M&T Bank Co. (NYSE:MTB) Stake Decreased by Grandfield & Dodd LLC

Grandfield & Dodd LLC lessened its holdings in shares of M&T Bank Co. (NYSE:MTB) by 31.9% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 34,373 shares of the financial services provider’s stock after selling 16,077 shares during the quarter. Grandfield & Dodd LLC’s holdings in M&T Bank were worth $4,999,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. HHM Wealth Advisors LLC bought a new stake in shares of M&T Bank during the fourth quarter valued at approximately $25,000. General Partner Inc. acquired a new position in shares of M&T Bank during the first quarter valued at approximately $27,000. Headinvest LLC acquired a new position in shares of M&T Bank during the third quarter valued at approximately $29,000. Fidelis Capital Partners LLC acquired a new position in shares of M&T Bank during the first quarter valued at approximately $30,000. Finally, BKM Wealth Management LLC acquired a new position in shares of M&T Bank during the fourth quarter valued at approximately $32,000. Institutional investors own 84.68% of the company’s stock.

M&T Bank Trading Up 1.7 %

M&T Bank stock traded up $2.56 during midday trading on Thursday, reaching $154.94. The stock had a trading volume of 901,850 shares, compared to its average volume of 1,032,143. The firm’s fifty day simple moving average is $149.04 and its two-hundred day simple moving average is $142.69. M&T Bank Co. has a twelve month low of $108.53 and a twelve month high of $156.65. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a market cap of $25.85 billion, a price-to-earnings ratio of 10.48, a PEG ratio of 2.91 and a beta of 0.77.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 EPS for the quarter, missing analysts’ consensus estimates of $3.13 by ($0.11). The firm had revenue of $2.26 billion during the quarter, compared to analyst estimates of $2.26 billion. M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. During the same period in the prior year, the business posted $4.09 EPS. Equities analysts anticipate that M&T Bank Co. will post 13.99 EPS for the current fiscal year.

M&T Bank Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 3rd were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, June 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.49%. This is a positive change from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s dividend payout ratio (DPR) is 36.51%.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, EVP Doris P. Meister sold 1,638 shares of M&T Bank stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $138.21, for a total transaction of $226,387.98. Following the completion of the sale, the executive vice president now owns 3,362 shares of the company’s stock, valued at approximately $464,662.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other M&T Bank news, EVP Doris P. Meister sold 1,638 shares of M&T Bank stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $138.21, for a total transaction of $226,387.98. Following the completion of the sale, the executive vice president now owns 3,362 shares of the company’s stock, valued at approximately $464,662.02. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kirk W. Walters sold 16,179 shares of M&T Bank stock in a transaction on Monday, May 6th. The shares were sold at an average price of $148.01, for a total transaction of $2,394,653.79. Following the sale, the director now directly owns 6,348 shares of the company’s stock, valued at approximately $939,567.48. The disclosure for this sale can be found here. Insiders sold 97,553 shares of company stock valued at $14,724,147 in the last quarter. Company insiders own 0.82% of the company’s stock.

Wall Street Analyst Weigh In

MTB has been the topic of a number of research analyst reports. Evercore ISI raised their price objective on shares of M&T Bank from $157.00 to $168.00 and gave the company an “in-line” rating in a research note on Tuesday, June 25th. Wells Fargo & Company lifted their price target on shares of M&T Bank from $145.00 to $150.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 16th. Royal Bank of Canada restated an “outperform” rating and issued a $160.00 price target on shares of M&T Bank in a research report on Tuesday, April 16th. Piper Sandler restated an “overweight” rating and issued a $164.00 price target on shares of M&T Bank in a research report on Friday, June 21st. Finally, Bank of America lifted their price target on shares of M&T Bank from $157.00 to $160.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $161.58.

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.