Gulf International Bank UK Ltd Cuts Stake in M&T Bank Co. (NYSE:MTB)

Gulf International Bank UK Ltd lessened its stake in shares of M&T Bank Co. (NYSE:MTB) by 4.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 13,111 shares of the financial services provider’s stock after selling 571 shares during the period. Gulf International Bank UK Ltd’s holdings in M&T Bank were worth $2,335,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in MTB. Massachusetts Financial Services Co. MA increased its stake in shares of M&T Bank by 4.8% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,781,816 shares of the financial services provider’s stock worth $269,696,000 after purchasing an additional 81,004 shares during the last quarter. Dimensional Fund Advisors LP increased its position in M&T Bank by 6.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,613,174 shares of the financial services provider’s stock worth $244,129,000 after buying an additional 93,113 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of M&T Bank by 3.0% in the second quarter. Bank of New York Mellon Corp now owns 1,513,452 shares of the financial services provider’s stock valued at $229,076,000 after buying an additional 44,442 shares during the period. Barrow Hanley Mewhinney & Strauss LLC lifted its position in shares of M&T Bank by 3.2% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,398,199 shares of the financial services provider’s stock valued at $211,631,000 after buying an additional 43,795 shares during the last quarter. Finally, Los Angeles Capital Management LLC lifted its position in shares of M&T Bank by 77.0% during the 2nd quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock valued at $110,993,000 after buying an additional 319,051 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on MTB. Citigroup boosted their price objective on M&T Bank from $180.00 to $195.00 and gave the company a “buy” rating in a research note on Friday, July 19th. Morgan Stanley upped their price target on shares of M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Barclays lifted their price objective on shares of M&T Bank from $170.00 to $228.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. The Goldman Sachs Group increased their target price on M&T Bank from $190.00 to $216.00 and gave the stock a “neutral” rating in a research report on Friday, October 18th. Finally, Wolfe Research upgraded M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price target for the company in a research report on Friday, October 4th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, M&T Bank has a consensus rating of “Hold” and a consensus price target of $198.76.

M&T Bank Price Performance

MTB stock opened at $216.56 on Thursday. The firm has a 50 day simple moving average of $181.20 and a two-hundred day simple moving average of $163.98. The stock has a market cap of $36.13 billion, a PE ratio of 16.03, a P/E/G ratio of 2.72 and a beta of 0.74. M&T Bank Co. has a one year low of $115.93 and a one year high of $216.84. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.94 and a quick ratio of 1.00.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were given a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 2.49%. M&T Bank’s payout ratio is 39.97%.

Insiders Place Their Bets

In related news, Director Denis J. Salamone sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the transaction, the director now directly owns 44,902 shares of the company’s stock, valued at approximately $7,724,491.06. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, EVP Michael J. Todaro sold 4,791 shares of the stock in a transaction on Friday, August 9th. The shares were sold at an average price of $162.57, for a total transaction of $778,872.87. Following the transaction, the executive vice president now owns 3,086 shares of the company’s stock, valued at approximately $501,691.02. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Denis J. Salamone sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was 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 $7,724,491.06. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 77,734 shares of company stock valued at $14,055,727 over the last 90 days. Insiders own 0.82% of the company’s stock.

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.