M&T Bank Corporation $MTB Stake Trimmed by Cooke & Bieler LP

Cooke & Bieler LP reduced its stake in shares of M&T Bank Corporation (NYSE:MTB) by 1.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 295,000 shares of the financial services provider’s stock after selling 4,450 shares during the period. Cooke & Bieler LP owned about 0.20% of M&T Bank worth $64,192,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Bogart Wealth LLC raised its holdings in shares of M&T Bank by 233.3% in the 1st quarter. Bogart Wealth LLC now owns 120 shares of the financial services provider’s stock worth $25,000 after purchasing an additional 84 shares during the period. First Bancorp Inc ME purchased a new position in M&T Bank in the second quarter valued at approximately $25,000. FNY Investment Advisers LLC bought a new position in M&T Bank during the second quarter valued at $51,000. NBH Bank bought a new position in M&T Bank during the second quarter valued at $51,000. Finally, Elevation Wealth Partners LLC grew its holdings in M&T Bank by 153.2% during the third quarter. Elevation Wealth Partners LLC now owns 276 shares of the financial services provider’s stock valued at $60,000 after purchasing an additional 167 shares during the period. 84.68% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on MTB shares. Morgan Stanley dropped their price target on M&T Bank from $301.00 to $294.00 and set an “overweight” rating on the stock in a research report on Monday. Deutsche Bank Aktiengesellschaft lowered M&T Bank from a “buy” rating to a “hold” rating and set a $250.00 price objective for the company. in a report on Thursday, July 23rd. Weiss Ratings restated a “buy (b)” rating on shares of M&T Bank in a research note on Tuesday, September 1st. Keefe, Bruyette & Woods upped their price objective on shares of M&T Bank from $242.00 to $250.00 and gave the company a “market perform” rating in a report on Thursday, July 16th. Finally, Jefferies Financial Group dropped their price objective on shares of M&T Bank from $300.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, September 24th. Eight analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $247.12.

Insider Activity at M&T Bank

In related news, CEO René Jones sold 19,396 shares of the company’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $239.35, for a total transaction of $4,642,432.60. Following the sale, the chief executive officer owned 103,831 shares of the company’s stock, valued at approximately $24,851,949.85. This represents a 15.74% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rudina Seseri sold 623 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $241.04, for a total transaction of $150,167.92. Following the completion of the sale, the director owned 3,649 shares in the company, valued at $879,554.96. This represents a 14.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 20,028 shares of company stock valued at $4,794,884. 0.44% of the stock is owned by corporate insiders.

M&T Bank Stock Up 0.7%

MTB stock opened at $219.82 on Thursday. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $31.75 billion, a PE ratio of 11.30, a PEG ratio of 1.27 and a beta of 0.61. M&T Bank Corporation has a twelve month low of $179.32 and a twelve month high of $255.95. The stock has a 50-day simple moving average of $229.88 and a two-hundred day simple moving average of $228.89.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Friday, October 16th. The financial services provider reported $5.08 earnings per share for the quarter, beating the consensus estimate of $4.93 by $0.15. M&T Bank had a return on equity of 11.86% and a net margin of 22.63%. The firm had revenue of $2.54 billion for the quarter, compared to analysts’ expectations of $2.53 billion. During the same period in the prior year, the business posted $4.82 earnings per share. On average, equities analysts predict that M&T Bank Corporation will post 19.48 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st were paid a dividend of $1.50 per share. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $6.00 annualized dividend and a yield of 2.7%. M&T Bank’s payout ratio is currently 31.32%.

M&T Bank Profile

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, M&T Bank, was founded in 1856 and provides financial products and services to individuals, businesses and institutions.

The company’s offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, credit cards, treasury management and other banking services. Through its wealth management and institutional businesses, including Wilmington Trust, M&T also provides investment management, fiduciary, trust, estate planning and related corporate services.

M&T Bank serves customers through branch locations and digital banking channels in several states, primarily across the Mid-Atlantic and Northeast, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and the District of Columbia.