Short Interest in M&T Bank Co. (NYSE:MTB) Decreases By 23.1%

M&T Bank Co. (NYSE:MTB) was the target of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 3,370,000 shares, a drop of 23.1% from the October 15th total of 4,380,000 shares. Based on an average daily volume of 1,080,000 shares, the days-to-cover ratio is currently 3.1 days.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on MTB. Morgan Stanley upped their target price on shares of M&T Bank from $195.00 to $220.00 and gave the stock an “overweight” rating in a research note on Monday, August 5th. Wells Fargo & Company lifted their price target on M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a report on Friday. Wedbush boosted their price objective on M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. Royal Bank of Canada raised their target price on M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Finally, DA Davidson increased their price target on shares of M&T Bank from $192.00 to $207.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $199.65.

M&T Bank Price Performance

MTB stock traded up $1.47 during mid-day trading on Friday, reaching $214.74. 849,133 shares of the company traded hands, compared to its average volume of 1,167,415. The company has a fifty day moving average price of $187.11 and a 200-day moving average price of $167.21. M&T Bank has a 52-week low of $123.37 and a 52-week high of $216.84. The company has a market capitalization of $35.63 billion, a P/E ratio of 15.89, a P/E/G ratio of 3.02 and a beta of 0.74. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 0.99.

M&T Bank (NYSE:MTB) last posted its earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, topping analysts’ consensus estimates 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 business had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.30 billion. As a group, analysts anticipate that M&T Bank will post 14.56 earnings per share for the current year.

M&T Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.51%. The ex-dividend date was Tuesday, September 3rd. M&T Bank’s payout ratio is 39.97%.

Insiders Place Their Bets

In other M&T Bank news, Director Robert E. Sadler, Jr. sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $198.00, for a total value of $396,000.00. Following the completion of the sale, the director now owns 29,796 shares of the company’s stock, valued at approximately $5,899,608. This trade represents a 6.29 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Michael J. Todaro sold 4,786 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $214.10, for a total value of $1,024,682.60. Following the sale, the executive vice president now owns 2,787 shares of the company’s stock, valued at approximately $596,696.70. This represents a 63.20 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 72,854 shares of company stock worth $13,637,588. 0.82% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On M&T Bank

A number of institutional investors have recently added to or reduced their stakes in MTB. Ontario Teachers Pension Plan Board raised its stake in M&T Bank by 43.1% in the first quarter. Ontario Teachers Pension Plan Board now owns 12,423 shares of the financial services provider’s stock valued at $1,807,000 after purchasing an additional 3,739 shares in the last quarter. Capital Performance Advisors LLP bought a new stake in shares of M&T Bank during the 3rd quarter worth $44,000. Principal Financial Group Inc. grew its position in 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 acquiring an additional 2,797 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in M&T Bank by 5.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock valued at $48,267,000 after acquiring an additional 18,566 shares during the last quarter. Finally, Gateway Investment Advisers LLC raised its position in 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 valued at $4,964,000 after purchasing an additional 12,304 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors.

M&T Bank Company 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.