Hanson & Doremus Investment Management Reduces Position in M&T Bank Co. (NYSE:MTB)

Hanson & Doremus Investment Management decreased its holdings in M&T Bank Co. (NYSE:MTB) by 1.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,537 shares of the financial services provider’s stock after selling 66 shares during the quarter. Hanson & Doremus Investment Management’s holdings in M&T Bank were worth $853,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. FMR LLC grew its stake in shares of M&T Bank by 13.9% in the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock worth $2,199,675,000 after acquiring an additional 1,508,846 shares during the period. State Street Corp boosted its holdings in M&T Bank by 6.4% in the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after purchasing an additional 527,854 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in M&T Bank by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock worth $897,216,000 after purchasing an additional 190,837 shares during the period. Geode Capital Management LLC raised its stake in M&T Bank by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,329,814 shares of the financial services provider’s stock valued at $768,824,000 after buying an additional 66,337 shares during the last quarter. Finally, Senvest Management LLC raised its stake in M&T Bank by 12.3% during the 3rd quarter. Senvest Management LLC now owns 882,841 shares of the financial services provider’s stock valued at $157,252,000 after buying an additional 96,500 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.

Analyst Ratings Changes

Several analysts recently commented on MTB shares. Royal Bank of Canada lifted their price objective on M&T Bank from $190.00 to $208.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Piper Sandler boosted their price target on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. Evercore ISI increased their price objective on shares of M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Citigroup downgraded shares of M&T Bank from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $220.00 to $230.00 in a report on Monday, November 25th. Finally, The Goldman Sachs Group upped their target price on shares of M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, M&T Bank has an average rating of “Hold” and a consensus price target of $221.68.

Insider Buying and Selling

In other M&T Bank news, Director John P. Barnes sold 20,000 shares of M&T Bank stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $217.45, for a total value of $4,349,000.00. Following the sale, the director now owns 35,480 shares of the company’s stock, valued at $7,715,126. The trade was a 36.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Vice Chairman Kevin J. Pearson sold 7,500 shares of the stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $195.88, for a total value of $1,469,100.00. Following the transaction, the insider now owns 40,502 shares of the company’s stock, valued at $7,933,531.76. This represents a 15.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,487 shares of company stock worth $8,182,809. 0.82% of the stock is owned by insiders.

M&T Bank Price Performance

NYSE:MTB opened at $200.51 on Thursday. The business’s 50-day simple moving average is $200.23 and its two-hundred day simple moving average is $186.28. M&T Bank Co. has a 52 week low of $128.31 and a 52 week high of $225.70. The stock has a market cap of $33.27 billion, a PE ratio of 13.71, a P/E/G ratio of 1.37 and a beta of 0.79. The company has a quick ratio of 0.99, a current ratio of 0.93 and a debt-to-equity ratio of 0.47.

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

M&T Bank declared that its Board of Directors has approved a share buyback plan on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

M&T Bank Dividend Announcement

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

M&T Bank Company 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.