Cornerstone Wealth Group LLC Purchases 266 Shares of M&T Bank Co. (NYSE:MTB)

Cornerstone Wealth Group LLC raised its position in shares of M&T Bank Co. (NYSE:MTB) by 1.0% in the third quarter, Holdings Channel reports. The fund owned 28,045 shares of the financial services provider’s stock after buying an additional 266 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in M&T Bank were worth $4,995,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. First Trust Direct Indexing L.P. boosted its holdings in M&T Bank by 28.5% during the third quarter. First Trust Direct Indexing L.P. now owns 5,205 shares of the financial services provider’s stock valued at $927,000 after acquiring an additional 1,153 shares during the period. Adams Diversified Equity Fund Inc. acquired a new position in shares of M&T Bank during the third quarter valued at about $14,143,000. Hedeker Wealth LLC raised its position in shares of M&T Bank by 1.6% during the third quarter. Hedeker Wealth LLC now owns 3,519 shares of the financial services provider’s stock valued at $627,000 after buying an additional 55 shares during the last quarter. Leuthold Group LLC raised its position in shares of M&T Bank by 34.6% during the third quarter. Leuthold Group LLC now owns 28,660 shares of the financial services provider’s stock valued at $5,105,000 after buying an additional 7,370 shares during the last quarter. Finally, Canoe Financial LP raised its position in shares of M&T Bank by 29.4% during the third quarter. Canoe Financial LP now owns 588,302 shares of the financial services provider’s stock valued at $103,200,000 after buying an additional 133,748 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

M&T Bank Price Performance

MTB opened at $197.49 on Thursday. M&T Bank Co. has a one year low of $111.08 and a one year high of $200.94. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.94 and a quick ratio of 1.00. The company’s 50 day simple moving average is $178.22 and its 200-day simple moving average is $161.98. The stock has a market capitalization of $32.95 billion, a P/E ratio of 13.35, a price-to-earnings-growth ratio of 2.75 and a beta of 0.75.

M&T Bank Dividend Announcement

The business also recently declared 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. The ex-dividend date was Tuesday, September 3rd. This represents a $5.40 annualized dividend and a dividend yield of 2.73%. M&T Bank’s dividend payout ratio (DPR) is currently 36.51%.

Analysts Set New Price Targets

A number of brokerages have recently commented on MTB. DA Davidson upped their price objective 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. JPMorgan Chase & Co. raised shares of M&T Bank from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $183.00 to $215.00 in a research report on Tuesday, September 3rd. Citigroup increased their price target on shares of M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. Wolfe Research raised shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price target for the company in a research report on Friday, October 4th. Finally, Wedbush increased their price target on shares of M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $198.76.

Insider Activity

In other news, CEO Rene F. Jones sold 23,071 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 77,226 shares of the company’s stock, valued at $14,972,576.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other M&T Bank news, CEO Rene F. Jones sold 23,071 shares of the firm’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 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 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Kevin J. Pearson sold 6,095 shares of the firm’s stock in a transaction that occurred on Friday, August 9th. The shares were sold at an average price of $162.28, for a total transaction of $989,096.60. Following the completion of the transaction, the insider now directly owns 47,944 shares in the company, valued at approximately $7,780,352.32. 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 68,234 shares of company stock valued at $12,190,627 over the last three months. 0.82% of the stock is owned by insiders.

M&T Bank Company 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.