M&T Bank Co. (NYSE:MTB) Shares Sold by Monte Financial Group LLC

Monte Financial Group LLC decreased its position in shares of M&T Bank Co. (NYSE:MTB) by 1.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 30,153 shares of the financial services provider’s stock after selling 404 shares during the quarter. M&T Bank makes up about 2.4% of Monte Financial Group LLC’s portfolio, making the stock its 13th biggest holding. Monte Financial Group LLC’s holdings in M&T Bank were worth $5,669,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hedeker Wealth LLC raised its holdings in M&T Bank by 1.6% in the 3rd quarter. Hedeker Wealth LLC now owns 3,519 shares of the financial services provider’s stock valued at $627,000 after buying an additional 55 shares during the period. Frank Rimerman Advisors LLC increased its position in shares of M&T Bank by 1.0% during the third quarter. Frank Rimerman Advisors LLC now owns 5,644 shares of the financial services provider’s stock valued at $1,005,000 after acquiring an additional 57 shares during the last quarter. Crestwood Advisors Group LLC raised its stake in shares of M&T Bank by 1.9% in the 3rd quarter. Crestwood Advisors Group LLC now owns 3,103 shares of the financial services provider’s stock valued at $553,000 after acquiring an additional 57 shares during the period. Hexagon Capital Partners LLC lifted its holdings in shares of M&T Bank by 54.4% in the 3rd quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 68 shares during the last quarter. Finally, Meitav Investment House Ltd. boosted its position in shares of M&T Bank by 3.1% during the 3rd quarter. Meitav Investment House Ltd. now owns 2,270 shares of the financial services provider’s stock worth $386,000 after purchasing an additional 69 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on MTB. DA Davidson boosted their target price on M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Barclays increased their target price on M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a research note on Monday, January 6th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $223.50 target price (up from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. Compass Point increased their price target on shares of M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Finally, The Goldman Sachs Group lifted their price objective on shares of M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $221.68.

M&T Bank Price Performance

MTB stock opened at $198.81 on Friday. The stock has a market cap of $32.99 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 1.37 and a beta of 0.79. M&T Bank Co. has a fifty-two week low of $128.31 and a fifty-two week high of $225.70. The company has a quick ratio of 0.99, a current ratio of 0.93 and a debt-to-equity ratio of 0.47. The business has a 50 day moving average price of $200.79 and a 200 day moving average price of $185.16.

M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, beating the consensus estimate 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 earnings per share. Equities research analysts anticipate that M&T Bank Co. will post 16.56 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 2.72%. The ex-dividend date was Monday, December 2nd. M&T Bank’s payout ratio is 36.91%.

M&T Bank announced that its board has authorized a share repurchase program on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.

Insider Transactions at M&T Bank

In other news, Vice Chairman Gary N. Geisel sold 2,490 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total transaction of $537,566.10. Following the transaction, the insider now directly 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Tracy S. Woodrow sold 2,121 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total transaction of $468,210.75. Following the completion of the sale, the executive vice president now owns 5,141 shares of the company’s stock, valued at approximately $1,134,875.75. This trade represents a 29.21 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 64,994 shares of company stock worth $13,331,878. Corporate insiders own 0.82% of the company’s stock.

M&T Bank Company Profile

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.