Whittier Trust Co. Decreases Stake in M&T Bank Co. (NYSE:MTB)

Whittier Trust Co. lessened its holdings in shares of M&T Bank Co. (NYSE:MTB) by 2.9% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,029 shares of the financial services provider’s stock after selling 92 shares during the quarter. Whittier Trust Co.’s holdings in M&T Bank were worth $458,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of MTB. Meeder Advisory Services Inc. boosted its position 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 buying an additional 70 shares during the period. Massmutual Trust Co. FSB ADV grew its position 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 valued at $713,000 after acquiring an additional 70 shares in the last quarter. First Horizon Advisors Inc. raised its stake in shares of M&T Bank by 3.2% during the fourth quarter. First Horizon Advisors Inc. now owns 2,548 shares of the financial services provider’s stock valued at $349,000 after purchasing an additional 80 shares during the period. Fulton Bank N.A. lifted its position 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 purchasing an additional 81 shares in the last quarter. Finally, Tritonpoint Wealth LLC boosted its stake 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 purchasing an additional 87 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Trading Up 0.2 %

Shares of M&T Bank stock traded up $0.34 during trading on Thursday, hitting $170.77. The stock had a trading volume of 183,286 shares, compared to its average volume of 1,014,118. The stock has a 50 day simple moving average of $159.78 and a 200 day simple moving average of $149.42. M&T Bank Co. has a 1 year low of $108.53 and a 1 year high of $176.44. The company has a quick ratio of 1.00, a current ratio of 0.94 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $28.49 billion, a PE ratio of 11.52, a P/E/G ratio of 3.34 and a beta of 0.77.

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

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 3.16%. The ex-dividend date of this dividend is Tuesday, September 3rd. M&T Bank’s dividend payout ratio is currently 36.51%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the stock. Wells Fargo & Company downgraded shares of M&T Bank from an “equal weight” rating to an “underweight” rating and decreased their price target for the stock from $170.00 to $165.00 in a research report on Thursday, August 15th. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Friday, July 19th. Royal Bank of Canada raised their price target on shares of M&T Bank from $160.00 to $174.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. Morgan Stanley boosted their price objective on shares of M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. Finally, Jefferies Financial Group raised their target price on shares of M&T Bank from $160.00 to $161.00 and gave the stock a “hold” rating in a report on Wednesday, July 3rd. One analyst has rated the stock with a sell rating, nine have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $173.85.

Insider Buying and Selling

In other M&T Bank news, Vice Chairman Gary N. Geisel sold 500 shares of the firm’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $172.50, for a total transaction of $86,250.00. Following the transaction, the insider now directly owns 16,429 shares in the company, valued at $2,834,002.50. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, Director Kirk W. Walters sold 7,464 shares of the stock in a transaction that occurred on Friday, July 26th. The stock was sold at an average price of $173.97, for a total value of $1,298,512.08. Following the completion of the sale, the director now directly owns 15,045 shares of the company’s stock, valued at $2,617,378.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Vice Chairman Gary N. Geisel sold 500 shares of the business’s stock in a transaction 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 transaction, the insider now directly owns 16,429 shares in the company, valued at approximately $2,834,002.50. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 22,699 shares of company stock worth $3,395,049. 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.