Courier Capital LLC Cuts Stake in M&T Bank Co. (NYSE:MTB)

Courier Capital LLC lowered its position in M&T Bank Co. (NYSE:MTB) by 1.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 31,417 shares of the financial services provider’s stock after selling 362 shares during the quarter. Courier Capital LLC’s holdings in M&T Bank were worth $4,569,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. HHM Wealth Advisors LLC bought a new position in shares of M&T Bank during the fourth quarter valued at approximately $25,000. General Partner Inc. bought a new position in M&T Bank in the first quarter worth $27,000. Headinvest LLC bought a new position in M&T Bank in the third quarter worth $29,000. BKM Wealth Management LLC bought a new position in M&T Bank in the fourth quarter worth $32,000. Finally, Creative Financial Designs Inc. ADV purchased a new stake in shares of M&T Bank in the fourth quarter worth $33,000. Institutional investors own 84.68% of the company’s stock.

Insider Activity at M&T Bank

In other M&T Bank news, EVP Doris P. Meister sold 1,638 shares of M&T Bank stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total transaction of $226,387.98. Following the completion of the sale, the executive vice president now directly owns 3,362 shares of the company’s stock, valued at approximately $464,662.02. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, EVP Doris P. Meister sold 1,638 shares of the business’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total transaction of $226,387.98. Following the transaction, the executive vice president now directly owns 3,362 shares in the company, valued at approximately $464,662.02. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director John P. Barnes sold 43,426 shares of the business’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $154.50, for a total value of $6,709,317.00. Following the sale, the director now owns 35,480 shares in the company, valued at approximately $5,481,660. The disclosure for this sale can be found here. Insiders sold a total of 97,553 shares of company stock worth $14,724,147 in the last quarter. 0.82% of the stock is owned by company insiders.

M&T Bank Price Performance

NYSE MTB traded up $3.71 during trading on Friday, hitting $151.36. 1,964,535 shares of the stock traded hands, compared to its average volume of 1,046,750. The company has a market capitalization of $25.25 billion, a P/E ratio of 10.17, a price-to-earnings-growth ratio of 2.89 and a beta of 0.78. The firm has a 50-day simple moving average of $148.00 and a 200-day simple moving average of $141.76. The company has a quick ratio of 1.00, a current ratio of 1.00 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 $156.65.

M&T Bank (NYSE:MTB) last announced its 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). The company had revenue of $2.26 billion during the quarter, compared to analysts’ expectations of $2.26 billion. M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. During the same quarter last year, the firm posted $4.09 EPS. As a group, analysts predict that M&T Bank Co. will post 13.99 EPS for the current year.

M&T Bank Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Monday, June 3rd will be issued a dividend of $1.35 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 3.57%. This is a boost from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s payout ratio is presently 36.51%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on MTB. Evercore ISI increased their target price on M&T Bank from $157.00 to $168.00 and gave the stock an “in-line” rating in a research note on Tuesday. JPMorgan Chase & Co. increased their target price on M&T Bank from $170.00 to $180.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 16th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $170.00 price objective on shares of M&T Bank in a research report on Thursday. Royal Bank of Canada reaffirmed an “outperform” rating and set a $160.00 price objective on shares of M&T Bank in a research report on Tuesday, April 16th. Finally, Jefferies Financial Group increased their price objective on M&T Bank from $151.00 to $160.00 and gave the company a “hold” rating in a research report on Tuesday, June 4th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, M&T Bank presently has an average rating of “Hold” and an average target price of $161.51.

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.