OLD National Bancorp IN Sells 581 Shares of M&T Bank Co. (NYSE:MTB)

OLD National Bancorp IN lessened its stake in M&T Bank Co. (NYSE:MTB) by 14.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 3,352 shares of the financial services provider’s stock after selling 581 shares during the quarter. OLD National Bancorp IN’s holdings in M&T Bank were worth $459,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of MTB. CWM LLC grew its stake in M&T Bank by 6.1% in the 3rd quarter. CWM LLC now owns 5,059 shares of the financial services provider’s stock valued at $640,000 after buying an additional 292 shares in the last quarter. AE Wealth Management LLC grew its stake in M&T Bank by 60.6% in the 3rd quarter. AE Wealth Management LLC now owns 6,165 shares of the financial services provider’s stock valued at $780,000 after buying an additional 2,327 shares in the last quarter. HB Wealth Management LLC purchased a new position in shares of M&T Bank during the 3rd quarter valued at $219,000. Avior Wealth Management LLC increased its holdings in shares of M&T Bank by 852.9% in the third quarter. Avior Wealth Management LLC now owns 324 shares of the financial services provider’s stock worth $41,000 after purchasing an additional 290 shares during the period. Finally, Caprock Group LLC increased its holdings in shares of M&T Bank by 4.0% in the third quarter. Caprock Group LLC now owns 6,063 shares of the financial services provider’s stock worth $767,000 after purchasing an additional 233 shares during the period. Institutional investors own 84.68% of the company’s stock.

Insider Transactions at M&T Bank

In other news, EVP Doris P. Meister sold 1,638 shares of the stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $138.21, for a total transaction of $226,387.98. Following the completion of the sale, the executive vice president now directly owns 3,362 shares in the company, valued at $464,662.02. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other M&T Bank news, Director Kirk W. Walters sold 28,845 shares of the firm’s 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 completion of the transaction, the director now owns 6,367 shares of the company’s stock, valued at $923,215. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Doris P. Meister sold 1,638 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $138.21, for a total transaction of $226,387.98. Following the transaction, the executive vice president now directly owns 3,362 shares of the company’s stock, valued at approximately $464,662.02. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,119 shares of company stock worth $5,341,012. Company insiders own 0.82% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on MTB. UBS Group upped their price target on shares of M&T Bank from $139.00 to $154.00 in a report on Wednesday, January 17th. Piper Sandler decreased their price target on shares of M&T Bank from $156.00 to $152.00 and set an “overweight” rating on the stock in a report on Friday, January 19th. Wedbush reaffirmed an “outperform” rating and issued a $170.00 price target on shares of M&T Bank in a report on Wednesday, April 10th. DA Davidson reaffirmed a “neutral” rating and issued a $159.00 price target on shares of M&T Bank in a report on Tuesday, April 16th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $160.00 price target on shares of M&T Bank in a report on Tuesday, April 16th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat, M&T Bank currently has a consensus rating of “Hold” and a consensus price target of $158.48.

M&T Bank Stock Performance

NYSE MTB opened at $147.96 on Thursday. The company has a 50-day simple moving average of $140.66 and a two-hundred day simple moving average of $133.54. The company has a quick ratio of 0.99, a current ratio of 0.94 and a debt-to-equity ratio of 0.46. M&T Bank Co. has a 12-month low of $108.53 and a 12-month high of $148.23. The firm has a market cap of $24.65 billion, a price-to-earnings ratio of 10.00, a PEG ratio of 1.23 and a beta of 0.80.

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 (EPS) for the quarter, missing the consensus estimate of $3.13 by ($0.11). M&T Bank had a net margin of 19.52% and a return on equity of 10.68%. The business had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.26 billion. During the same quarter in the previous year, the company earned $4.09 earnings per share. On average, equities analysts forecast that M&T Bank Co. will post 13.92 EPS for the current year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 4th were issued a dividend of $1.30 per share. The ex-dividend date of this dividend was Friday, March 1st. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.51%. M&T Bank’s dividend payout ratio is currently 35.16%.

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.