Sterling Investment Counsel LLC Has $1.03 Million Stock Holdings in M&T Bank Co. (NYSE:MTB)

Sterling Investment Counsel LLC reduced its position in shares of M&T Bank Co. (NYSE:MTB) by 22.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,799 shares of the financial services provider’s stock after selling 1,690 shares during the period. Sterling Investment Counsel LLC’s holdings in M&T Bank were worth $1,033,000 at the end of the most recent reporting period.

Other large investors have also recently modified their holdings of the company. Hexagon Capital Partners LLC grew its position in 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 acquiring an additional 68 shares during the last quarter. Fidelis Capital Partners LLC acquired a new stake in M&T Bank during the 1st quarter valued at approximately $30,000. Oakworth Capital Inc. bought a new position in M&T Bank during the 2nd quarter worth approximately $35,000. nVerses Capital LLC acquired a new position in shares of M&T Bank in the 3rd quarter worth approximately $53,000. Finally, Annapolis Financial Services LLC lifted its position in shares of M&T Bank by 150.7% in the 3rd quarter. Annapolis Financial Services LLC now owns 376 shares of the financial services provider’s stock worth $67,000 after purchasing an additional 226 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insiders Place Their Bets

In other news, Vice Chairman Kevin J. Pearson sold 6,095 shares of the stock in a transaction on Friday, August 9th. The stock was sold at an average price of $162.28, for a total value of $989,096.60. Following the sale, the insider now directly owns 47,944 shares of the company’s stock, valued at approximately $7,780,352.32. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other M&T Bank news, Director Denis J. Salamone sold 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the completion of the sale, the director now directly owns 44,902 shares of the company’s stock, valued at approximately $7,724,491.06. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Vice Chairman Kevin J. Pearson sold 6,095 shares of M&T Bank stock in a transaction on Friday, August 9th. The stock was sold at an average price of $162.28, for a total transaction of $989,096.60. Following the transaction, the insider now owns 47,944 shares in the company, valued at $7,780,352.32. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 31,199 shares of company stock worth $4,856,869. 0.82% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Citigroup boosted their target price on shares of M&T Bank from $180.00 to $195.00 and gave the company a “buy” rating in a report on Friday, July 19th. Evercore ISI raised M&T Bank from an “in-line” rating to an “outperform” rating and upped their target price for the stock from $187.00 to $210.00 in a research report on Wednesday, October 2nd. Piper Sandler upped their target price on shares of M&T Bank from $164.00 to $190.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd. The Goldman Sachs Group increased their price target on M&T Bank from $190.00 to $216.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Finally, Wells Fargo & Company upped their target price on shares of M&T Bank from $165.00 to $190.00 and gave the stock an “underweight” rating in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $197.47.

M&T Bank Trading Down 0.4 %

MTB traded down $0.76 during midday trading on Wednesday, reaching $193.31. 127,613 shares of the company’s stock traded hands, compared to its average volume of 1,035,506. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.00 and a quick ratio of 1.00. M&T Bank Co. has a 52 week low of $108.53 and a 52 week high of $200.94. The stock has a market capitalization of $32.25 billion, a price-to-earnings ratio of 13.13, a P/E/G ratio of 3.27 and a beta of 0.75. The firm has a fifty day moving average of $174.28 and a two-hundred day moving average of $159.70.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were paid a $1.35 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $5.40 annualized dividend and a yield of 2.79%. M&T Bank’s payout ratio is 36.51%.

M&T Bank Profile

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.