M&T Bank Co. (NYSE:MTB) Position Cut by OLD National Bancorp IN

OLD National Bancorp IN trimmed its holdings in M&T Bank Co. (NYSE:MTB) by 33.4% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,240 shares of the financial services provider’s stock after selling 621 shares during the quarter. OLD National Bancorp IN’s holdings in M&T Bank were worth $221,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Hexagon Capital Partners LLC grew its holdings in M&T Bank by 54.4% in the 3rd quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after buying an additional 68 shares in the last quarter. Meeder Advisory Services Inc. boosted its stake in M&T Bank by 3.9% during the 1st quarter. Meeder Advisory Services Inc. now owns 1,879 shares of the financial services provider’s stock valued at $273,000 after purchasing an additional 70 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its stake in M&T Bank by 1.5% during the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 4,711 shares of the financial services provider’s stock valued at $713,000 after purchasing an additional 70 shares in the last quarter. Umpqua Bank boosted its stake in M&T Bank by 5.3% during the 2nd quarter. Umpqua Bank now owns 1,460 shares of the financial services provider’s stock valued at $221,000 after purchasing an additional 73 shares in the last quarter. Finally, Procyon Advisors LLC boosted its stake in M&T Bank by 1.7% during the 3rd quarter. Procyon Advisors LLC now owns 4,544 shares of the financial services provider’s stock valued at $809,000 after purchasing an additional 74 shares in the last quarter. 84.68% of the stock is owned by institutional investors.

M&T Bank Trading Down 0.1 %

NYSE MTB opened at $193.85 on Thursday. M&T Bank Co. has a 1-year low of $108.53 and a 1-year high of $200.94. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44. The company has a market capitalization of $32.34 billion, a PE ratio of 13.11, a price-to-earnings-growth ratio of 3.27 and a beta of 0.75. The firm’s fifty day simple moving average is $174.96 and its 200-day simple moving average is $159.94.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date of this dividend was Tuesday, September 3rd. M&T Bank’s dividend payout ratio (DPR) is presently 36.51%.

Analysts Set New Price Targets

MTB has been the subject of a number of research reports. Evercore ISI raised M&T Bank from an “in-line” rating to an “outperform” rating and increased their price target for the company from $187.00 to $210.00 in a research note on Wednesday, October 2nd. Barclays increased their price target on M&T Bank from $170.00 to $228.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. Citigroup increased their price objective on M&T Bank from $180.00 to $195.00 and gave the company a “buy” rating in a research report on Friday, July 19th. The Goldman Sachs Group increased their price objective on M&T Bank from $190.00 to $216.00 and gave the company a “neutral” rating in a research report on Friday, October 18th. Finally, Jefferies Financial Group increased their price objective on M&T Bank from $160.00 to $161.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $197.47.

Insider Transactions at M&T Bank

In other news, Director Denis J. Salamone sold 10,000 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total value of $1,720,300.00. Following the transaction, the director now directly owns 44,902 shares of the company’s stock, valued at approximately $7,724,491.06. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other M&T Bank news, Director Kirk W. Walters sold 7,464 shares of the stock in a transaction on Friday, July 26th. The shares were sold at an average price of $173.97, for a total transaction of $1,298,512.08. Following the transaction, the director now directly owns 15,045 shares of the company’s stock, valued at $2,617,378.65. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Denis J. Salamone sold 10,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the transaction, the director now directly owns 44,902 shares in the company, valued at $7,724,491.06. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 31,199 shares of company stock valued at $4,856,869. 0.82% of the stock is owned by insiders.

About M&T Bank

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.