Norway Savings Bank Sells 895 Shares of M&T Bank Co. (NYSE:MTB)

Norway Savings Bank decreased its holdings in shares of M&T Bank Co. (NYSE:MTB) by 12.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,293 shares of the financial services provider’s stock after selling 895 shares during the quarter. Norway Savings Bank’s holdings in M&T Bank were worth $915,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. HHM Wealth Advisors LLC bought a new position in shares of M&T Bank in the 4th quarter valued at about $25,000. General Partner Inc. acquired a new position in shares of M&T Bank during the 1st quarter worth approximately $27,000. Headinvest LLC bought a new stake in shares of M&T Bank during the 3rd quarter worth approximately $29,000. BKM Wealth Management LLC acquired a new stake in shares of M&T Bank in the 4th quarter valued at approximately $32,000. Finally, Creative Financial Designs Inc. ADV bought a new position in shares of M&T Bank in the fourth quarter valued at $33,000. Institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Up 2.5 %

Shares of NYSE MTB opened at $151.36 on Friday. The stock has a 50-day moving average price of $148.32 and a two-hundred day moving average price of $141.93. M&T Bank Co. has a 12 month low of $108.53 and a 12 month high of $156.65. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.46. The company has a market cap of $25.25 billion, a price-to-earnings ratio of 10.23, a PEG ratio of 2.90 and a beta of 0.78.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 EPS for the quarter, missing the consensus estimate of $3.13 by ($0.11). The company had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.26 billion. M&T Bank had a net margin of 19.52% and a return on equity of 10.68%. During the same period in the previous year, the company earned $4.09 EPS. As a group, analysts forecast that M&T Bank Co. will post 13.99 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Monday, June 3rd were issued a dividend of $1.35 per share. This is an increase from M&T Bank’s previous quarterly dividend of $1.30. The ex-dividend date was Monday, June 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.57%. M&T Bank’s dividend payout ratio (DPR) is 36.51%.

Analysts Set New Price Targets

Several analysts have issued reports on MTB shares. Bank of America upped 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. Evercore ISI lifted their price target on M&T Bank from $157.00 to $168.00 and gave the stock an “in-line” rating in a report on Tuesday. Jefferies Financial Group boosted their price target on M&T Bank from $151.00 to $160.00 and gave the stock a “hold” rating in a research report on Tuesday, June 4th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $170.00 price objective on shares of M&T Bank in a research report on Thursday. Finally, StockNews.com lowered M&T Bank from a “hold” rating to a “sell” rating in a report on Friday, May 3rd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $161.51.

Insider Buying and Selling

In other news, EVP Doris P. Meister sold 1,638 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total value of $226,387.98. Following the completion of the transaction, the executive vice president now owns 3,362 shares of the company’s stock, valued at $464,662.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Christopher E. Kay sold 1,821 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $153.78, for a total transaction of $280,033.38. Following the completion of the transaction, the executive vice president now directly owns 8,579 shares of the company’s stock, valued at approximately $1,319,278.62. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Doris P. Meister sold 1,638 shares of the company’s stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $138.21, for a total value of $226,387.98. Following the completion of the sale, the executive vice president now owns 3,362 shares in the company, valued at approximately $464,662.02. The disclosure for this sale can be found here. Insiders have sold 97,553 shares of company stock worth $14,724,147 in the last 90 days. Insiders own 0.82% of the company’s stock.

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.