Norway Savings Bank Decreases Position in M&T Bank Co. (NYSE:MTB)

Norway Savings Bank decreased its position in M&T Bank Co. (NYSE:MTB) by 12.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,482 shares of the financial services provider’s stock after selling 751 shares during the period. Norway Savings Bank’s holdings in M&T Bank were worth $976,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Massachusetts Financial Services Co. MA grew its stake in shares of 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 increased its stake in shares of M&T Bank by 6.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,613,174 shares of the financial services provider’s stock worth $244,129,000 after purchasing an additional 93,113 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of M&T Bank by 3.0% in the second quarter. Bank of New York Mellon Corp now owns 1,513,452 shares of the financial services provider’s stock valued at $229,076,000 after purchasing an additional 44,442 shares during the period. Barrow Hanley Mewhinney & Strauss LLC raised its position in shares of M&T Bank by 3.2% in the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,398,199 shares of the financial services provider’s stock valued at $211,631,000 after purchasing an additional 43,795 shares during the period. Finally, Los Angeles Capital Management LLC lifted its stake in shares of 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 valued at $110,993,000 after buying an additional 319,051 shares in the last quarter. 84.68% of the stock is owned by institutional investors.

M&T Bank Price Performance

MTB stock traded up $2.65 during mid-day trading on Tuesday, hitting $188.21. 617,461 shares of the stock were exchanged, compared to its average volume of 1,016,978. The business has a fifty day moving average price of $170.39 and a 200 day moving average price of $157.49. M&T Bank Co. has a 12 month low of $108.53 and a 12 month high of $188.90. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.00 and a quick ratio of 1.00. The stock has a market capitalization of $31.40 billion, a price-to-earnings ratio of 12.55, a PEG ratio of 3.27 and a beta of 0.75.

M&T Bank (NYSE:MTB) last released its earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, topping analysts’ consensus estimates of $3.50 by $0.23. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. The company had revenue of $3.37 billion during the quarter, compared to the consensus estimate of $2.27 billion. During the same quarter in the previous year, the company posted $5.12 EPS. On average, sell-side analysts anticipate that M&T Bank Co. will post 14.16 EPS for the current year.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were paid a $1.35 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.87%. M&T Bank’s dividend payout ratio (DPR) is 36.51%.

Insider Activity at M&T Bank

In other M&T Bank news, Director Kirk W. Walters sold 7,464 shares of the business’s stock in a transaction on Friday, July 26th. The shares were sold at an average price of $173.97, for a total value of $1,298,512.08. Following the completion of the sale, the director now directly owns 15,045 shares of the company’s stock, valued at $2,617,378.65. The trade was a 0.00 % 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. In other news, Director Kirk W. Walters sold 7,464 shares of M&T Bank stock in a transaction dated Friday, July 26th. The stock was sold at an average price of $173.97, for a total value of $1,298,512.08. Following the transaction, the director now owns 15,045 shares in the company, valued at approximately $2,617,378.65. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert E. Sadler, Jr. sold 1,000 shares of the business’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total value of $172,230.00. Following the completion of the sale, the director now directly owns 31,796 shares of the company’s stock, valued at approximately $5,476,225.08. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 32,699 shares of company stock valued at $5,115,349. Insiders own 0.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on MTB shares. Evercore ISI raised shares of M&T Bank from an “in-line” rating to an “outperform” rating and boosted their target price for the company from $187.00 to $210.00 in a report on Wednesday, October 2nd. Wells Fargo & Company cut M&T Bank from an “equal weight” rating to an “underweight” rating and dropped their price objective for the stock from $170.00 to $165.00 in a report on Thursday, August 15th. Keefe, Bruyette & Woods lifted their target price on M&T Bank from $170.00 to $180.00 and gave the company a “market perform” rating in a report on Friday, July 19th. JPMorgan Chase & Co. upgraded M&T Bank from a “neutral” rating to an “overweight” rating and upped their price target for the company from $183.00 to $215.00 in a research report on Tuesday, September 3rd. Finally, Piper Sandler raised their price objective on shares of M&T Bank from $164.00 to $190.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $185.75.

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.