
Biggest sellers
| JPMORGAN CHASE & CO | Reduced | -6.5m |
| MORGAN STANLEY | Reduced | -2.2m |
| Clearbridge Investments, LLC | Sold out | -387.0k |
| MILLENNIUM MANAGEMENT LLC | Reduced | -215.5k |
| CANADA LIFE ASSURANCE Co | Reduced | -177.1k |
| Walleye Capital LLC | Reduced | -154.3k |
| JANE STREET GROUP, LLC | Reduced | -151.1k |
| STATE STREET CORP | Reduced | -150.3k |
| LOS ANGELES CAPITAL MANAGEMENT LLC | Reduced | -115.8k |
| ROYAL BANK OF CANADA | Reduced | -96.8k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $34.7m172.1k shares |
| JANE STREET GROUP, LLC | Added | $16.1m79.9k shares |
| Twin Tree Management, LP | Reduced | $13.1m65.2k shares |
| CITADEL ADVISORS LLC | Added | $9.0m44.5k shares |
| CITIGROUP INC | Reduced | $8.1m40.0k shares |
| Jefferies Financial Group Inc. | Reduced | $8.0m39.5k shares |
| Walleye Trading LLC | Added | $6.1m30.4k shares |
| IMC-Chicago, LLC | Added | $3.6m17.8k shares |
| GROUP ONE TRADING LLC | Added | $2.5m12.3k shares |
| Walleye Capital LLC | Added | $2.1m10.4k shares |
Biggest puts
| PEAK6 LLC | Added | $41.1m204.2k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $18.9m94.0k shares |
| CITIGROUP INC | Reduced | $13.0m64.7k shares |
| Jefferies Financial Group Inc. | Added | $11.2m55.7k shares |
| JANE STREET GROUP, LLC | Reduced | $10.8m53.8k shares |
| CITADEL ADVISORS LLC | Added | $4.6m22.9k shares |
| Walleye Trading LLC | Added | $3.5m17.2k shares |
| BNP PARIBAS FINANCIAL MARKETS | Unchanged | $2.6m131 shares |
| Squarepoint Ops LLC | Added | $1.6m8.1k shares |
| MILLENNIUM MANAGEMENT LLC | Reduced | $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 Q4 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 |
|---|---|---|---|---|---|
| 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 | — |
| Q4 2025 | 0 | — | 2 | $2.1m | — |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2025-11-26 | Kay Christopher E. Sr. Executive Vice President | Sold | $1.0m5.2k shares |
| 2025-11-25 | SADLER ROBERT E JR Director · By Wife | Sold | $1.1m6.0k 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, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.06% of their portfolio | 19.3m $3.9bn | Added +293.4k |
| FMR LLC 0.14% of their portfolio | 13.3m $2.7bn | Added +1.1m |
| BlackRock, Inc. 0.04% of their portfolio | 12.9m $2.6bn | Added +482.6k |
| WELLINGTON MANAGEMENT GROUP LLP 0.36% of their portfolio | 10.2m $2.0bn | Reduced -75.7k |
| STATE STREET CORP 0.05% of their portfolio | 7.3m $1.5bn | Reduced -150.3k |
| JPMORGAN CHASE & CO 0.07% of their portfolio | 4.8m $973.6m | Reduced -6.5m |
| GEODE CAPITAL MANAGEMENT, LLC 0.05% of their portfolio | 4.3m $858.0m | Reduced -41.5k |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.65% of their portfolio | 4.1m $830.6m | Unchanged |
| Invesco Ltd. 0.08% of their portfolio | 4.1m $824.1m | Added +409.9k |
| MORGAN STANLEY 0.05% of their portfolio | 4.0m $805.0m | Reduced -2.2m |
| NORGES BANK 0.04% of their portfolio | 2.0m $402.7m | Not comparable |
| DIMENSIONAL FUND ADVISORS LP 0.07% of their portfolio | 1.6m $312.6m | Reduced -15.8k |
| NORTHERN TRUST CORP 0.04% of their portfolio | 1.5m $309.6m | Reduced -74.7k |
| M&T Bank Corp 0.96% of their portfolio | 1.5m $300.3m | Added +3.7k |
| BANK OF AMERICA CORP /DE/ 0.02% of their portfolio | 1.4m $286.9m | Added +68.2k |
| Bank of New York Mellon Corp 0.05% of their portfolio | 1.4m $285.3m | Added +49.3k |
| Nuveen, LLC 0.07% of their portfolio | 1.4m $282.1m | Reduced -27.8k |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.08% of their portfolio | 1.2m $245.4m | Added +35.8k |
| GOLDMAN SACHS GROUP INC 0.03% of their portfolio | 1.1m $228.9m | Added +199.8k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.05% of their portfolio | 1.1m $220.2m | Reduced -15.7k |
| Legal & General Group Plc 0.05% of their portfolio | 1.1m $216.1m | Added +18.4k |
| UBS Group AG 0.04% of their portfolio | 1.1m $214.9m | Added +31.9k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.03% of their portfolio | 995.1k $200.5m | Added +3.5k |
| LONDON CO OF VIRGINIA 1.13% of their portfolio | 975.5k $196.5m | Reduced -65.3k |
| JENNISON ASSOCIATES LLC 0.10% of their portfolio | 829.8k $167.2m | Reduced -10.9k |
| FIRST TRUST ADVISORS LP 0.12% of their portfolio | 821.4k $165.5m | Added +156.6k |
| MENORA MIVTACHIM HOLDINGS LTD. 0.73% of their portfolio | 773.1k $155.8m | Unchanged |
| HSBC HOLDINGS PLC 0.04% of their portfolio | 729.7k $147.3m | Added +263.7k |
| DEUTSCHE BANK AG\ 0.04% of their portfolio | 675.7k $136.1m | Added +243.4k |
| Canoe Financial LP 1.79% of their portfolio | 652.7k $131.5m | Added +219.1k |
| Thrivent Financial for Lutherans 0.22% of their portfolio | 624.5k $125.8m | Reduced -43.0k |
| Brandywine Global Investment Management, LLC 0.79% of their portfolio | 584.4k $117.7m | Added +113.1k |
| WELLS FARGO & COMPANY/MN 0.02% of their portfolio | 540.7k $108.9m | Reduced -7.3k |
| BARCLAYS PLC 0.04% of their portfolio | 530.3k $106.8m | Added +10.1k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.09% of their portfolio | 515.0k $103.8m | Reduced -54.5k |
| ALLIANCEBERNSTEIN L.P. 0.03% of their portfolio | 473.7k $95.5m | Added +6.0k |
| Sumitomo Mitsui Trust Group, Inc. 0.05% of their portfolio | 442.3k $89.1m | Reduced -20.9k |
| Boston Partners 0.09% of their portfolio | 438.5k $88.4m | Added +18.1k |
| Davis Asset Management, L.P. 2.89% of their portfolio | 400.0k $80.6m | Added +75.0k |
| AMERIPRISE FINANCIAL INC 0.02% of their portfolio | 397.4k $80.1m | Added +44.7k |
| Russell Investments Group, Ltd. 0.09% of their portfolio | 396.5k $80.0m | Added +103.7k |
| LSV ASSET MANAGEMENT 0.17% of their portfolio | 391.9k $79.0m | Added +49.5k |
| BNP PARIBAS FINANCIAL MARKETS 0.05% of their portfolio | 378.4k $76.2m | Added +82.6k |
| NEUBERGER BERMAN GROUP LLC 0.06% of their portfolio | 370.2k $74.6m | Added +182.9k |
| STIFEL FINANCIAL CORP 0.07% of their portfolio | 367.2k $74.0m | Reduced -13.5k |
| FEDERATED HERMES, INC. 0.12% of their portfolio | 366.3k $73.8m | Added +42.3k |
| RNC CAPITAL MANAGEMENT LLC 3.35% of their portfolio | 365.1k $73.6m | Added +3.6k |
| HUNTINGTON NATIONAL BANK 0.44% of their portfolio | 364.9k $73.5m | Added +3.2k |
| Korea Investment CORP 0.14% of their portfolio | 356.5k $71.8m | Added +48.8k |
| ANCHOR CAPITAL ADVISORS LLC 2.07% of their portfolio | 354.2k $71.4m | Reduced -2.1k |
| Munich Reinsurance Co Stock Corp in Munich 1.74% of their portfolio | 351.1k $71.5m | Added +95.0k |
| LOS ANGELES CAPITAL MANAGEMENT LLC 0.21% of their portfolio | 341.1k $62.3m | Reduced -115.8k |
| AGF MANAGEMENT LTD 0.30% of their portfolio | 338.9k $68.3m | Added +162.7k |
| Smead Capital Management, Inc. 1.41% of their portfolio | 337.6k $68.0m | Reduced -23.4k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.05% of their portfolio | 328.1k $66.9m | Added +20.4k |
| COOKE & BIELER LP 0.68% of their portfolio | 324.6k $65.4m | Added +1.1k |
| Amundi 0.02% of their portfolio | 321.7k $64.8m | Reduced -51.4k |
| California Public Employees Retirement System 0.04% of their portfolio | 317.5k $64.0m | Added +6.2k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 306.0k $61.6m | Reduced -96.8k |
| BANK OF MONTREAL /CAN/ 0.03% of their portfolio | 304.6k $61.4m | Reduced -10.0k |
| RHUMBLINE ADVISERS 0.05% of their portfolio | 292.7k $59.0m | Reduced -16.1k |
| National Pension Service 0.04% of their portfolio | 277.3k $55.9m | Added +8.8k |
| ENVESTNET ASSET MANAGEMENT INC 0.02% of their portfolio | 269.4k $54.3m | Reduced -6.5k |
| AQR CAPITAL MANAGEMENT LLC 0.03% of their portfolio | 265.3k $53.4m | Reduced -49.4k |
| NATIXIS ADVISORS, LLC 0.07% of their portfolio | 261.4k $52.7m | Added +27.7k |
| VICTORY CAPITAL MANAGEMENT INC 0.03% of their portfolio | 256.3k $51.6m | Reduced -2.9k |
| ABSHER WEALTH MANAGEMENT, LLC 5.97% of their portfolio | 250.0k $50.4m | Added +868 |
| BERKSHIRE ASSET MANAGEMENT LLC/PA 2.13% of their portfolio | 240.9k $48.5m | Reduced -7.1k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 228.4k $46.0m | Added +2.7k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.04% of their portfolio | 218.5k $44.0m | Reduced -6.4k |
| MILLER HOWARD INVESTMENTS INC /NY 1.29% of their portfolio | 212.5k $42.8m | New |
| Qube Research & Technologies Ltd 0.06% of their portfolio | 208.5k $42.0m | Added +6.0k |
| LGT CAPITAL PARTNERS LTD. 2.08% of their portfolio | 207.8k $41.9m | Added +12.6k |
| Lansforsakringar Fondforvaltning AB (publ) 0.21% of their portfolio | 207.1k $41.7m | Added +31.2k |
| Advisors Capital Management, LLC 0.49% of their portfolio | 206.9k $41.7m | Added +7.5k |
| PRINCIPAL FINANCIAL GROUP INC 0.02% of their portfolio | 182.2k $36.7m | Added +6.7k |
| ARIEL INVESTMENTS, LLC 0.39% of their portfolio | 180.4k $36.3m | Reduced -11.0k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.02% of their portfolio | 179.7k $36.2m | Added +110.2k |
| Invenomic Capital Management LP 1.70% of their portfolio | 174.5k $35.2m | Added +27.5k |
| Caisse de depot et placement du Quebec 0.06% of their portfolio | 170.5k $34.3m | Added +36.5k |
| SAPIENT CAPITAL LLC 0.49% of their portfolio | 169.9k $34.6m | Reduced -4.6k |
| CITIGROUP INC 0.02% of their portfolio | 159.9k $32.2m | Added +288 |
| Bridgewater Associates, LP 0.11% of their portfolio | 154.8k $31.2m | Reduced -5.9k |
| TOCQUEVILLE ASSET MANAGEMENT L.P. 0.44% of their portfolio | 149.1k $30.0m | Added +1.3k |
| DANSKE BANK A/S 0.07% of their portfolio | 148.1k $29.8m | Reduced -1.8k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.06% of their portfolio | 144.2k $29.0m | Reduced -103 |
| Quantinno Capital Management LP 0.06% of their portfolio | 137.0k $27.6m | Added +26.0k |
| Artisan Partners Limited Partnership 0.04% of their portfolio | 135.5k $27.3m | Reduced -25.2k |
| LPL Financial LLC 0.01% of their portfolio | 130.0k $26.2m | Reduced -1.3k |
| Polaris Capital Management, LLC 2.11% of their portfolio | 126.0k $25.4m | Reduced -22.4k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 124.4k $25.1m | Reduced -5.9k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.04% of their portfolio | 121.9k $24.6m | Added +4.4k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.02% of their portfolio | 120.0k $24.4m | Reduced -31.8k |
| Aberdeen Group plc 0.04% of their portfolio | 117.1k $23.6m | Reduced -1.8k |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.13% of their portfolio | 116.0k $23.4m | Added +32.1k |
| PANAGORA ASSET MANAGEMENT INC 0.08% of their portfolio | 113.3k $22.8m | Added +50.7k |
| Corient Private Wealth LP 0.01% of their portfolio | 110.5k $11.7m | Added +86.5k |
| STRS OHIO 0.08% of their portfolio | 106.3k $21.4m | Reduced -19.5k |
| AVIVA PLC 0.04% of their portfolio | 103.7k $20.9m | Added +5.4k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.03% of their portfolio | 103.2k $20.8m | Reduced -5.4k |