Folger Nolan Fleming Douglas Capital Management Inc. Sells 1,350 Shares of M&T Bank Co. (NYSE:MTB)

Folger Nolan Fleming Douglas Capital Management Inc. lessened its stake in M&T Bank Co. (NYSE:MTB) by 10.0% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 12,200 shares of the financial services provider’s stock after selling 1,350 shares during the period. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in M&T Bank were worth $2,173,000 as of its most recent SEC filing.

A number of other large investors have also recently modified their holdings of the company. Cornerstone Wealth Group LLC lifted its holdings in M&T Bank by 1.0% during the third quarter. Cornerstone Wealth Group LLC now owns 28,045 shares of the financial services provider’s stock valued at $4,995,000 after purchasing an additional 266 shares in the last quarter. First Trust Direct Indexing L.P. grew its stake in M&T Bank by 28.5% during the 3rd quarter. First Trust Direct Indexing L.P. now owns 5,205 shares of the financial services provider’s stock worth $927,000 after purchasing an additional 1,153 shares in the last quarter. Adams Diversified Equity Fund Inc. acquired a new stake in M&T Bank in the third quarter valued at approximately $14,143,000. Hedeker Wealth LLC lifted its position in shares of M&T Bank by 1.6% during the 3rd quarter. Hedeker Wealth LLC now owns 3,519 shares of the financial services provider’s stock worth $627,000 after buying an additional 55 shares during the last quarter. Finally, Leuthold Group LLC boosted its stake in M&T Bank by 34.6% in the third quarter. Leuthold Group LLC now owns 28,660 shares of the financial services provider’s stock valued at $5,105,000 after acquiring an additional 7,370 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insider Buying and Selling

In related news, Vice Chairman Kevin J. Pearson sold 6,095 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $162.28, for a total value of $989,096.60. Following the completion of the sale, the insider now owns 47,944 shares in the company, valued at approximately $7,780,352.32. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Vice Chairman Kevin J. Pearson sold 6,095 shares of the stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $162.28, for a total value of $989,096.60. Following the transaction, the insider now owns 47,944 shares in the company, valued at approximately $7,780,352.32. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Michael J. Todaro sold 4,791 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $162.57, for a total value of $778,872.87. Following the completion of the sale, the executive vice president now directly owns 3,086 shares of the company’s stock, valued at $501,691.02. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 68,234 shares of company stock worth $12,190,627. Corporate insiders own 0.82% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on MTB shares. JPMorgan Chase & Co. raised M&T Bank from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $183.00 to $215.00 in a report on Tuesday, September 3rd. Royal Bank of Canada increased their price objective on M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Citigroup raised their target price on shares of M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Barclays increased their price objective on shares of M&T Bank from $170.00 to $228.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Finally, Piper Sandler boosted their target price on M&T Bank from $164.00 to $190.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $198.76.

M&T Bank Price Performance

Shares of NYSE:MTB opened at $197.49 on Thursday. The firm has a market capitalization of $32.95 billion, a P/E ratio of 13.35, a PEG ratio of 2.75 and a beta of 0.75. The company has a current ratio of 0.94, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. The firm’s 50 day moving average is $178.22 and its two-hundred day moving average is $161.98. M&T Bank Co. has a 52 week low of $111.08 and a 52 week high of $200.94.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 2.73%. The ex-dividend date was Tuesday, September 3rd. M&T Bank’s dividend payout ratio (DPR) is presently 36.51%.

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.