M&T Bank Co. (NYSE:MTB) Stake Trimmed by Financial Management Network Inc.

Financial Management Network Inc. lowered its stake in M&T Bank Co. (NYSE:MTB) by 29.3% during the fourth quarter, HoldingsChannel reports. The firm owned 2,911 shares of the financial services provider’s stock after selling 1,206 shares during the period. Financial Management Network Inc.’s holdings in M&T Bank were worth $558,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Global Retirement Partners LLC grew its stake in M&T Bank by 9.9% during the 4th quarter. Global Retirement Partners LLC now owns 1,736 shares of the financial services provider’s stock valued at $326,000 after acquiring an additional 156 shares in the last quarter. Venturi Wealth Management LLC grew its stake in M&T Bank by 26.8% during the 4th quarter. Venturi Wealth Management LLC now owns 619 shares of the financial services provider’s stock valued at $116,000 after acquiring an additional 131 shares in the last quarter. D.A. Davidson & CO. purchased a new position in M&T Bank during the 4th quarter valued at about $663,000. Citizens & Northern Corp purchased a new position in M&T Bank during the 4th quarter valued at about $523,000. Finally, CIBC Asset Management Inc grew its stake in M&T Bank by 36.7% during the 4th quarter. CIBC Asset Management Inc now owns 38,867 shares of the financial services provider’s stock valued at $7,307,000 after acquiring an additional 10,438 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Analyst Upgrades and Downgrades

MTB has been the topic of several research analyst reports. Citigroup cut M&T Bank from a “buy” rating to a “neutral” rating and lifted their target price for the company from $220.00 to $230.00 in a research note on Monday, November 25th. Wells Fargo & Company lifted their target price on M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a research note on Friday, November 15th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $223.50 price target (up previously from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Barclays boosted their price target on M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. Finally, Compass Point boosted their price target on M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, M&T Bank has a consensus rating of “Hold” and a consensus price target of $221.68.

M&T Bank Stock Up 0.9 %

MTB opened at $200.51 on Wednesday. The business has a 50 day moving average price of $195.30 and a 200 day moving average price of $189.51. M&T Bank Co. has a twelve month low of $133.03 and a twelve month high of $225.70. 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 firm has a market cap of $33.27 billion, a P/E ratio of 13.71, a price-to-earnings-growth ratio of 1.39 and a beta of 0.79.

M&T Bank (NYSE:MTB) last posted its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, topping the consensus estimate of $3.70 by $0.22. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same period last year, the company posted $2.74 earnings per share. Research analysts forecast that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank announced that its board has initiated a share repurchase plan on Wednesday, January 22nd that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 12.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Transactions at M&T Bank

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

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.