M&T Bank Co. (NYSE:MTB) Shares Sold by Connors Investor Services Inc.

Connors Investor Services Inc. trimmed its holdings in shares of M&T Bank Co. (NYSE:MTB) by 26.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,704 shares of the financial services provider’s stock after selling 600 shares during the quarter. Connors Investor Services Inc.’s holdings in M&T Bank were worth $320,000 as of its most recent filing with the SEC.

Several other institutional investors have also modified their holdings of the business. Barclays PLC boosted its stake in shares of M&T Bank by 11.9% during the 3rd quarter. Barclays PLC now owns 578,266 shares of the financial services provider’s stock valued at $102,999,000 after buying an additional 61,375 shares during the last quarter. Wilmington Savings Fund Society FSB boosted its stake in M&T Bank by 80.6% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 13,901 shares of the financial services provider’s stock valued at $2,476,000 after acquiring an additional 6,205 shares during the last quarter. Franklin Resources Inc. grew its holdings in M&T Bank by 45.5% during the 3rd quarter. Franklin Resources Inc. now owns 21,481 shares of the financial services provider’s stock worth $3,986,000 after acquiring an additional 6,717 shares in the last quarter. Oddo BHF Asset Management Sas bought a new stake in shares of M&T Bank in the 3rd quarter worth about $1,834,000. Finally, Principal Financial Group Inc. raised its stake in shares of M&T Bank by 1.4% in the 3rd quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock valued at $35,466,000 after purchasing an additional 2,797 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insider Activity at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of the business’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the sale, the executive vice president now directly owns 10,751 shares in the company, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.53% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Evercore ISI lowered their price objective on M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. JPMorgan Chase & Co. dropped their price target on M&T Bank from $212.50 to $186.50 and set a “neutral” rating on the stock in a research report on Thursday, April 3rd. Robert W. Baird decreased their price objective on shares of M&T Bank from $220.00 to $200.00 and set an “outperform” rating for the company in a report on Tuesday, April 15th. Wells Fargo & Company dropped their target price on shares of M&T Bank from $185.00 to $175.00 and set an “underweight” rating on the stock in a report on Tuesday, April 15th. Finally, StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $208.24.

M&T Bank Price Performance

MTB opened at $169.87 on Wednesday. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. M&T Bank Co. has a 1 year low of $139.78 and a 1 year high of $225.70. The stock has a fifty day moving average price of $172.65 and a 200 day moving average price of $190.60. The stock has a market cap of $27.91 billion, a price-to-earnings ratio of 11.61, a PEG ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing the consensus estimate of $3.41 by ($0.03). M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. The business had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the previous year, the business posted $3.09 EPS. Analysts forecast that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank declared that its board has approved a share repurchase program on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 12.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank’s dividend payout ratio is 36.17%.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.