High Falls Advisors Inc Decreases Stock Position in M&T Bank Co. (NYSE:MTB)

High Falls Advisors Inc trimmed its holdings in shares of M&T Bank Co. (NYSE:MTB) by 25.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,474 shares of the financial services provider’s stock after selling 503 shares during the period. High Falls Advisors Inc’s holdings in M&T Bank were worth $223,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Ontario Teachers Pension Plan Board increased its holdings in M&T Bank by 43.1% in the 1st quarter. Ontario Teachers Pension Plan Board now owns 12,423 shares of the financial services provider’s stock worth $1,807,000 after buying an additional 3,739 shares in the last quarter. Leuthold Group LLC bought a new stake in shares of M&T Bank in the first quarter worth approximately $3,125,000. Rafferty Asset Management LLC grew its stake in shares of M&T Bank by 72.1% in the fourth quarter. Rafferty Asset Management LLC now owns 239,934 shares of the financial services provider’s stock worth $32,890,000 after acquiring an additional 100,526 shares during the period. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of M&T Bank by 7.7% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock valued at $72,357,000 after purchasing an additional 35,692 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its position in M&T Bank by 5.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock valued at $48,267,000 after purchasing an additional 18,566 shares during the period. Institutional investors own 84.68% of the company’s stock.

Wall Street Analysts Forecast Growth

MTB has been the subject of a number of research analyst reports. Bank of America lifted their target price on shares of M&T Bank from $160.00 to $188.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Royal Bank of Canada lifted their price objective on M&T Bank from $160.00 to $174.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. Keefe, Bruyette & Woods increased their target price on M&T Bank from $170.00 to $180.00 and gave the company a “market perform” rating in a report on Friday, July 19th. Jefferies Financial Group boosted their price target on M&T Bank from $160.00 to $161.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Finally, DA Davidson increased their price objective on shares of M&T Bank from $159.00 to $185.00 and gave the stock a “neutral” rating in a research note on Friday, July 19th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, M&T Bank currently has an average rating of “Hold” and a consensus target price of $181.33.

M&T Bank Stock Performance

MTB opened at $175.42 on Monday. The firm has a market cap of $29.27 billion, a P/E ratio of 11.86, a PEG ratio of 3.55 and a beta of 0.76. M&T Bank Co. has a 1-year low of $108.53 and a 1-year high of $180.63. The company has a 50 day simple moving average of $168.61 and a two-hundred day simple moving average of $154.72. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.00 and a quick ratio of 1.00.

M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, topping the consensus estimate 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 company had revenue of $3.37 billion during the quarter, compared to the consensus estimate of $2.27 billion. During the same quarter in the prior year, the firm posted $5.12 EPS. Equities analysts forecast that M&T Bank Co. will post 14.23 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Tuesday, September 3rd will be paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 3.08%. The ex-dividend date of this dividend is Tuesday, September 3rd. M&T Bank’s dividend payout ratio (DPR) is presently 36.51%.

Insider Buying and Selling

In other news, Director Denis J. Salamone sold 10,000 shares of M&T Bank stock in a transaction that occurred 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 sale, the director now owns 44,902 shares in the company, valued at $7,724,491.06. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Denis J. Salamone sold 10,000 shares of the firm’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 of the company’s stock, valued at $7,724,491.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Kirk W. Walters sold 7,464 shares of M&T Bank stock in a transaction on Friday, July 26th. The shares were sold at an average price of $173.97, for a total transaction of $1,298,512.08. Following the completion of the sale, the director now owns 15,045 shares in the company, valued at $2,617,378.65. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,699 shares of company stock valued at $5,115,349. Corporate insiders own 0.82% of the company’s stock.

About M&T Bank

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.