Cerity Partners LLC Boosts Position in M&T Bank Co. (NYSE:MTB)

Cerity Partners LLC raised its stake in M&T Bank Co. (NYSE:MTB) by 116.3% during the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 31,591 shares of the financial services provider’s stock after purchasing an additional 16,983 shares during the period. Cerity Partners LLC’s holdings in M&T Bank were worth $5,627,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MTB. Price T Rowe Associates Inc. MD grew its position in shares of M&T Bank by 5.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock valued at $48,267,000 after buying an additional 18,566 shares during the last quarter. B. Riley Wealth Advisors Inc. grew its holdings in shares of M&T Bank by 18.8% during the first quarter. B. Riley Wealth Advisors Inc. now owns 5,785 shares of the financial services provider’s stock worth $841,000 after purchasing an additional 915 shares during the last quarter. California State Teachers Retirement System lifted its holdings in shares of M&T Bank by 1.6% in the 1st quarter. California State Teachers Retirement System now owns 276,222 shares of the financial services provider’s stock valued at $40,174,000 after purchasing an additional 4,343 shares during the last quarter. Hancock Whitney Corp lifted its holdings in shares of M&T Bank by 4.7% in the 1st quarter. Hancock Whitney Corp now owns 10,345 shares of the financial services provider’s stock valued at $1,505,000 after purchasing an additional 464 shares during the last quarter. Finally, Citizens Financial Group Inc. RI acquired a new stake in shares of M&T Bank in the 1st quarter valued at about $203,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on MTB. Citigroup lowered M&T Bank from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $220.00 to $230.00 in a research report on Monday. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Wolfe Research upgraded shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective on the stock in a research note on Friday, October 4th. JPMorgan Chase & Co. raised shares of M&T Bank from a “neutral” rating to an “overweight” rating and upped their target price for the company from $183.00 to $215.00 in a report on Tuesday, September 3rd. Finally, Morgan Stanley raised their price target on M&T Bank from $195.00 to $220.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $206.41.

Insider Transactions at M&T Bank

In other M&T Bank news, Director Denis J. Salamone sold 10,000 shares of the business’s 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 sale, the director now directly owns 44,902 shares in the company, valued at approximately $7,724,491.06. The trade was a 18.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John P. Barnes sold 20,000 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $193.97, for a total value of $3,879,400.00. Following the completion of the transaction, the director now owns 49,960 shares of the company’s stock, valued at approximately $9,690,741.20. This represents a 28.59 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 90,383 shares of company stock valued at $17,925,801 in the last quarter. 0.82% of the stock is currently owned by corporate insiders.

M&T Bank Trading Up 0.0 %

Shares of MTB stock opened at $220.80 on Thursday. M&T Bank Co. has a 1-year low of $123.46 and a 1-year high of $225.70. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 0.99. The business’s fifty day moving average price is $194.82 and its 200 day moving average price is $171.05. The firm has a market capitalization of $36.64 billion, a PE ratio of 16.34, a P/E/G ratio of 3.13 and a beta of 0.74.

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

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd will be issued a $1.35 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.45%. M&T Bank’s dividend payout ratio (DPR) is presently 39.97%.

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.