Gamco Investors INC. ET AL Trims Stock Position in M&T Bank Co. (NYSE:MTB)

Gamco Investors INC. ET AL reduced its position in shares of M&T Bank Co. (NYSE:MTBFree Report) by 1.8% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 22,211 shares of the financial services provider’s stock after selling 410 shares during the quarter. Gamco Investors INC. ET AL’s holdings in M&T Bank were worth $2,809,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Raymond James & Associates raised its holdings in M&T Bank by 7.0% in the 1st quarter. Raymond James & Associates now owns 134,655 shares of the financial services provider’s stock worth $2,692,000 after purchasing an additional 8,765 shares in the last quarter. American Century Companies Inc. increased its stake in shares of M&T Bank by 112.8% in the 1st quarter. American Century Companies Inc. now owns 82,957 shares of the financial services provider’s stock worth $1,658,000 after acquiring an additional 43,979 shares in the last quarter. US Bancorp DE increased its stake in shares of M&T Bank by 9.4% in the 1st quarter. US Bancorp DE now owns 15,149 shares of the financial services provider’s stock worth $303,000 after acquiring an additional 1,304 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in shares of M&T Bank by 7.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 59,394 shares of the financial services provider’s stock worth $1,187,000 after acquiring an additional 4,175 shares in the last quarter. Finally, AlphaCrest Capital Management LLC bought a new position in shares of M&T Bank in the 1st quarter worth about $306,000. 82.86% of the stock is currently owned by institutional investors.

M&T Bank Price Performance

NYSE MTB opened at $131.62 on Friday. M&T Bank Co. has a 12 month low of $108.53 and a 12 month high of $161.99. The stock has a market cap of $21.84 billion, a price-to-earnings ratio of 8.34, a PEG ratio of 1.12 and a beta of 0.80. The company’s 50 day moving average is $136.37 and its two-hundred day moving average is $129.42. The company has a current ratio of 0.93, a quick ratio of 0.98 and a debt-to-equity ratio of 0.33.

M&T Bank (NYSE:MTBGet Free Report) last released its earnings results on Thursday, January 18th. The financial services provider reported $2.74 EPS for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.36). The firm had revenue of $3.32 billion for the quarter, compared to the consensus estimate of $2.27 billion. M&T Bank had a return on equity of 11.59% and a net margin of 21.49%. During the same quarter in the previous year, the business posted $4.57 EPS. As a group, research analysts anticipate that M&T Bank Co. will post 14.34 earnings per share for the current year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Stockholders of record on Friday, December 1st were given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 3.95%. The ex-dividend date was Thursday, November 30th. M&T Bank’s payout ratio is currently 32.95%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on MTB. StockNews.com lowered shares of M&T Bank from a “hold” rating to a “sell” rating in a research note on Wednesday, December 27th. Barclays increased their price objective on shares of M&T Bank from $150.00 to $170.00 and gave the company an “equal weight” rating in a research report on Tuesday, January 2nd. Royal Bank of Canada reissued an “outperform” rating and set a $160.00 price objective on shares of M&T Bank in a research report on Friday, January 19th. Morgan Stanley increased their price objective on shares of M&T Bank from $160.00 to $179.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Piper Sandler cut their price objective on shares of M&T Bank from $156.00 to $152.00 and set an “overweight” rating on the stock in a research report on Friday, January 19th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $149.71.

View Our Latest Report on M&T Bank

Insider Activity

In related news, Director John P. Barnes sold 32,940 shares of the firm’s stock in a transaction on Thursday, December 7th. The shares were sold at an average price of $132.80, for a total value of $4,374,432.00. Following the completion of the transaction, the director now directly owns 34,545 shares of the company’s stock, valued at $4,587,576. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, EVP Doris P. Meister sold 1,000 shares of M&T Bank stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $132.30, for a total transaction of $132,300.00. Following the completion of the sale, the executive vice president now directly owns 7,274 shares in the company, valued at $962,350.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John P. Barnes sold 32,940 shares of M&T Bank stock in a transaction dated Thursday, December 7th. The shares were sold at an average price of $132.80, for a total value of $4,374,432.00. Following the completion of the sale, the director now owns 34,545 shares of the company’s stock, valued at $4,587,576. The disclosure for this sale can be found here. Insiders have sold a total of 80,122 shares of company stock worth $10,561,048 over the last quarter. Insiders own 0.97% of the company’s stock.

About M&T Bank

(Free Report)

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.

See Also

Institutional Ownership by Quarter for M&T Bank (NYSE:MTB)

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