Old Port Advisors Lowers Position in M&T Bank Co. (NYSE:MTB)

Old Port Advisors cut its position in shares of M&T Bank Co. (NYSE:MTB) by 2.0% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,697 shares of the financial services provider’s stock after selling 197 shares during the quarter. Old Port Advisors’ holdings in M&T Bank were worth $1,823,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. FMR LLC boosted its holdings in shares of M&T Bank by 13.9% during the 3rd quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after buying an additional 1,508,846 shares in the last quarter. State Street Corp grew its holdings in M&T Bank by 6.4% in the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after purchasing an additional 527,854 shares during the period. Marshall Wace LLP increased its stake in shares of M&T Bank by 232.1% during the second quarter. Marshall Wace LLP now owns 676,745 shares of the financial services provider’s stock valued at $102,432,000 after purchasing an additional 472,997 shares in the last quarter. Los Angeles Capital Management LLC increased its stake in shares of M&T Bank by 77.0% during the second quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock valued at $110,993,000 after purchasing an additional 319,051 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI purchased a new position in shares of M&T Bank during the third quarter valued at approximately $44,422,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, Vice Chairman Gary N. Geisel sold 2,490 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total transaction of $537,566.10. Following the transaction, the insider now owns 16,429 shares in the company, valued at approximately $3,546,856.81. This trade represents a 13.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Rene F. Jones sold 23,071 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the transaction, the chief executive officer now directly owns 77,226 shares in the company, valued at $14,972,576.88. This trade represents a 23.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 84,994 shares of company stock valued at $17,211,278 in the last 90 days. Company insiders own 0.82% of the company’s stock.

M&T Bank Price Performance

MTB traded up $0.44 on Thursday, hitting $188.45. 273,951 shares of the company’s stock traded hands, compared to its average volume of 1,050,019. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.44. The company’s 50 day simple moving average is $203.75 and its 200-day simple moving average is $179.95. M&T Bank Co. has a one year low of $128.31 and a one year high of $225.70. The firm has a market cap of $31.27 billion, a price-to-earnings ratio of 13.95, a P/E/G ratio of 2.83 and a beta of 0.76.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, beating 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 company had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.30 billion. As a group, research analysts anticipate that M&T Bank Co. will post 14.63 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.87%. The ex-dividend date of this dividend was Monday, December 2nd. M&T Bank’s payout ratio is presently 39.97%.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Piper Sandler raised their price objective on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research report on Wednesday, November 27th. Wolfe Research upgraded shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price target on the stock in a research note on Friday, October 4th. The Goldman Sachs Group raised their price objective on shares of M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Compass Point upped their target price on shares of M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Finally, Evercore ISI raised their price target on shares of M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $215.50.

M&T Bank 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.