M&T Bank Co. (NYSE:MTB) Shares Sold by Beacon Investment Advisory Services Inc.

Beacon Investment Advisory Services Inc. reduced its position in M&T Bank Co. (NYSE:MTB) by 2.9% in the 4th quarter, Holdings Channel.com reports. The fund owned 2,768 shares of the financial services provider’s stock after selling 83 shares during the quarter. Beacon Investment Advisory Services Inc.’s holdings in M&T Bank were worth $520,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of MTB. Plato Investment Management Ltd boosted its stake in M&T Bank by 2,300.0% during the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 161 shares during the period. Ashton Thomas Securities LLC purchased a new stake in shares of M&T Bank in the third quarter valued at about $32,000. Hexagon Capital Partners LLC boosted its stake in shares of M&T Bank by 54.4% during the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after buying an additional 68 shares during the period. Migdal Insurance & Financial Holdings Ltd. boosted its stake in shares of M&T Bank by 329.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock worth $37,000 after buying an additional 158 shares during the period. Finally, Capital Performance Advisors LLP purchased a new position in shares of M&T Bank during the third quarter worth about $44,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at M&T Bank

In related news, EVP Tracy S. Woodrow sold 2,121 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total value of $468,210.75. Following the completion of the transaction, the executive vice president now owns 5,141 shares of the company’s stock, valued at approximately $1,134,875.75. The trade was a 29.21 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total transaction of $537,566.10. Following the completion of the transaction, the insider now owns 16,429 shares in the company, valued at approximately $3,546,856.81. This trade represents a 13.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 64,994 shares of company stock valued at $13,331,878. 0.82% of the stock is owned by corporate insiders.

Analyst Ratings Changes

MTB has been the subject of a number of recent research reports. Royal Bank of Canada increased their price objective 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. Wolfe Research raised M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price target for the company in a report on Friday, October 4th. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Citigroup cut shares of M&T Bank from a “buy” rating to a “neutral” rating and raised their target price for the stock from $220.00 to $230.00 in a research note on Monday, November 25th. Finally, Piper Sandler boosted their price target on shares of M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 27th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, M&T Bank currently has an average rating of “Hold” and a consensus price target of $221.68.

M&T Bank Stock Up 0.7 %

M&T Bank stock opened at $196.96 on Friday. The firm has a market capitalization of $32.68 billion, a price-to-earnings ratio of 13.46, a price-to-earnings-growth ratio of 1.39 and a beta of 0.79. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.93. M&T Bank Co. has a fifty-two week low of $128.31 and a fifty-two week high of $225.70. The stock’s fifty day moving average is $201.43 and its two-hundred day moving average is $184.73.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, beating analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period in the previous year, the business posted $2.74 EPS. Analysts predict that M&T Bank Co. will post 16.56 EPS for the current fiscal year.

M&T Bank declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 22nd that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 2nd were given a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.74%. M&T Bank’s dividend payout ratio is currently 36.91%.

About M&T Bank

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management and investment services. It operates through the following segments: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.