Matrix Asset Advisors Inc. NY Sells 5,048 Shares of M&T Bank Co. (NYSE:MTB)

Matrix Asset Advisors Inc. NY lessened its position in shares of M&T Bank Co. (NYSE:MTB) by 5.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 86,822 shares of the financial services provider’s stock after selling 5,048 shares during the quarter. M&T Bank comprises 1.8% of Matrix Asset Advisors Inc. NY’s holdings, making the stock its 24th biggest position. Matrix Asset Advisors Inc. NY’s holdings in M&T Bank were worth $16,323,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Hennion & Walsh Asset Management Inc. increased its position in shares of M&T Bank by 34.7% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider’s stock worth $1,473,000 after purchasing an additional 2,018 shares in the last quarter. Capital Performance Advisors LLP acquired a new position in M&T Bank during the 3rd quarter valued at about $44,000. Principal Financial Group Inc. raised its stake in M&T Bank by 1.4% in the third quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock valued at $35,466,000 after buying an additional 2,797 shares during the last quarter. Smead Capital Management Inc. boosted its holdings in M&T Bank by 3.5% in the third quarter. Smead Capital Management Inc. now owns 493,817 shares of the financial services provider’s stock worth $87,959,000 after acquiring an additional 16,657 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. grew its stake in shares of M&T Bank by 6.1% during the third quarter. Nomura Asset Management Co. Ltd. now owns 50,275 shares of the financial services provider’s stock worth $8,955,000 after acquiring an additional 2,883 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insider Transactions at M&T Bank

In related news, EVP Tracy S. Woodrow sold 2,121 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total transaction of $468,210.75. Following the transaction, the executive vice president now directly owns 5,141 shares in the company, valued at approximately $1,134,875.75. The trade was a 29.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total transaction of $537,566.10. Following the completion of the sale, the insider now owns 16,429 shares of the company’s stock, valued at approximately $3,546,856.81. The trade was a 13.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 40,487 shares of company stock valued at $8,578,809 over the last ninety days. Insiders own 0.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on MTB. Wells Fargo & Company increased their price objective on shares of M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a research report on Friday, November 15th. Barclays lifted their price objective on shares of M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a research note on Monday, January 6th. Keefe, Bruyette & Woods upped their target price on M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Evercore ISI boosted their price target on M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. Finally, The Goldman Sachs Group raised their price objective on M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $221.68.

M&T Bank Price Performance

M&T Bank stock opened at $201.10 on Tuesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.93. The company’s fifty day moving average price is $200.79 and its 200 day moving average price is $185.64. The stock has a market capitalization of $33.37 billion, a P/E ratio of 13.75, a P/E/G ratio of 1.37 and a beta of 0.79. M&T Bank Co. has a 1 year low of $128.31 and a 1 year high of $225.70.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, topping the consensus estimate of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same quarter in the prior year, the firm posted $2.74 earnings per share. As a group, equities research analysts anticipate that M&T Bank Co. will post 16.56 earnings per share for the current fiscal year.

M&T Bank announced that its board has approved a stock repurchase plan on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd were given a $1.35 dividend. The ex-dividend date was Monday, December 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.69%. M&T Bank’s dividend payout ratio (DPR) is presently 36.91%.

M&T Bank Profile

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management and investment services. It operates through the following segments: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.