Addison Advisors LLC Sells 680 Shares of M&T Bank Co. (NYSE:MTB)

Addison Advisors LLC trimmed its position in shares of M&T Bank Co. (NYSE:MTB) by 29.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,661 shares of the financial services provider’s stock after selling 680 shares during the period. Addison Advisors LLC’s holdings in M&T Bank were worth $251,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Meeder Advisory Services Inc. raised its stake in shares of M&T Bank by 3.9% during the first quarter. Meeder Advisory Services Inc. now owns 1,879 shares of the financial services provider’s stock valued at $273,000 after acquiring an additional 70 shares during the last quarter. Massmutual Trust Co. FSB ADV raised its stake in M&T Bank by 1.5% in the second quarter. Massmutual Trust Co. FSB ADV now owns 4,711 shares of the financial services provider’s stock worth $713,000 after buying an additional 70 shares in the last quarter. Fulton Bank N.A. raised its stake in M&T Bank by 2.3% in the first quarter. Fulton Bank N.A. now owns 3,619 shares of the financial services provider’s stock worth $526,000 after buying an additional 81 shares in the last quarter. Tritonpoint Wealth LLC raised its stake in M&T Bank by 2.3% in the first quarter. Tritonpoint Wealth LLC now owns 3,833 shares of the financial services provider’s stock worth $510,000 after buying an additional 87 shares in the last quarter. Finally, Retirement Systems of Alabama raised its stake in M&T Bank by 0.3% in the first quarter. Retirement Systems of Alabama now owns 36,672 shares of the financial services provider’s stock worth $5,334,000 after buying an additional 95 shares in the last quarter. 84.68% of the stock is owned by institutional investors.

M&T Bank Trading Down 1.4 %

NYSE:MTB opened at $166.51 on Friday. The company’s 50 day moving average price is $163.27 and its 200-day moving average price is $151.09. M&T Bank Co. has a 52 week low of $108.53 and a 52 week high of $176.44. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.44. The stock has a market cap of $27.78 billion, a price-to-earnings ratio of 11.26, a PEG ratio of 3.45 and a beta of 0.77.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 EPS for the quarter, beating analysts’ consensus estimates of $3.50 by $0.23. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. The firm had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $2.27 billion. During the same quarter in the prior year, the company posted $5.12 earnings per share. On average, equities research analysts forecast that M&T Bank Co. will post 14.24 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Tuesday, September 3rd will be issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.24%. The ex-dividend date of this dividend is Tuesday, September 3rd. M&T Bank’s dividend payout ratio is currently 36.51%.

Insider Buying and Selling

In related news, Director Robert E. Sadler, Jr. sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total value of $172,230.00. Following the sale, the director now owns 31,796 shares in the company, valued at $5,476,225.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other M&T Bank news, Director Robert E. Sadler, Jr. sold 1,000 shares of the stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total value of $172,230.00. Following the transaction, the director now directly owns 31,796 shares in the company, valued at $5,476,225.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Vice Chairman Gary N. Geisel sold 500 shares of the stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $172.50, for a total transaction of $86,250.00. Following the completion of the transaction, the insider now owns 16,429 shares in the company, valued at $2,834,002.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,699 shares of company stock worth $5,115,349. 0.82% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Citigroup increased their price target on shares of M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a research note on Friday, July 19th. Bank of America increased their price target on shares of M&T Bank from $160.00 to $188.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Piper Sandler upped their price objective on shares of M&T Bank from $164.00 to $190.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd. Morgan Stanley upped their price objective on shares of M&T Bank from $195.00 to $220.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Finally, StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Friday, July 19th. One analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, M&T Bank currently has an average rating of “Hold” and an average price target of $175.85.

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.