Private Trust Co. NA Reduces Position in M&T Bank Co. (NYSE:MTB)

Private Trust Co. NA lowered its stake in M&T Bank Co. (NYSE:MTB) by 30.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 474 shares of the financial services provider’s stock after selling 209 shares during the period. Private Trust Co. NA’s holdings in M&T Bank were worth $84,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Capital Performance Advisors LLP purchased a new position in M&T Bank in the 3rd quarter worth $44,000. Principal Financial Group Inc. raised its stake in shares of M&T Bank by 1.4% in the third quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock worth $35,466,000 after purchasing an additional 2,797 shares during the last quarter. Smead Capital Management Inc. raised its stake in shares of M&T Bank by 3.5% in the third quarter. Smead Capital Management Inc. now owns 493,817 shares of the financial services provider’s stock worth $87,959,000 after purchasing an additional 16,657 shares during the last quarter. Gateway Investment Advisers LLC lifted its holdings in shares of M&T Bank by 60.0% during the second quarter. Gateway Investment Advisers LLC now owns 32,799 shares of the financial services provider’s stock worth $4,964,000 after purchasing an additional 12,304 shares during the period. Finally, National Pension Service boosted its position in M&T Bank by 5.2% in the third quarter. National Pension Service now owns 268,138 shares of the financial services provider’s stock valued at $47,761,000 after buying an additional 13,302 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Denis J. Salamone sold 10,000 shares of the company’s stock in a transaction 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 owns 44,902 shares of the company’s stock, valued at $7,724,491.06. This represents a 18.21 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John P. Barnes sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $193.97, for a total transaction of $3,879,400.00. Following the completion of the transaction, the director now directly owns 49,960 shares in the company, valued at approximately $9,690,741.20. This represents a 28.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 92,504 shares of company stock worth $18,394,012. 0.82% of the stock is owned by corporate insiders.

M&T Bank Price Performance

Shares of NYSE MTB opened at $219.99 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a market cap of $36.50 billion, a PE ratio of 16.28, a PEG ratio of 3.11 and a beta of 0.74. M&T Bank Co. has a one year low of $125.61 and a one year high of $225.70. The firm has a fifty day moving average of $196.45 and a 200 day moving average of $171.86.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.60 by $0.48. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. The firm had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.30 billion. As a group, research analysts predict that M&T Bank Co. will post 14.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.45%. The ex-dividend date is Monday, December 2nd. M&T Bank’s dividend payout ratio is presently 39.97%.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. JPMorgan Chase & Co. upgraded shares of M&T Bank from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $183.00 to $215.00 in a research note on Tuesday, September 3rd. Wedbush upped their price target on shares of M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. Royal Bank of Canada increased their price target on M&T Bank from $190.00 to $208.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Citigroup cut M&T Bank from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $220.00 to $230.00 in a report on Monday, November 25th. Finally, Wolfe Research raised M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 target price on the stock in a report on Friday, October 4th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, M&T Bank currently has an average rating of “Hold” and an average target price of $206.41.

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.