Community Bank N.A. Lowers Holdings in M&T Bank Co. (NYSE:MTB)

Community Bank N.A. decreased its stake in shares of M&T Bank Co. (NYSE:MTB) by 78.3% in the fourth quarter, Holdings Channel reports. The institutional investor owned 2,212 shares of the financial services provider’s stock after selling 8,000 shares during the quarter. Community Bank N.A.’s holdings in M&T Bank were worth $303,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. Headinvest LLC purchased a new position in shares of M&T Bank in the third quarter worth $29,000. BKM Wealth Management LLC purchased a new position in shares of M&T Bank in the fourth quarter worth $32,000. Creative Financial Designs Inc. ADV purchased a new position in shares of M&T Bank in the fourth quarter worth $33,000. CVA Family Office LLC purchased a new position in shares of M&T Bank in the fourth quarter worth $33,000. Finally, Planned Solutions Inc. purchased a new position in shares of M&T Bank in the fourth quarter worth $33,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insider Activity at M&T Bank

In related news, EVP Doris P. Meister sold 1,000 shares of the stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $132.30, for a total transaction of $132,300.00. Following the completion of the transaction, the executive vice president now directly owns 7,274 shares of the company’s stock, valued at $962,350.20. The sale was disclosed in a filing with the SEC, which is available through this link. In other M&T Bank news, Director Kirk W. Walters sold 28,845 shares of the company’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 transaction of $4,182,525.00. Following the sale, the director now directly owns 6,367 shares in the company, valued at $923,215. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Doris P. Meister sold 1,000 shares of the company’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 sale, the executive vice president now owns 7,274 shares in the company, valued at $962,350.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 37,119 shares of company stock valued at $5,341,012. Insiders own 0.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on MTB. Keefe, Bruyette & Woods upped their price objective on M&T Bank from $162.00 to $170.00 and gave the company a “market perform” rating in a research report on Tuesday, April 16th. Wells Fargo & Company upped their price objective on M&T Bank from $145.00 to $150.00 and gave the company an “equal weight” rating in a research report on Tuesday, April 16th. Bank of America upped their price objective on M&T Bank from $157.00 to $160.00 and gave the company a “buy” rating in a research report on Tuesday, April 16th. Morgan Stanley upped their price objective on M&T Bank from $160.00 to $179.00 and gave the company an “overweight” rating in a research report on Wednesday, February 7th. Finally, Piper Sandler cut their price target on M&T Bank from $156.00 to $152.00 and set an “overweight” rating for the company in a report on Friday, January 19th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, M&T Bank presently has an average rating of “Hold” and an average price target of $158.48.

M&T Bank Price Performance

Shares of NYSE MTB traded down $1.38 during mid-day trading on Thursday, reaching $146.58. The company’s stock had a trading volume of 465,490 shares, compared to its average volume of 1,189,562. The firm has a market capitalization of $24.42 billion, a PE ratio of 9.93, a P/E/G ratio of 1.23 and a beta of 0.80. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.99. The stock has a fifty day moving average of $140.66 and a two-hundred day moving average of $133.54. M&T Bank Co. has a 52 week low of $108.53 and a 52 week high of $148.25.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Monday, April 15th. The financial services provider reported $3.02 EPS 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 firm had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.26 billion. During the same period in the previous year, the company posted $4.09 earnings per share. As a group, sell-side analysts anticipate that M&T Bank Co. will post 13.92 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. Investors of record on Monday, March 4th were paid a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date was Friday, March 1st. M&T Bank’s payout ratio is presently 35.16%.

M&T Bank Company Profile

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.