Hennion & Walsh Asset Management Inc. Sells 2,294 Shares of M&T Bank Co. (NYSE:MTB)

Hennion & Walsh Asset Management Inc. reduced its stake in M&T Bank Co. (NYSE:MTB) by 58.9% in the first quarter, Holdings Channel.com reports. The institutional investor owned 1,601 shares of the financial services provider’s stock after selling 2,294 shares during the period. Hennion & Walsh Asset Management Inc.’s holdings in M&T Bank were worth $233,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. HHM Wealth Advisors LLC bought a new position in M&T Bank in the fourth quarter worth about $25,000. General Partner Inc. purchased a new stake in M&T Bank in the first quarter worth about $27,000. BKM Wealth Management LLC purchased a new stake in M&T Bank in the fourth quarter worth about $32,000. Headinvest LLC purchased a new stake in M&T Bank in the third quarter worth about $29,000. Finally, CVA Family Office LLC purchased a new stake in M&T Bank in the fourth quarter worth about $33,000. 84.68% of the stock is owned by institutional investors.

M&T Bank Stock Down 1.7 %

MTB opened at $149.13 on Friday. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.46. M&T Bank Co. has a 1-year low of $108.53 and a 1-year high of $156.65. The company has a market capitalization of $24.88 billion, a PE ratio of 10.08, a PEG ratio of 2.98 and a beta of 0.77. The firm’s 50 day simple moving average is $148.53 and its two-hundred day simple moving average is $142.17.

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

M&T Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 3rd were given a $1.35 dividend. The ex-dividend date was Monday, June 3rd. This is an increase from M&T Bank’s previous quarterly dividend of $1.30. This represents a $5.40 annualized dividend and a yield of 3.62%. M&T Bank’s dividend payout ratio (DPR) is presently 36.51%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Jefferies Financial Group upped their price objective on shares of M&T Bank from $160.00 to $161.00 and gave the stock a “hold” rating in a report on Wednesday. Bank of America increased their price target on shares of M&T Bank from $157.00 to $160.00 and gave the company a “buy” rating in a report on Tuesday, April 16th. Piper Sandler reiterated an “overweight” rating and set a $164.00 price target on shares of M&T Bank in a report on Friday, June 21st. Evercore ISI increased their price target on shares of M&T Bank from $157.00 to $168.00 and gave the company an “in-line” rating in a report on Tuesday, June 25th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $170.00 price target on shares of M&T Bank in a report on Thursday, June 27th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $161.58.

Insider Activity

In other news, EVP Doris P. Meister sold 1,638 shares of the firm’s stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $138.21, for a total transaction of $226,387.98. Following the sale, the executive vice president now directly owns 3,362 shares in the company, valued at approximately $464,662.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other M&T Bank news, Director John P. Barnes sold 10,000 shares of M&T Bank stock in a transaction on Thursday, April 25th. The shares were sold at an average price of $147.11, for a total value of $1,471,100.00. Following the sale, the director now directly owns 34,545 shares in the company, valued at approximately $5,081,914.95. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Doris P. Meister sold 1,638 shares of M&T Bank stock in a transaction on Wednesday, April 17th. The shares were sold at an average price of $138.21, for a total transaction of $226,387.98. Following the completion of the sale, the executive vice president now owns 3,362 shares in the company, valued at $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 three months. Company 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.