General American Investors Co. Inc. Trims Stock Holdings in M&T Bank Co. (NYSE:MTB)

General American Investors Co. Inc. lowered its position in shares of M&T Bank Co. (NYSE:MTB) by 19.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 101,100 shares of the financial services provider’s stock after selling 23,900 shares during the quarter. M&T Bank comprises approximately 1.1% of General American Investors Co. Inc.’s portfolio, making the stock its 29th biggest position. General American Investors Co. Inc. owned 0.06% of M&T Bank worth $15,302,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of M&T Bank in the 4th quarter worth approximately $232,322,000. Bank of Nova Scotia grew its stake in shares of M&T Bank by 1,155.9% in the fourth quarter. Bank of Nova Scotia now owns 205,392 shares of the financial services provider’s stock worth $28,154,000 after acquiring an additional 189,038 shares during the last quarter. Los Angeles Capital Management LLC grew its stake in shares of M&T Bank by 63.9% in the first quarter. Los Angeles Capital Management LLC now owns 414,253 shares of the financial services provider’s stock worth $60,249,000 after acquiring an additional 161,520 shares during the last quarter. BNP Paribas Financial Markets raised its position in shares of M&T Bank by 127.6% in the 4th quarter. BNP Paribas Financial Markets now owns 277,330 shares of the financial services provider’s stock worth $38,016,000 after purchasing an additional 155,487 shares during the last quarter. Finally, BNP Paribas Asset Management Holding S.A. boosted its stake in M&T Bank by 643.3% in the 4th quarter. BNP Paribas Asset Management Holding S.A. now owns 165,883 shares of the financial services provider’s stock worth $22,739,000 after purchasing an additional 143,565 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Down 1.4 %

Shares of MTB stock opened at $166.51 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. M&T Bank Co. has a 12 month low of $108.53 and a 12 month high of $176.44. The stock has a market cap of $27.78 billion, a P/E ratio of 11.26, a P/E/G ratio of 3.45 and a beta of 0.77. The company has a 50 day simple moving average of $163.27 and a two-hundred day simple moving average of $151.09.

M&T Bank (NYSE:MTB) last announced its earnings results on Thursday, July 18th. The financial services provider reported $3.73 EPS for the quarter, topping analysts’ consensus estimates of $3.50 by $0.23. The company had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $2.27 billion. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. During the same period last year, the firm earned $5.12 EPS. On average, research analysts expect that M&T Bank Co. will post 14.24 earnings per share for the current year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be given a dividend of $1.35 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.24%. M&T Bank’s payout ratio is currently 36.51%.

Insider Activity at M&T Bank

In other M&T Bank news, Director Robert E. Sadler, Jr. sold 1,000 shares of M&T Bank stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total transaction of $172,230.00. Following the transaction, the director now owns 31,796 shares of the company’s stock, valued at $5,476,225.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Michael J. Todaro sold 4,791 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $162.57, for a total transaction of $778,872.87. Following the completion of the sale, the executive vice president now owns 3,086 shares in the company, valued at $501,691.02. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Robert E. Sadler, Jr. sold 1,000 shares of M&T Bank stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total value of $172,230.00. Following the sale, the director now directly owns 31,796 shares in the company, valued at approximately $5,476,225.08. The disclosure for this sale can be found here. In the last ninety days, insiders sold 32,699 shares of company stock worth $5,115,349. 0.82% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have weighed in on MTB. DA Davidson raised their price objective on shares of M&T Bank from $159.00 to $185.00 and gave the company a “neutral” rating in a research note on Friday, July 19th. Citigroup boosted their price objective on shares of M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a report on Friday, July 19th. Wells Fargo & Company downgraded M&T Bank from an “equal weight” rating to an “underweight” rating and cut their target price for the company from $170.00 to $165.00 in a research note on Thursday, August 15th. Bank of America boosted their price target on M&T Bank from $160.00 to $188.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Finally, StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a research report on Friday, July 19th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, M&T Bank presently has a consensus rating of “Hold” and a consensus target price of $175.85.

About M&T Bank

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.