Independent Advisor Alliance Decreases Holdings in M&T Bank Co. (NYSE:MTB)

Independent Advisor Alliance reduced its stake in M&T Bank Co. (NYSE:MTB) by 8.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,599 shares of the financial services provider’s stock after selling 143 shares during the period. Independent Advisor Alliance’s holdings in M&T Bank were worth $285,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of MTB. Price T Rowe Associates Inc. MD lifted its position in M&T Bank by 5.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock worth $48,267,000 after acquiring an additional 18,566 shares in the last quarter. B. Riley Wealth Advisors Inc. lifted its position in shares of M&T Bank by 18.8% during the first quarter. B. Riley Wealth Advisors Inc. now owns 5,785 shares of the financial services provider’s stock worth $841,000 after purchasing an additional 915 shares in the last quarter. Citizens Financial Group Inc. RI purchased a new position in shares of M&T Bank in the first quarter valued at $203,000. Swedbank AB acquired a new stake in M&T Bank during the 1st quarter valued at $1,376,000. Finally, Atria Investments Inc purchased a new stake in M&T Bank during the 1st quarter worth $1,014,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Price Performance

MTB opened at $220.80 on Friday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44. The company’s 50-day moving average price is $195.64 and its 200 day moving average price is $171.40. M&T Bank Co. has a fifty-two week low of $123.46 and a fifty-two week high of $225.70. The firm has a market cap of $36.64 billion, a price-to-earnings ratio of 16.34, a price-to-earnings-growth ratio of 3.13 and a beta of 0.74.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, topping 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 business had revenue of $2.33 billion for the quarter, compared to analysts’ expectations of $2.30 billion. As a group, sell-side analysts expect that M&T Bank Co. will post 14.56 earnings per share for the current year.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be given a dividend of $1.35 per share. The ex-dividend date is Monday, December 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.45%. M&T Bank’s dividend payout ratio is currently 39.97%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on MTB shares. Barclays raised their target price on M&T Bank from $170.00 to $228.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a report on Friday, October 18th. Wells Fargo & Company upped their target price on M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a research report on Friday, November 15th. DA Davidson lifted their price target on shares of 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, Evercore ISI upped their price target on shares of M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, M&T Bank currently has a consensus rating of “Hold” and an average target price of $206.41.

Insider Buying and Selling

In other news, Director John P. Barnes sold 20,000 shares of the firm’s stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $193.97, for a total transaction of $3,879,400.00. Following the transaction, the director now directly owns 49,960 shares of the company’s stock, valued at approximately $9,690,741.20. This trade represents a 28.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Rene F. Jones sold 23,071 shares of the company’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the completion of the sale, the chief executive officer now directly owns 77,226 shares of the company’s stock, valued at $14,972,576.88. The trade was a 23.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 90,383 shares of company stock valued at $17,925,801 in the last quarter. Company insiders own 0.82% of the company’s stock.

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.