M&T Bank Co. (NYSE:MTB) Sees Significant Decline in Short Interest

M&T Bank Co. (NYSE:MTB) saw a large drop in short interest during the month of October. As of October 31st, there was short interest totalling 3,370,000 shares, a drop of 23.1% from the October 15th total of 4,380,000 shares. Based on an average daily volume of 1,080,000 shares, the days-to-cover ratio is currently 3.1 days.

Wall Street Analyst Weigh In

MTB has been the topic of a number of recent research reports. Morgan Stanley lifted their target price on M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a research report on Monday, August 5th. JPMorgan Chase & Co. upgraded shares of M&T Bank from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $183.00 to $215.00 in a report on Tuesday, September 3rd. Bank of America increased their target price on shares of M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a report on Friday, October 18th. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Wedbush increased their price objective on shares of M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a research note on Tuesday, September 24th. 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’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $199.65.

M&T Bank Stock Performance

NYSE MTB traded up $1.47 during trading on Friday, reaching $214.74. The company’s stock had a trading volume of 849,133 shares, compared to its average volume of 1,167,415. The firm has a 50 day moving average price of $187.11 and a 200 day moving average price of $167.36. M&T Bank has a 12 month low of $123.37 and a 12 month high of $216.84. The firm has a market capitalization of $35.63 billion, a price-to-earnings ratio of 15.89, a price-to-earnings-growth ratio of 3.02 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.

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

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were paid a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 2.51%. The ex-dividend date was Tuesday, September 3rd. M&T Bank’s dividend payout ratio (DPR) is presently 39.97%.

Insider Activity

In related news, Director Denis J. Salamone sold 10,000 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total value of $1,720,300.00. Following the sale, the director now directly 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kirk W. Walters sold 2,471 shares of the stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $24.60, for a total value of $60,786.60. Following the transaction, the director now owns 20,414 shares of the company’s stock, valued at approximately $502,184.40. This trade represents a 10.80 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 72,854 shares of company stock valued at $13,637,588. 0.82% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Plato Investment Management Ltd lifted its stake in shares of M&T Bank by 2,300.0% in the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock valued at $30,000 after acquiring an additional 161 shares during the last quarter. Ashton Thomas Securities LLC acquired a new position in M&T Bank in the 3rd quarter worth about $32,000. Hexagon Capital Partners LLC raised its position in M&T Bank by 54.4% in the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 68 shares during the last quarter. Oakworth Capital Inc. acquired a new stake in shares of M&T Bank during the second quarter valued at about $35,000. Finally, Migdal Insurance & Financial Holdings Ltd. grew its holdings in shares of M&T Bank by 329.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 158 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

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.