M&T Bank Co. (NYSE:MTB) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA trimmed its stake in M&T Bank Co. (NYSE:MTB) by 3.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,716,011 shares of the financial services provider’s stock after selling 65,805 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in M&T Bank were worth $305,656,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of MTB. Plato Investment Management Ltd lifted its position in shares of M&T Bank by 2,300.0% in the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 161 shares in the last quarter. Ashton Thomas Securities LLC acquired a new stake in M&T Bank during the 3rd quarter valued at $32,000. Hexagon Capital Partners LLC lifted its holdings in shares of M&T Bank by 54.4% in the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 68 shares in the last quarter. Oakworth Capital Inc. acquired a new stake in shares of M&T Bank in the second quarter worth $35,000. Finally, Migdal Insurance & Financial Holdings Ltd. grew its holdings 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 valued at $37,000 after buying an additional 158 shares in the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

M&T Bank Trading Up 2.1 %

NYSE:MTB opened at $221.12 on Friday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44. The company’s 50 day moving average is $191.98 and its 200-day moving average is $169.46. The firm has a market cap of $36.69 billion, a price-to-earnings ratio of 16.37, a P/E/G ratio of 3.01 and a beta of 0.74. M&T Bank Co. has a 12 month low of $123.46 and a 12 month high of $221.52.

M&T Bank (NYSE:MTB) last released 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. The firm had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.30 billion. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. Equities analysts anticipate that M&T Bank Co. will post 14.56 EPS for the current year.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd will be issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date is Monday, December 2nd. M&T Bank’s dividend payout ratio (DPR) is currently 39.97%.

Insiders Place Their Bets

In related news, Director Denis J. Salamone sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the completion of the transaction, the director now directly owns 44,902 shares in the company, valued at $7,724,491.06. This represents a 18.21 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Rene F. Jones sold 23,071 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the completion of the sale, the chief executive officer now owns 77,226 shares in the company, valued at $14,972,576.88. This represents a 23.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 70,383 shares of company stock valued at $13,576,801 in the last three months. Company insiders own 0.82% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. JPMorgan Chase & Co. raised M&T Bank from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $183.00 to $215.00 in a research note on Tuesday, September 3rd. Barclays raised their price target 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. Wells Fargo & Company upped their price objective on shares of M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a research note on Friday, November 15th. Morgan Stanley lifted their target price on shares of M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Finally, The Goldman Sachs Group increased their price objective on M&T Bank from $190.00 to $216.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. One investment 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. According to data from MarketBeat.com, M&T Bank currently has a consensus rating of “Hold” and a consensus target price of $199.65.

M&T Bank 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.