Cornercap Investment Counsel Inc. Has $1.83 Million Stake in M&T Bank Co. (NYSE:MTB)

Cornercap Investment Counsel Inc. trimmed its stake in M&T Bank Co. (NYSE:MTB) by 36.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,254 shares of the financial services provider’s stock after selling 5,810 shares during the period. M&T Bank comprises approximately 0.5% of Cornercap Investment Counsel Inc.’s investment portfolio, making the stock its 20th biggest position. Cornercap Investment Counsel Inc.’s holdings in M&T Bank were worth $1,826,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of MTB. Massachusetts Financial Services Co. MA grew its holdings in M&T Bank by 4.8% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,781,816 shares of the financial services provider’s stock worth $269,696,000 after acquiring an additional 81,004 shares during the period. Dimensional Fund Advisors LP grew its holdings in M&T Bank by 6.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,613,174 shares of the financial services provider’s stock worth $244,129,000 after acquiring an additional 93,113 shares during the period. Bank of New York Mellon Corp grew its holdings in M&T Bank by 3.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,513,452 shares of the financial services provider’s stock worth $229,076,000 after acquiring an additional 44,442 shares during the period. Barrow Hanley Mewhinney & Strauss LLC grew its holdings in M&T Bank by 3.2% during the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,398,199 shares of the financial services provider’s stock worth $211,631,000 after acquiring an additional 43,795 shares during the period. Finally, Los Angeles Capital Management LLC grew its holdings in M&T Bank by 77.0% during the 2nd quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock worth $110,993,000 after acquiring an additional 319,051 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on MTB. Wedbush raised their target price on M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a research note on Tuesday, September 24th. Royal Bank of Canada raised their target price on M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Bank of America raised their price target on shares of M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Keefe, Bruyette & Woods raised their price target on shares of M&T Bank from $170.00 to $180.00 and gave the company a “market perform” rating in a research report on Friday, July 19th. Finally, Morgan Stanley raised their price target on shares of M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $199.65.

M&T Bank Stock Up 0.6 %

M&T Bank stock opened at $213.27 on Friday. M&T Bank Co. has a 1-year low of $123.37 and a 1-year high of $216.84. The firm has a market capitalization of $35.39 billion, a price-to-earnings ratio of 15.79, a P/E/G ratio of 2.98 and a beta of 0.74. 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 firm has a 50 day simple moving average of $185.26 and a 200 day simple moving average of $166.25.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.60 by $0.48. The business had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.30 billion. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. On average, analysts predict that M&T Bank Co. will post 14.56 earnings per share for the current year.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were given a dividend of $1.35 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.53%. M&T Bank’s dividend payout ratio (DPR) is currently 39.97%.

Insider Transactions at M&T Bank

In other M&T Bank news, Director Robert E. Sadler, Jr. sold 2,000 shares of the business’s stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $198.00, for a total value of $396,000.00. Following the completion of the sale, the director now directly owns 29,796 shares of the company’s stock, valued at $5,899,608. The trade was a 6.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Rene F. Jones sold 23,071 shares of the company’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 of the company’s stock, valued at approximately $14,972,576.88. This trade represents a 23.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 72,854 shares of company stock valued at $13,637,588. Insiders own 0.82% of the company’s stock.

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.