Sky Investment Group LLC Sells 336 Shares of M&T Bank Co. (NYSE:MTB)

Sky Investment Group LLC reduced its stake in M&T Bank Co. (NYSE:MTB) by 1.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 32,662 shares of the financial services provider’s stock after selling 336 shares during the period. Sky Investment Group LLC’s holdings in M&T Bank were worth $4,944,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in MTB. Meeder Advisory Services Inc. raised its position in shares of M&T Bank by 3.9% during the first quarter. Meeder Advisory Services Inc. now owns 1,879 shares of the financial services provider’s stock worth $273,000 after acquiring an additional 70 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its stake in shares of M&T Bank by 1.5% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 4,711 shares of the financial services provider’s stock valued at $713,000 after purchasing an additional 70 shares during the last quarter. First Horizon Advisors Inc. boosted its stake in shares of M&T Bank by 3.2% in the 4th quarter. First Horizon Advisors Inc. now owns 2,548 shares of the financial services provider’s stock valued at $349,000 after purchasing an additional 80 shares during the last quarter. Fulton Bank N.A. raised its stake in M&T Bank by 2.3% during the first quarter. Fulton Bank N.A. now owns 3,619 shares of the financial services provider’s stock worth $526,000 after buying an additional 81 shares during the last quarter. Finally, Tritonpoint Wealth LLC lifted its holdings in M&T Bank by 2.3% in the first quarter. Tritonpoint Wealth LLC now owns 3,833 shares of the financial services provider’s stock valued at $510,000 after buying an additional 87 shares during the period. 84.68% of the stock is currently owned by institutional investors.

Insider Buying and Selling at M&T Bank

In related news, Director Kirk W. Walters sold 7,464 shares of M&T Bank stock in a transaction on Friday, July 26th. The stock was sold at an average price of $173.97, for a total transaction of $1,298,512.08. Following the sale, the director now directly owns 15,045 shares in the company, valued at $2,617,378.65. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other M&T Bank news, Vice Chairman Kevin J. Pearson sold 6,095 shares of the business’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $162.28, for a total value of $989,096.60. Following the transaction, the insider now directly owns 47,944 shares in the company, valued at $7,780,352.32. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Kirk W. Walters sold 7,464 shares of the stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $173.97, for a total transaction of $1,298,512.08. Following the transaction, the director now directly owns 15,045 shares of the company’s stock, valued at $2,617,378.65. The disclosure for this sale can be found here. In the last 90 days, insiders sold 19,858 shares of company stock worth $3,325,160. Insiders own 0.82% of the company’s stock.

M&T Bank Stock Down 0.1 %

Shares of MTB stock traded down $0.17 during trading hours on Wednesday, reaching $160.16. The company had a trading volume of 869,894 shares, compared to its average volume of 1,032,746. The company has a market cap of $26.72 billion, a price-to-earnings ratio of 10.83, a price-to-earnings-growth ratio of 3.34 and a beta of 0.77. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.94 and a quick ratio of 1.00. M&T Bank Co. has a 12 month low of $108.53 and a 12 month high of $176.44. The business has a fifty day simple moving average of $156.08 and a 200-day simple moving average of $147.45.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, beating the consensus estimate of $3.50 by $0.23. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. The business had revenue of $3.37 billion for the quarter, compared to analysts’ expectations of $2.27 billion. During the same period last year, the business earned $5.12 EPS. On average, research analysts expect that M&T Bank Co. will post 14.24 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Monday, June 3rd were given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 3.37%. This is an increase from M&T Bank’s previous quarterly dividend of $1.30. The ex-dividend date was Monday, June 3rd. M&T Bank’s dividend payout ratio is presently 36.51%.

Analysts Set New Price Targets

Several research firms have recently weighed in on MTB. Bank of America lifted their price objective on M&T Bank from $160.00 to $188.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. JPMorgan Chase & Co. lifted their target price on M&T Bank from $180.00 to $183.00 and gave the stock a “neutral” rating in a report on Tuesday, July 23rd. Evercore ISI increased their price target on M&T Bank from $157.00 to $168.00 and gave the stock an “in-line” rating in a report on Tuesday, June 25th. Royal Bank of Canada lifted their price objective on shares of M&T Bank from $160.00 to $174.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. Finally, Wells Fargo & Company increased their target price on shares of M&T Bank from $145.00 to $150.00 and gave the stock an “equal weight” rating in a research note on Tuesday, April 16th. Ten investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $172.92.

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.