Cornerstone Advisors Asset Management LLC Has $201,000 Stock Holdings in M&T Bank Co. (NYSE:MTB)

Cornerstone Advisors Asset Management LLC trimmed its stake in shares of M&T Bank Co. (NYSE:MTB) by 48.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 1,069 shares of the financial services provider’s stock after selling 1,000 shares during the quarter. Cornerstone Advisors Asset Management LLC’s holdings in M&T Bank were worth $201,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of MTB. Sanctuary Advisors LLC lifted its stake in M&T Bank by 0.3% during the fourth quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider’s stock worth $3,195,000 after purchasing an additional 52 shares during the last quarter. Hedeker Wealth LLC increased its position in M&T Bank by 1.6% during the 3rd quarter. Hedeker Wealth LLC now owns 3,519 shares of the financial services provider’s stock valued at $627,000 after purchasing an additional 55 shares during the period. Catalina Capital Group LLC lifted its position in shares of M&T Bank by 2.0% in the 4th quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider’s stock worth $531,000 after purchasing an additional 56 shares during the period. Frank Rimerman Advisors LLC increased its position in shares of M&T Bank by 1.0% during the third quarter. Frank Rimerman Advisors LLC now owns 5,644 shares of the financial services provider’s stock worth $1,005,000 after buying an additional 57 shares during the period. Finally, Crestwood Advisors Group LLC raised its stake in M&T Bank by 1.9% during the third quarter. Crestwood Advisors Group LLC now owns 3,103 shares of the financial services provider’s stock worth $553,000 after buying an additional 57 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $223.50 price target (up previously from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. The Goldman Sachs Group increased their target price on M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Keefe, Bruyette & Woods lifted their price target on shares of M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Evercore ISI upped their price objective on shares of M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a report on Wednesday, October 30th. Finally, Wells Fargo & Company lifted their price objective on shares of M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a report on Friday, November 15th. One investment 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’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $221.68.

M&T Bank Trading Up 0.9 %

Shares of M&T Bank stock opened at $200.51 on Wednesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.93. The stock has a market capitalization of $33.27 billion, a P/E ratio of 13.71, a P/E/G ratio of 1.42 and a beta of 0.79. M&T Bank Co. has a 52-week low of $133.03 and a 52-week high of $225.70. The stock’s 50-day simple moving average is $195.30 and its 200 day simple moving average is $189.51.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, beating analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same quarter in the previous year, the company posted $2.74 EPS. As a group, research analysts anticipate that M&T Bank Co. will post 16.56 EPS for the current year.

M&T Bank announced that its board has initiated a stock buyback plan on Wednesday, January 22nd that allows the company to buyback $4.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other news, Director John P. Barnes sold 20,000 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $217.45, for a total value of $4,349,000.00. Following the sale, the director now directly owns 35,480 shares of the company’s stock, valued at approximately $7,715,126. This represents a 36.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total transaction of $537,566.10. Following the transaction, the insider now directly owns 16,429 shares of the company’s stock, valued at approximately $3,546,856.81. This represents a 13.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,611 shares of company stock worth $5,354,777 over the last 90 days. Corporate insiders own 0.82% of the company’s stock.

M&T Bank Company Profile

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management and investment services. It operates through the following segments: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.