Commonwealth Retirement Investments LLC Reduces Stake in M&T Bank Corporation $MTB

Commonwealth Retirement Investments LLC cut its stake in shares of M&T Bank Corporation (NYSE:MTB) by 22.2% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 10,752 shares of the financial services provider’s stock after selling 3,075 shares during the period. Commonwealth Retirement Investments LLC’s holdings in M&T Bank were worth $2,086,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Wealth Preservation Advisors LLC purchased a new position in M&T Bank during the first quarter valued at $25,000. WPG Advisers LLC purchased a new position in M&T Bank during the first quarter valued at $25,000. Family Legacy Financial Solutions LLC purchased a new position in M&T Bank during the second quarter valued at $46,000. Cullen Frost Bankers Inc. lifted its position in M&T Bank by 1,109.5% during the second quarter. Cullen Frost Bankers Inc. now owns 254 shares of the financial services provider’s stock valued at $49,000 after purchasing an additional 233 shares in the last quarter. Finally, Stone House Investment Management LLC bought a new position in shares of M&T Bank in the first quarter worth approximately $66,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

MTB has been the subject of a number of recent analyst reports. UBS Group upped their price target on shares of M&T Bank from $207.00 to $208.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 7th. Wells Fargo & Company boosted their price objective on M&T Bank from $175.00 to $185.00 and gave the company an “underweight” rating in a research report on Thursday, July 17th. Jefferies Financial Group boosted their price objective on M&T Bank from $220.00 to $240.00 and gave the company a “buy” rating in a research report on Wednesday, September 3rd. TD Cowen boosted their price objective on M&T Bank from $235.00 to $245.00 and gave the company a “buy” rating in a research report on Monday, October 20th. Finally, DA Davidson boosted their price objective on M&T Bank from $189.00 to $207.00 and gave the company a “neutral” rating in a research report on Thursday, July 17th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $217.76.

M&T Bank Trading Down 1.0%

Shares of MTB stock opened at $180.89 on Wednesday. M&T Bank Corporation has a 12-month low of $150.75 and a 12-month high of $225.70. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.49. The stock’s 50-day moving average price is $192.20 and its 200-day moving average price is $188.57. The stock has a market capitalization of $27.80 billion, a price-to-earnings ratio of 11.14, a price-to-earnings-growth ratio of 0.87 and a beta of 0.62.

M&T Bank (NYSE:MTB) last issued its earnings results on Wednesday, March 9th. The financial services provider reported $3.54 earnings per share (EPS) for the quarter. M&T Bank had a return on equity of 10.62% and a net margin of 20.91%.The firm had revenue of $1.54 billion for the quarter. Equities research analysts predict that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Tuesday, September 2nd were paid a dividend of $1.50 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This is a positive change from M&T Bank’s previous quarterly dividend of $1.35. This represents a $6.00 dividend on an annualized basis and a yield of 3.3%. M&T Bank’s payout ratio is currently 36.95%.

Insider Transactions at M&T Bank

In related news, Director John P. Barnes sold 15,000 shares of the company’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $199.79, for a total transaction of $2,996,850.00. Following the sale, the director owned 17,866 shares of the company’s stock, valued at $3,569,448.14. This represents a 45.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.53% of the stock is currently owned by insiders.

M&T Bank 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.