Migdal Insurance & Financial Holdings Ltd. Sells 171 Shares of M&T Bank Corporation $MTB

Migdal Insurance & Financial Holdings Ltd. cut its stake in shares of M&T Bank Corporation (NYSE:MTB) by 38.2% during the 2nd quarter, Holdings Channel reports. The fund owned 277 shares of the financial services provider’s stock after selling 171 shares during the period. Migdal Insurance & Financial Holdings Ltd.’s holdings in M&T Bank were worth $54,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. Wealth Preservation Advisors LLC bought a new position in M&T Bank during the first quarter worth $25,000. WPG Advisers LLC bought a new position in M&T Bank during the first quarter worth $25,000. Family Legacy Financial Solutions LLC bought a new position in M&T Bank during the second quarter worth $46,000. Cullen Frost Bankers Inc. boosted its stake in M&T Bank by 1,109.5% during the second quarter. Cullen Frost Bankers Inc. now owns 254 shares of the financial services provider’s stock worth $49,000 after acquiring an additional 233 shares in the last quarter. Finally, Golden State Wealth Management LLC bought a new position in M&T Bank during the first quarter worth $46,000. 84.68% of the stock is owned by institutional investors.

Insider Transactions at M&T Bank

In other M&T Bank news, Director John P. Barnes sold 15,000 shares of the company’s stock in a transaction dated Friday, August 22nd. The shares were sold at an average price of $199.79, for a total value of $2,996,850.00. Following the completion of the sale, the director directly owned 17,866 shares of the company’s stock, valued at approximately $3,569,448.14. This represents a 45.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.53% of the company’s stock.

M&T Bank Stock Down 0.1%

M&T Bank stock opened at $181.15 on Thursday. M&T Bank Corporation has a fifty-two week low of $150.75 and a fifty-two week high of $225.70. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.97 and a current ratio of 0.97. The firm’s 50-day simple moving average is $193.40 and its 200 day simple moving average is $187.71. The stock has a market cap of $27.84 billion, a PE ratio of 11.15, a price-to-earnings-growth ratio of 0.87 and a beta of 0.62.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Wednesday, March 9th. The financial services provider reported $3.54 earnings per share (EPS) for the quarter. M&T Bank had a net margin of 20.91% and a return on equity of 10.62%. The business had revenue of $1.54 billion during the quarter. Research analysts predict that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 2nd were given a $1.50 dividend. This represents a $6.00 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend was Tuesday, September 2nd. This is a positive change from M&T Bank’s previous quarterly dividend of $1.35. M&T Bank’s payout ratio is currently 36.95%.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Cantor Fitzgerald began coverage on shares of M&T Bank in a research note on Wednesday, September 10th. They set an “overweight” rating and a $228.00 target price on the stock. DA Davidson boosted their target price on shares of M&T Bank from $189.00 to $207.00 and gave the stock a “neutral” rating in a research report on Thursday, July 17th. TD Cowen upped their target price on shares of M&T Bank from $235.00 to $245.00 and gave the stock a “buy” rating in a report on Monday, October 20th. UBS Group upped their target price on shares of M&T Bank from $207.00 to $208.00 and gave the stock a “neutral” rating in a report on Tuesday, October 7th. Finally, Wells Fargo & Company upped their target price on shares of M&T Bank from $175.00 to $185.00 and gave the stock an “underweight” rating in a report on Thursday, July 17th. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, nine have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $217.76.

M&T Bank 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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.