M&T Bank Co. (NYSE:MTB) Shares Sold by Johnson Investment Counsel Inc.

Johnson Investment Counsel Inc. cut its position in shares of M&T Bank Co. (NYSE:MTB) by 26.9% during the 2nd quarter, according to the company in its most recent filing with the SEC. The firm owned 35,091 shares of the financial services provider’s stock after selling 12,943 shares during the quarter. Johnson Investment Counsel Inc.’s holdings in M&T Bank were worth $4,343,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. KBC Group NV boosted its stake in shares of M&T Bank by 501.4% during the 1st quarter. KBC Group NV now owns 86,730 shares of the financial services provider’s stock worth $10,370,000 after acquiring an additional 72,308 shares in the last quarter. Algebris UK Ltd boosted its stake in shares of M&T Bank by 74.2% during the 1st quarter. Algebris UK Ltd now owns 216,705 shares of the financial services provider’s stock worth $25,993,000 after acquiring an additional 92,288 shares in the last quarter. LPL Financial LLC boosted its stake in shares of M&T Bank by 14.4% during the 2nd quarter. LPL Financial LLC now owns 96,133 shares of the financial services provider’s stock worth $11,897,000 after acquiring an additional 12,116 shares in the last quarter. Center For Asset Management LLC bought a new stake in shares of M&T Bank during the 2nd quarter worth $382,000. Finally, Capital Market Strategies LLC bought a new stake in shares of M&T Bank during the 2nd quarter worth $416,000. 82.86% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at M&T Bank

In other news, EVP Doris P. Meister sold 1,000 shares of M&T Bank stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $110.58, for a total value of $110,580.00. Following the transaction, the executive vice president now directly owns 6,055 shares in the company, valued at $669,561.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Doris P. Meister sold 1,000 shares of M&T Bank stock in a transaction dated Monday, October 30th. The stock was sold at an average price of $110.58, for a total transaction of $110,580.00. Following the sale, the executive vice president now directly owns 6,055 shares of the company’s stock, valued at $669,561.90. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Daryl N. Bible bought 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, October 25th. The shares were purchased at an average cost of $111.04 per share, for a total transaction of $555,200.00. Following the completion of the transaction, the chief financial officer now owns 32,876 shares of the company’s stock, valued at $3,650,551.04. The disclosure for this purchase can be found here. 0.97% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts have recently commented on the company. Jefferies Financial Group decreased their target price on M&T Bank from $136.00 to $130.00 in a research report on Tuesday, October 10th. Wedbush decreased their target price on M&T Bank from $147.00 to $140.00 and set an “outperform” rating for the company in a research report on Thursday, October 19th. Morgan Stanley raised their target price on M&T Bank from $155.00 to $157.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 27th. Bank of America decreased their target price on M&T Bank from $142.00 to $141.00 in a research report on Tuesday, October 10th. Finally, Royal Bank of Canada decreased their target price on M&T Bank from $175.00 to $160.00 and set an “outperform” rating for the company in a research report on Monday, September 11th. Nine equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $148.62.

M&T Bank Stock Up 2.6 %

NYSE MTB traded up $3.26 during trading on Friday, hitting $126.73. 842,495 shares of the company traded hands, compared to its average volume of 1,386,393. M&T Bank Co. has a 12 month low of $108.53 and a 12 month high of $172.59. The business has a fifty day simple moving average of $121.62 and a 200 day simple moving average of $124.86. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $21.03 billion, a P/E ratio of 7.31, a PEG ratio of 0.86 and a beta of 0.84.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Wednesday, October 18th. The financial services provider reported $3.98 EPS for the quarter, topping analysts’ consensus estimates of $3.88 by $0.10. The business had revenue of $3.20 billion for the quarter, compared to analyst estimates of $2.32 billion. M&T Bank had a return on equity of 13.13% and a net margin of 24.81%. During the same period in the previous year, the company posted $3.83 earnings per share. As a group, sell-side analysts predict that M&T Bank Co. will post 15.98 EPS for the current year.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Friday, December 1st will be paid a $1.30 dividend. The ex-dividend date is Thursday, November 30th. This represents a $5.20 dividend on an annualized basis and a dividend yield of 4.10%. M&T Bank’s payout ratio is presently 30.01%.

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 offer retail and commercial banking products and services in the United States. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals.