Grimes & Company Inc. Has $428,000 Position in M&T Bank Co. (NYSE:MTB)

Grimes & Company Inc. lowered its position in shares of M&T Bank Co. (NYSE:MTB) by 20.4% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,275 shares of the financial services provider’s stock after selling 583 shares during the quarter. Grimes & Company Inc.’s holdings in M&T Bank were worth $428,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of MTB. Plato Investment Management Ltd grew its holdings in M&T Bank by 2,300.0% during the third quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 161 shares during the period. Ashton Thomas Securities LLC acquired a new position in shares of M&T Bank in the third quarter valued at approximately $32,000. Hexagon Capital Partners LLC boosted its holdings in shares of M&T Bank by 54.4% in the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after buying an additional 68 shares during the period. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in shares of M&T Bank by 329.2% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock valued at $37,000 after buying an additional 158 shares during the period. Finally, Capital Performance Advisors LLP acquired a new position in shares of M&T Bank in the third quarter valued at approximately $44,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Stock Performance

NYSE MTB opened at $198.81 on Friday. The company has a current ratio of 0.93, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The firm’s fifty day moving average price is $200.79 and its two-hundred day moving average price is $185.16. M&T Bank Co. has a 1 year low of $128.31 and a 1 year high of $225.70. The firm has a market capitalization of $32.99 billion, a P/E ratio of 13.59, a price-to-earnings-growth ratio of 1.37 and a beta of 0.79.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same quarter last year, the company earned $2.74 EPS. As a group, research analysts anticipate that M&T Bank Co. will post 16.56 EPS for the current year.

M&T Bank declared that its board has approved a stock buyback plan on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd were given a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.72%. The ex-dividend date was Monday, December 2nd. M&T Bank’s payout ratio is presently 36.91%.

Insider Activity

In other news, CEO Rene F. Jones sold 23,071 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $193.88, for a total value of $4,473,005.48. Following the transaction, the chief executive officer now directly owns 77,226 shares of the company’s stock, valued at $14,972,576.88. This represents a 23.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP John R. Taylor sold 1,436 shares of the stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $195.03, for a total transaction of $280,063.08. Following the completion of the transaction, the executive vice president now directly owns 5,618 shares in the company, valued at $1,095,678.54. The trade was a 20.36 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 64,994 shares of company stock valued at $13,331,878 over the last ninety days. 0.82% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on MTB. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $223.50 price target (up previously from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. Keefe, Bruyette & Woods upped their price target on shares of M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. The Goldman Sachs Group upped their price target on shares of M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Wolfe Research upgraded 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. Finally, StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $221.68.

M&T Bank Profile

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management and investment services. It operates through the following segments: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.