M&T Bank Co. (NYSE:MTB) Shares Sold by Van ECK Associates Corp

Van ECK Associates Corp lowered its stake in M&T Bank Co. (NYSE:MTB) by 90.7% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,627 shares of the financial services provider’s stock after selling 15,818 shares during the period. Van ECK Associates Corp’s holdings in M&T Bank were worth $315,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in MTB. Janney Montgomery Scott LLC raised its stake in M&T Bank by 0.5% in the 3rd quarter. Janney Montgomery Scott LLC now owns 77,438 shares of the financial services provider’s stock worth $13,793,000 after acquiring an additional 359 shares during the last quarter. Visionary Horizons LLC lifted its holdings in shares of M&T Bank by 7.2% during the third quarter. Visionary Horizons LLC now owns 3,533 shares of the financial services provider’s stock worth $629,000 after purchasing an additional 236 shares during the period. Farther Finance Advisors LLC boosted its position in M&T Bank by 23.7% in the third quarter. Farther Finance Advisors LLC now owns 2,653 shares of the financial services provider’s stock valued at $473,000 after buying an additional 509 shares during the last quarter. US Bancorp DE increased its holdings in M&T Bank by 3.0% in the 3rd quarter. US Bancorp DE now owns 6,743 shares of the financial services provider’s stock worth $1,201,000 after buying an additional 195 shares during the period. Finally, Meitav Investment House Ltd. raised its position in M&T Bank by 3.1% during the 3rd quarter. Meitav Investment House Ltd. now owns 2,270 shares of the financial services provider’s stock worth $386,000 after buying an additional 69 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on MTB shares. Bank of America upped their price objective on shares of M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a report on Friday, October 18th. Wells Fargo & Company increased their price target on M&T Bank from $165.00 to $190.00 and gave the stock an “underweight” rating in a research report on Friday, October 18th. Evercore ISI lifted their price objective on M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. The Goldman Sachs Group raised their target price on M&T Bank from $190.00 to $216.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Finally, Barclays boosted their price target on M&T Bank from $170.00 to $228.00 and gave the company an “equal weight” rating in a report on Friday, October 18th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $198.76.

M&T Bank Stock Performance

NYSE MTB opened at $213.27 on Wednesday. The stock’s 50 day simple moving average is $183.56 and its 200-day simple moving average is $165.45. M&T Bank Co. has a 1-year low of $116.07 and a 1-year high of $216.84. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 1.00. The company has a market cap of $35.39 billion, a PE ratio of 15.89, a price-to-earnings-growth ratio of 2.97 and a beta of 0.74.

M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.60 by $0.48. The business had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.30 billion. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. As a group, equities research analysts anticipate that M&T Bank Co. will post 14.56 EPS for the current fiscal year.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 2.53%. The ex-dividend date was Tuesday, September 3rd. M&T Bank’s dividend payout ratio is currently 39.97%.

Insider Activity

In related news, Director Robert E. Sadler, Jr. sold 2,000 shares of M&T Bank stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $198.00, for a total transaction of $396,000.00. Following the transaction, the director now owns 29,796 shares in the company, valued at approximately $5,899,608. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other M&T Bank news, Director Robert E. Sadler, Jr. sold 2,000 shares of the business’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $198.00, for a total value of $396,000.00. Following the transaction, the director now directly owns 29,796 shares in the company, valued at $5,899,608. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Rene F. Jones sold 23,071 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the sale, the chief executive officer now owns 77,226 shares of the company’s stock, valued at $14,972,576.88. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 68,088 shares of company stock worth $12,613,397 over the last ninety days. Corporate insiders own 0.82% of the company’s stock.

M&T Bank Profile

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.