Concord Wealth Partners Decreases Stake in M&T Bank Co. (NYSE:MTB)

Concord Wealth Partners lessened its stake in M&T Bank Co. (NYSE:MTB) by 30.6% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 431 shares of the financial services provider’s stock after selling 190 shares during the quarter. Concord Wealth Partners’ holdings in M&T Bank were worth $59,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Invesco Ltd. raised its position in shares of M&T Bank by 15.5% during the 3rd quarter. Invesco Ltd. now owns 4,840,950 shares of the financial services provider’s stock worth $612,138,000 after acquiring an additional 650,796 shares in the last quarter. Smead Capital Management Inc. acquired a new stake in shares of M&T Bank during the 4th quarter worth about $59,418,000. LSV Asset Management raised its position in shares of M&T Bank by 63.5% during the 3rd quarter. LSV Asset Management now owns 1,108,552 shares of the financial services provider’s stock worth $140,176,000 after acquiring an additional 430,356 shares in the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of M&T Bank by 29.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,726,434 shares of the financial services provider’s stock worth $218,308,000 after acquiring an additional 393,116 shares in the last quarter. Finally, Senvest Management LLC raised its position in shares of M&T Bank by 279.6% during the 3rd quarter. Senvest Management LLC now owns 426,700 shares of the financial services provider’s stock worth $53,956,000 after acquiring an additional 314,300 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Trading Up 0.2 %

NYSE:MTB opened at $146.58 on Friday. The company has a current ratio of 0.94, a quick ratio of 0.99 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 $148.93. The firm has a market cap of $24.42 billion, a P/E ratio of 9.91, a PEG ratio of 1.22 and a beta of 0.78. The stock’s 50 day simple moving average is $141.64 and its 200-day simple moving average is $134.37.

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 analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $2.26 billion. During the same quarter last year, the firm earned $4.09 earnings per share. Equities analysts anticipate that M&T Bank Co. will post 13.92 EPS for the current year.

M&T Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Monday, March 4th were paid a $1.30 dividend. 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 3.55%. M&T Bank’s dividend payout ratio (DPR) is presently 35.16%.

Analyst Ratings Changes

Several brokerages have recently weighed in on MTB. Piper Sandler cut their target price on 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. Jefferies Financial Group cut their price target on M&T Bank from $154.00 to $151.00 and set a “hold” rating on the stock in a research report on Monday, April 8th. DA Davidson reaffirmed a “neutral” rating and set a $159.00 price target on shares of M&T Bank in a research report on Tuesday, April 16th. Evercore ISI lifted their price target on M&T Bank from $146.00 to $157.00 and gave the stock an “in-line” rating in a research report on Thursday, March 28th. Finally, StockNews.com lowered M&T Bank from a “hold” rating to a “sell” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $158.48.

Insider Activity at M&T Bank

In related news, Director Kirk W. Walters sold 28,845 shares of M&T Bank 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 directly owns 6,367 shares in the company, valued at $923,215. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other M&T Bank news, Director John P. Barnes sold 10,000 shares of the business’s stock in a transaction on Thursday, April 25th. The stock was sold at an average price of $147.11, for a total transaction of $1,471,100.00. Following the sale, the director now directly owns 34,545 shares in the company, valued at $5,081,914.95. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kirk W. Walters sold 28,845 shares of the business’s stock in a transaction 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 in the company, valued at $923,215. The disclosure for this sale can be found here. Insiders have sold a total of 46,119 shares of company stock worth $6,679,812 over the last three months. 0.82% of the stock is currently owned by corporate insiders.

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.