Keynote Financial Services LLC Cuts Holdings in M&T Bank Co. (NYSE:MTB)

Keynote Financial Services LLC lowered its position in M&T Bank Co. (NYSE:MTB) by 3.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 10,663 shares of the financial services provider’s stock after selling 376 shares during the period. M&T Bank comprises approximately 1.4% of Keynote Financial Services LLC’s investment portfolio, making the stock its 12th biggest position. Keynote Financial Services LLC’s holdings in M&T Bank were worth $1,899,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the business. Ascent Wealth Partners LLC acquired a new stake in shares of M&T Bank in the third quarter valued at about $213,000. Principal Financial Group Inc. grew its stake in M&T Bank by 1.4% during the 3rd quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock valued at $35,466,000 after acquiring an additional 2,797 shares in the last quarter. Jackson Square Capital LLC acquired a new stake in M&T Bank in the 3rd quarter valued at about $620,000. Graypoint LLC purchased a new position in M&T Bank in the 3rd quarter worth approximately $235,000. Finally, Forte Capital LLC ADV lifted its position in M&T Bank by 10.6% during the third quarter. Forte Capital LLC ADV now owns 2,435 shares of the financial services provider’s stock worth $434,000 after buying an additional 234 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, Director Denis J. Salamone sold 10,000 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total value of $1,720,300.00. Following the completion of the sale, the director now directly owns 44,902 shares of the company’s stock, valued at approximately $7,724,491.06. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Denis J. Salamone sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the transaction, the director now owns 44,902 shares of the company’s stock, valued at $7,724,491.06. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Vice Chairman Kevin J. Pearson sold 7,500 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $195.88, for a total value of $1,469,100.00. Following the sale, the insider now directly owns 40,502 shares of the company’s stock, valued at approximately $7,933,531.76. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 66,848 shares of company stock worth $12,287,757 in the last 90 days. Company insiders own 0.82% of the company’s stock.

M&T Bank Trading Down 4.0 %

MTB opened at $207.95 on Friday. The firm has a market cap of $34.70 billion, a price-to-earnings ratio of 15.39, a price-to-earnings-growth ratio of 2.70 and a beta of 0.74. M&T Bank Co. has a 52 week low of $115.93 and a 52 week high of $216.84. The business’s 50 day moving average is $181.20 and its two-hundred day moving average is $163.98. The company has a quick ratio of 1.00, a current ratio of 0.94 and a debt-to-equity ratio of 0.44.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were given a $1.35 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $5.40 annualized dividend and a yield of 2.60%. M&T Bank’s dividend payout ratio (DPR) is 39.97%.

Analysts Set New Price Targets

MTB has been the subject of several recent analyst reports. Wolfe Research raised M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 target price for the company in a research note on Friday, October 4th. JPMorgan Chase & Co. raised shares of M&T Bank from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $183.00 to $215.00 in a research note on Tuesday, September 3rd. Wedbush increased their price objective on shares of M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. The Goldman Sachs Group lifted their target price on shares of M&T Bank from $190.00 to $216.00 and gave the company a “neutral” rating in a report on Friday, October 18th. Finally, Citigroup upped their price target on M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat, M&T Bank has an average rating of “Hold” and an average target price of $198.76.

M&T Bank Company 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.