Carnegie Capital Asset Management LLC Sells 214 Shares of M&T Bank Co. (NYSE:MTB)

Carnegie Capital Asset Management LLC lessened its stake in shares of M&T Bank Co. (NYSE:MTB) by 6.9% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,905 shares of the financial services provider’s stock after selling 214 shares during the quarter. Carnegie Capital Asset Management LLC’s holdings in M&T Bank were worth $398,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Clear Street Markets LLC acquired a new stake in shares of M&T Bank in the 4th quarter worth $25,000. RVW Wealth LLC purchased a new position in M&T Bank in the 3rd quarter worth $27,000. Quarry LP purchased a new position in M&T Bank in the 1st quarter worth $27,000. Sunbelt Securities Inc. purchased a new position in M&T Bank in the 1st quarter worth $27,000. Finally, Headinvest LLC purchased a new position in M&T Bank in the 3rd quarter worth $29,000. Institutional investors own 84.68% of the company’s stock.

Insider Activity

In other news, Director Kirk W. Walters sold 28,845 shares of M&T Bank stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $145.00, for a total transaction of $4,182,525.00. Following the sale, the director now owns 6,367 shares of the company’s stock, valued at approximately $923,215. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other M&T Bank news, Director Kirk W. Walters sold 28,845 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $145.00, for a total value of $4,182,525.00. Following the sale, the director now owns 6,367 shares of the company’s stock, valued at $923,215. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Doris P. Meister sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $132.30, for a total value 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 approximately $962,350.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 35,481 shares of company stock valued at $5,114,624. 0.82% of the stock is currently owned by company insiders.

M&T Bank Trading Up 1.2 %

Shares of M&T Bank stock opened at $139.04 on Thursday. The stock has a market cap of $23.17 billion, a P/E ratio of 9.40, a P/E/G ratio of 1.30 and a beta of 0.80. The stock’s 50 day simple moving average is $139.61 and its 200-day simple moving average is $132.77. M&T Bank Co. has a 1-year low of $108.53 and a 1-year high of $148.23. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.99.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Monday, April 15th. The financial services provider reported $3.02 EPS for the quarter, missing the consensus estimate of $3.13 by ($0.11). The firm had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.26 billion. M&T Bank had a net margin of 19.52% and a return on equity of 10.68%. During the same period in the previous year, the firm posted $4.09 EPS. Analysts predict that M&T Bank Co. will post 13.89 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 4th were given a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 3.74%. The ex-dividend date was Friday, March 1st. M&T Bank’s payout ratio is presently 35.16%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MTB. StockNews.com lowered M&T Bank from a “hold” rating to a “sell” rating in a research note on Wednesday, December 27th. Keefe, Bruyette & Woods lifted their price objective on M&T Bank from $162.00 to $170.00 and gave the company a “market perform” rating in a research note on Tuesday. Jefferies Financial Group reduced their price objective on M&T Bank from $154.00 to $151.00 and set a “hold” rating for the company in a research note on Monday, April 8th. DA Davidson reiterated a “neutral” rating and set a $159.00 price objective on shares of M&T Bank in a research note on Tuesday. Finally, Barclays lifted their price objective on M&T Bank from $150.00 to $170.00 and gave the company an “equal weight” rating in a research note on Tuesday, January 2nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, M&T Bank presently has a consensus rating of “Hold” and a consensus price target of $157.98.

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.