Keynote Financial Services LLC Cuts Stock Holdings in M&T Bank Co. (NYSE:MTB)

Keynote Financial Services LLC lowered its position in M&T Bank Co. (NYSE:MTB) by 3.4% in the third quarter, Holdings Channel.com reports. The firm owned 10,663 shares of the financial services provider’s stock after selling 376 shares during the quarter. M&T Bank makes up about 1.4% of Keynote Financial Services LLC’s holdings, making the stock its 12th largest position. Keynote Financial Services LLC’s holdings in M&T Bank were worth $1,899,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC lifted its stake in shares of M&T Bank by 54.4% in the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 68 shares during the period. Oakworth Capital Inc. acquired a new stake in shares of M&T Bank during the 2nd quarter valued at approximately $35,000. nVerses Capital LLC purchased a new stake in shares of M&T Bank during the 3rd quarter worth approximately $53,000. Versant Capital Management Inc grew its holdings in shares of M&T Bank by 82.7% in the 2nd quarter. Versant Capital Management Inc now owns 444 shares of the financial services provider’s stock worth $67,000 after acquiring an additional 201 shares during the period. Finally, Annapolis Financial Services LLC increased its stake in M&T Bank by 150.7% in the 3rd quarter. Annapolis Financial Services LLC now owns 376 shares of the financial services provider’s stock valued at $67,000 after purchasing an additional 226 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Wall Street Analyst Weigh In

MTB has been the topic of a number of research analyst reports. JPMorgan Chase & Co. upgraded M&T Bank from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $183.00 to $215.00 in a research report on Tuesday, September 3rd. Wolfe Research upgraded shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective on the stock in a research report on Friday, October 4th. Barclays raised their target price on shares of M&T Bank from $170.00 to $228.00 and gave the company an “equal weight” rating in a report on Friday, October 18th. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. Finally, DA Davidson increased their price target on shares of M&T Bank from $192.00 to $207.00 and gave the company a “neutral” rating in a research report on Monday, October 21st. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $198.76.

M&T Bank Stock Performance

M&T Bank stock opened at $207.95 on Friday. The stock has a fifty day moving average price of $181.20 and a 200 day moving average price of $163.98. M&T Bank Co. has a 52 week low of $115.93 and a 52 week high of $216.84. The firm has a market capitalization of $34.70 billion, a P/E ratio of 15.39, a PEG ratio of 2.70 and a beta of 0.74. The company has a current ratio of 0.94, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.60%. The ex-dividend date of this dividend was Tuesday, September 3rd. M&T Bank’s dividend payout ratio is currently 39.97%.

Insider Transactions at M&T Bank

In related news, CEO Rene F. Jones sold 23,071 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $193.88, for a total value of $4,473,005.48. Following the completion of the sale, the chief executive officer now directly owns 77,226 shares in the company, valued at approximately $14,972,576.88. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other M&T Bank news, CEO Rene F. Jones sold 23,071 shares of M&T Bank stock in a transaction on Monday, October 28th. The shares were sold at an average price of $193.88, for a total value of $4,473,005.48. Following the transaction, the chief executive officer now owns 77,226 shares in the company, valued at $14,972,576.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP John R. Taylor sold 1,436 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $195.03, for a total value of $280,063.08. Following the sale, the executive vice president now owns 5,618 shares of the company’s stock, valued at approximately $1,095,678.54. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 66,848 shares of company stock worth $12,287,757 in the last three months. Company insiders own 0.82% of the company’s stock.

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.