M&T Bank Co. (NYSE:MTB) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA lessened its stake in M&T Bank Co. (NYSE:MTB) by 3.7% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,716,011 shares of the financial services provider’s stock after selling 65,805 shares during the quarter. Massachusetts Financial Services Co. MA owned about 1.03% of M&T Bank worth $305,656,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in MTB. Plato Investment Management Ltd increased its position in shares of M&T Bank by 2,300.0% during the third quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock worth $30,000 after acquiring an additional 161 shares during the last quarter. Ashton Thomas Securities LLC purchased a new stake in M&T Bank during the 3rd quarter worth approximately $32,000. Hexagon Capital Partners LLC increased its holdings in M&T Bank by 54.4% during the 3rd quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 68 shares during the last quarter. Oakworth Capital Inc. acquired a new position in shares of M&T Bank in the 2nd quarter valued at approximately $35,000. Finally, Migdal Insurance & Financial Holdings Ltd. boosted its stake in shares of M&T Bank by 329.2% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock valued at $37,000 after buying an additional 158 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insider Activity

In other news, Director Denis J. Salamone sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total value of $1,720,300.00. Following the sale, the director now owns 44,902 shares of the company’s stock, valued at approximately $7,724,491.06. The trade was a 18.21 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Kevin J. Pearson sold 7,500 shares of the firm’s stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $195.88, for a total value of $1,469,100.00. Following the transaction, the insider now directly owns 40,502 shares of the company’s stock, valued at $7,933,531.76. This represents a 15.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 70,383 shares of company stock worth $13,576,801 over the last three months. Corporate insiders own 0.82% of the company’s stock.

M&T Bank Stock Performance

Shares of NYSE MTB opened at $221.12 on Friday. M&T Bank Co. has a 12-month low of $123.46 and a 12-month high of $221.52. The company has a market cap of $36.69 billion, a PE ratio of 16.37, a P/E/G ratio of 3.01 and a beta of 0.74. The stock has a 50 day simple moving average of $191.98 and a 200-day simple moving average of $169.46. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.44.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, beating analysts’ consensus estimates of $3.60 by $0.48. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. The company had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.30 billion. On average, equities research analysts forecast that M&T Bank Co. will post 14.56 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.44%. The ex-dividend date of this dividend is Monday, December 2nd. M&T Bank’s dividend payout ratio is currently 39.97%.

Analyst Ratings Changes

A number of brokerages recently issued reports on MTB. Wells Fargo & Company lifted their price target on shares of M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a research note on Friday, November 15th. Barclays boosted their target price on shares of M&T Bank from $170.00 to $228.00 and gave the stock an “equal weight” rating in a research report on Friday, October 18th. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Wedbush boosted their price objective on M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. Finally, JPMorgan Chase & Co. upgraded M&T Bank from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $183.00 to $215.00 in a research report on Tuesday, September 3rd. One research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, M&T Bank presently has an average rating of “Hold” and an average target price of $199.65.

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.