Hennessy Advisors Inc. Sells 1,500 Shares of M&T Bank Co. (NYSE:MTB)

Hennessy Advisors Inc. cut its position in M&T Bank Co. (NYSE:MTB) by 18.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,500 shares of the financial services provider’s stock after selling 1,500 shares during the quarter. Hennessy Advisors Inc.’s holdings in M&T Bank were worth $1,222,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in MTB. FMR LLC raised its stake in M&T Bank by 13.9% in the 3rd quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after acquiring an additional 1,508,846 shares during the period. State Street Corp lifted its stake in shares of M&T Bank by 6.4% during the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $1,562,725,000 after buying an additional 527,854 shares in the last quarter. Marshall Wace LLP boosted its holdings in M&T Bank by 232.1% in the 2nd quarter. Marshall Wace LLP now owns 676,745 shares of the financial services provider’s stock worth $102,432,000 after buying an additional 472,997 shares during the period. Zurich Insurance Group Ltd FI purchased a new position in M&T Bank in the 3rd quarter valued at approximately $44,422,000. Finally, Charles Schwab Investment Management Inc. raised its holdings in M&T Bank by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock valued at $897,216,000 after acquiring an additional 190,837 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insider Buying and Selling

In other news, Director John P. Barnes sold 20,000 shares of the company’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $193.97, for a total transaction of $3,879,400.00. Following the completion of the transaction, the director now directly owns 49,960 shares of the company’s stock, valued at approximately $9,690,741.20. This represents a 28.59 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total value of $537,566.10. Following the completion of the sale, the insider now directly owns 16,429 shares in the company, valued at $3,546,856.81. The trade was a 13.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 84,994 shares of company stock worth $17,211,278 in the last ninety days. 0.82% of the stock is owned by insiders.

M&T Bank Stock Up 0.4 %

Shares of MTB opened at $196.88 on Friday. The firm has a market cap of $32.67 billion, a P/E ratio of 14.57, a P/E/G ratio of 2.16 and a beta of 0.79. M&T Bank Co. has a 1 year low of $128.31 and a 1 year high of $225.70. The stock has a 50 day simple moving average of $202.41 and a two-hundred day simple moving average of $183.49. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 0.99.

M&T Bank (NYSE:MTB) last released its earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, beating the consensus estimate of $3.70 by $0.22. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. During the same quarter last year, the company posted $2.74 EPS. On average, analysts forecast that M&T Bank Co. will post 14.58 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 2nd were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.74%. The ex-dividend date of this dividend was Monday, December 2nd. M&T Bank’s dividend payout ratio is presently 39.97%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. Barclays lifted their price target on M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Wells Fargo & Company upped their price target on M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a research report on Friday, November 15th. Piper Sandler raised their price objective on shares of M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research report on Wednesday, November 27th. Citigroup lowered shares of M&T Bank from a “buy” rating to a “neutral” rating and upped their target price for the stock from $220.00 to $230.00 in a report on Monday, November 25th. Finally, Royal Bank of Canada raised their price target on shares of M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a report on Friday, October 18th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $221.68.

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.