Citigroup Inc. Trims Stake in M&T Bank Co. (NYSE:MTB)

Citigroup Inc. cut its position in shares of M&T Bank Co. (NYSE:MTB) by 3.4% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 199,127 shares of the financial services provider’s stock after selling 7,033 shares during the period. Citigroup Inc. owned approximately 0.12% of M&T Bank worth $35,468,000 at the end of the most recent quarter.

Other hedge funds also recently added to or reduced their stakes in the company. Lazard Asset Management LLC grew its stake in shares of M&T Bank by 6.1% during the first quarter. Lazard Asset Management LLC now owns 26,346 shares of the financial services provider’s stock valued at $3,831,000 after buying an additional 1,504 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in M&T Bank by 5.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock valued at $48,267,000 after acquiring an additional 18,566 shares during the last quarter. Invenomic Capital Management LP purchased a new stake in M&T Bank in the first quarter worth $9,479,000. B. Riley Wealth Advisors Inc. lifted its position in shares of M&T Bank by 18.8% during the first quarter. B. Riley Wealth Advisors Inc. now owns 5,785 shares of the financial services provider’s stock worth $841,000 after purchasing an additional 915 shares during the last quarter. Finally, California State Teachers Retirement System boosted its stake in shares of M&T Bank by 1.6% during the first quarter. California State Teachers Retirement System now owns 276,222 shares of the financial services provider’s stock valued at $40,174,000 after purchasing an additional 4,343 shares during the period. 84.68% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on MTB shares. Royal Bank of Canada lifted their price objective on shares of M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a report on Friday, October 18th. Wells Fargo & Company boosted their price target on M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a report on Friday, November 15th. Morgan Stanley raised their price objective on M&T Bank from $195.00 to $220.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. DA Davidson upped their target price on M&T Bank from $192.00 to $207.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Finally, StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $199.65.

M&T Bank Trading Up 2.1 %

NYSE MTB opened at $221.12 on Monday. M&T Bank Co. has a 52 week low of $123.46 and a 52 week high of $221.52. The company has a 50 day moving average price of $191.98 and a 200 day moving average price of $169.74. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44. The firm has a market cap of $36.69 billion, a PE ratio of 16.37, a price-to-earnings-growth ratio of 3.05 and a beta of 0.74.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.60 by $0.48. The business had revenue of $2.33 billion for the quarter, compared to the consensus estimate of $2.30 billion. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. As a group, sell-side analysts forecast that M&T Bank Co. will post 14.56 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd will be issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 2.44%. The ex-dividend date is Monday, December 2nd. M&T Bank’s dividend payout ratio is presently 39.97%.

Insiders Place Their Bets

In other M&T Bank news, Director Denis J. Salamone sold 10,000 shares of M&T Bank stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the completion of the sale, the director now owns 44,902 shares of the company’s stock, valued at approximately $7,724,491.06. The trade was a 18.21 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Rene F. Jones sold 23,071 shares of the stock in a transaction dated 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 transaction, the chief executive officer now directly owns 77,226 shares in the company, valued at $14,972,576.88. This represents a 23.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 70,383 shares of company stock valued at $13,576,801. 0.82% of the stock is currently owned by corporate insiders.

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.