Commonwealth Equity Services LLC Decreases Position in M&T Bank Co. (NYSE:MTB)

Commonwealth Equity Services LLC reduced its position in shares of M&T Bank Co. (NYSE:MTB) by 10.0% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 74,480 shares of the financial services provider’s stock after selling 8,260 shares during the period. Commonwealth Equity Services LLC’s holdings in M&T Bank were worth $11,273,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Meeder Advisory Services Inc. boosted its stake in shares of M&T Bank by 3.9% in the first quarter. Meeder Advisory Services Inc. now owns 1,879 shares of the financial services provider’s stock worth $273,000 after acquiring an additional 70 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its stake in M&T Bank by 1.5% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 4,711 shares of the financial services provider’s stock worth $713,000 after purchasing an additional 70 shares during the last quarter. Fulton Bank N.A. grew its holdings in shares of M&T Bank by 2.3% during 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 position in shares of 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 valued at $510,000 after buying an additional 87 shares during the last quarter. Finally, Retirement Systems of Alabama raised its position in shares of 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 valued at $5,334,000 after buying an additional 95 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Wall Street Analyst Weigh In

MTB has been the subject of several research reports. Jefferies Financial Group upped their price objective on shares of M&T Bank from $160.00 to $161.00 and gave the company a “hold” rating in a research note on Wednesday, July 3rd. Morgan Stanley increased their price target on M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a report on Monday, August 5th. JPMorgan Chase & Co. raised M&T Bank from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $183.00 to $215.00 in a research note on Tuesday. Keefe, Bruyette & Woods upped 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. Finally, StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a report on Friday, July 19th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $175.85.

Insider Transactions at M&T Bank

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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Vice Chairman Gary N. Geisel sold 500 shares of the company’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $172.50, for a total value of $86,250.00. Following the completion of the sale, the insider now directly owns 16,429 shares of the company’s stock, valued at approximately $2,834,002.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Robert E. Sadler, Jr. sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The stock was sold at an average price of $172.23, for a total value of $172,230.00. Following the transaction, the director now owns 31,796 shares in the company, valued at approximately $5,476,225.08. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 22,699 shares of company stock valued at $3,395,049. Corporate insiders own 0.82% of the company’s stock.

M&T Bank Trading Down 1.4 %

MTB opened at $168.96 on Thursday. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a market capitalization of $28.19 billion, a price-to-earnings ratio of 11.42, a PEG ratio of 3.45 and a beta of 0.77. The business has a fifty day moving average price of $162.54 and a 200 day moving average price of $150.77. M&T Bank Co. has a 12 month low of $108.53 and a 12 month high of $176.44.

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, beating 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 firm had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $2.27 billion. During the same quarter last year, the company earned $5.12 earnings per share. Sell-side analysts expect that M&T Bank Co. will post 14.24 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be issued a $1.35 dividend. The ex-dividend date is Tuesday, September 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.20%. M&T Bank’s payout ratio is currently 36.51%.

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.