Cooke & Bieler LP Decreases Position in M&T Bank Co. (NYSE:MTB)

Cooke & Bieler LP lowered its stake in shares of M&T Bank Co. (NYSE:MTB) by 3.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 416,358 shares of the financial services provider’s stock after selling 14,400 shares during the period. Cooke & Bieler LP owned 0.25% of M&T Bank worth $57,074,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of MTB. Clear Street Markets LLC purchased a new stake in shares of M&T Bank during the 4th quarter worth approximately $25,000. RVW Wealth LLC purchased a new stake in shares of M&T Bank during the 3rd quarter worth approximately $27,000. Quarry LP purchased a new stake in shares of M&T Bank during the 1st quarter worth approximately $27,000. Sunbelt Securities Inc. purchased a new stake in shares of M&T Bank during the 1st quarter worth approximately $27,000. Finally, Headinvest LLC purchased a new position in M&T Bank in the 3rd quarter valued at approximately $29,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insider Activity

In other news, Director Kirk W. Walters sold 28,845 shares of the company’s stock in a transaction dated 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 completion of the transaction, the director now directly owns 6,367 shares of the company’s stock, valued at $923,215. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Kirk W. Walters sold 28,845 shares of the company’s stock in a transaction dated 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 completion of the transaction, the director now directly owns 6,367 shares of the company’s stock, valued at $923,215. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Doris P. Meister sold 1,000 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $132.30, for a total transaction of $132,300.00. Following the transaction, the executive vice president now directly owns 7,274 shares of the company’s stock, valued at $962,350.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,119 shares of company stock valued at $5,341,012. Insiders own 0.82% of the company’s stock.

M&T Bank Stock Performance

M&T Bank stock opened at $143.38 on Friday. The company has a quick ratio of 0.99, a current ratio of 0.94 and a debt-to-equity ratio of 0.46. The company has a market capitalization of $23.89 billion, a PE ratio of 9.69, a P/E/G ratio of 1.20 and a beta of 0.80. The firm has a fifty day simple moving average of $139.96 and a two-hundred day simple moving average of $133.05. M&T Bank Co. has a twelve month low of $108.53 and a twelve month high of $148.23.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Monday, April 15th. The financial services provider reported $3.02 earnings per share for the quarter, missing the consensus estimate of $3.13 by ($0.11). The business had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.26 billion. M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. During the same period in the prior year, the firm earned $4.09 earnings per share. Research analysts expect that M&T Bank Co. will post 13.98 EPS for the current year.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 4th were paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 3.63%. The ex-dividend date of this dividend was Friday, March 1st. M&T Bank’s dividend payout ratio (DPR) is 35.16%.

Analyst Ratings Changes

A number of research analysts have recently commented on MTB shares. Morgan Stanley boosted their price target 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, February 7th. Wedbush reaffirmed an “outperform” rating and set a $170.00 price objective on shares of M&T Bank in a report on Wednesday, April 10th. DA Davidson reaffirmed a “neutral” rating and set a $159.00 price objective on shares of M&T Bank in a report on Tuesday, April 16th. Piper Sandler dropped their price objective on shares of M&T Bank from $156.00 to $152.00 and set an “overweight” rating for the company in a report on Friday, January 19th. Finally, StockNews.com downgraded shares of M&T Bank from a “hold” rating to a “sell” rating in a report on Wednesday, December 27th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $158.48.

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.