Quest Partners LLC Sells 289 Shares of M&T Bank Co. (NYSE:MTB)

Quest Partners LLC reduced its holdings in M&T Bank Co. (NYSE:MTB) by 8.8% during the third quarter, Holdings Channel.com reports. The fund owned 2,986 shares of the financial services provider’s stock after selling 289 shares during the quarter. Quest Partners LLC’s holdings in M&T Bank were worth $532,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Plato Investment Management Ltd raised its stake in M&T Bank by 2,300.0% in the third quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 161 shares in the last quarter. Ashton Thomas Securities LLC purchased a new stake in shares of M&T Bank during the 3rd quarter valued at $32,000. Hexagon Capital Partners LLC lifted its holdings in shares of M&T Bank by 54.4% during the 3rd quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 68 shares during the last quarter. Oakworth Capital Inc. purchased a new position in M&T Bank in the second quarter worth $35,000. Finally, Migdal Insurance & Financial Holdings Ltd. increased its stake in M&T Bank by 329.2% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 158 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on MTB shares. The Goldman Sachs Group lifted their price target on M&T Bank from $190.00 to $216.00 and gave the stock a “neutral” rating in a research note on Friday, October 18th. Wedbush increased their price target on shares of M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a research report on Tuesday, September 24th. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Royal Bank of Canada upped their price objective on shares of M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Finally, Barclays lifted their target price on shares of M&T Bank from $170.00 to $228.00 and gave the stock an “equal weight” rating in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $199.65.

M&T Bank Price Performance

Shares of MTB stock opened at $221.12 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a market cap of $36.69 billion, a P/E ratio of 16.37, a P/E/G ratio of 3.05 and a beta of 0.74. The business’s 50 day moving average price is $191.98 and its 200-day moving average price is $169.61. M&T Bank Co. has a fifty-two week low of $123.46 and a fifty-two week high of $221.52.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.60 by $0.48. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. The business had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.30 billion. On average, equities research analysts anticipate that M&T Bank Co. will post 14.56 earnings per share for the current year.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 2nd will be paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 2.44%. The ex-dividend date of this dividend is Monday, December 2nd. M&T Bank’s payout ratio is currently 39.97%.

Insiders Place Their Bets

In other news, EVP John R. Taylor sold 1,436 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $195.03, for a total value of $280,063.08. Following the completion of the transaction, the executive vice president now owns 5,618 shares in the company, valued at $1,095,678.54. This trade represents a 20.36 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Denis J. Salamone sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total value of $1,720,300.00. Following the completion of the sale, the director now directly owns 44,902 shares in the company, valued at approximately $7,724,491.06. The trade was a 18.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 70,383 shares of company stock worth $13,576,801 over the last three months. Company 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.