Crossmark Global Holdings Inc. Sells 588 Shares of M&T Bank Co. (NYSE:MTB)

Crossmark Global Holdings Inc. reduced its position in M&T Bank Co. (NYSE:MTB) by 10.7% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 4,893 shares of the financial services provider’s stock after selling 588 shares during the period. Crossmark Global Holdings Inc.’s holdings in M&T Bank were worth $872,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Hexagon Capital Partners LLC grew its holdings in M&T Bank by 54.4% in the third 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. purchased a new position in M&T Bank during the 2nd quarter worth $35,000. Migdal Insurance & Financial Holdings Ltd. increased its position in 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 in the last quarter. Capital Performance Advisors LLP purchased a new stake in M&T Bank in the third quarter valued at about $44,000. Finally, nVerses Capital LLC purchased a new stake in M&T Bank in the third quarter valued at about $53,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on MTB. Wells Fargo & Company upped their price objective on shares of M&T Bank from $165.00 to $190.00 and gave the company an “underweight” rating in a report on Friday, October 18th. Wolfe Research raised shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price target for the company in a report on Friday, October 4th. Wedbush boosted their price objective on shares of M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. DA Davidson raised their target price on M&T Bank from $192.00 to $207.00 and gave the stock a “neutral” rating in a research note on Monday, October 21st. Finally, Citigroup boosted their price target on M&T Bank from $180.00 to $195.00 and gave the company a “buy” rating in a research note on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $198.76.

M&T Bank Trading Up 0.6 %

Shares of MTB stock opened at $213.27 on Friday. M&T Bank Co. has a 1-year low of $123.37 and a 1-year high of $216.84. The company has a market cap of $35.39 billion, a price-to-earnings ratio of 15.69, a PEG ratio of 3.00 and a beta of 0.74. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a 50 day simple moving average of $185.26 and a 200-day simple moving average of $166.25.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.60 by $0.48. The business had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.30 billion. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. On average, equities research analysts expect that M&T Bank Co. will post 14.56 EPS for the current fiscal year.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.53%. The ex-dividend date of this dividend was Tuesday, September 3rd. M&T Bank’s dividend payout ratio is presently 39.97%.

Insider Buying and Selling

In other news, Director Denis J. Salamone sold 10,000 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total value of $1,720,300.00. Following the completion of the sale, the director now directly owns 44,902 shares in the company, valued at $7,724,491.06. This represents a 18.21 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kirk W. Walters sold 2,471 shares of the firm’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $24.60, for a total transaction of $60,786.60. Following the completion of the transaction, the director now directly owns 20,414 shares in the company, valued at approximately $502,184.40. This represents a 10.80 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 72,854 shares of company stock worth $13,637,588. 0.82% of the stock is 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.