2,377 M&T Bank Corporation $MTB Shares Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. lowered its stake in M&T Bank Corporation (NYSE:MTB) by 63.3% in the 3rd quarter, HoldingsChannel reports. The fund owned 1,376 shares of the financial services provider’s stock after selling 2,377 shares during the period. Oppenheimer & Co. Inc.’s holdings in M&T Bank were worth $299,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in MTB. Wedmont Private Capital raised its position in M&T Bank by 1.0% during the second quarter. Wedmont Private Capital now owns 4,405 shares of the financial services provider’s stock valued at $1,067,000 after purchasing an additional 45 shares during the period. CX Institutional boosted its holdings in shares of M&T Bank by 3.4% in the 2nd quarter. CX Institutional now owns 1,650 shares of the financial services provider’s stock worth $393,000 after purchasing an additional 54 shares during the period. Cidel Asset Management Inc. increased its position in shares of M&T Bank by 5.4% during the 2nd quarter. Cidel Asset Management Inc. now owns 1,196 shares of the financial services provider’s stock valued at $285,000 after purchasing an additional 61 shares during the last quarter. Hudock Inc. increased its position in shares of M&T Bank by 0.4% during the 3rd quarter. Hudock Inc. now owns 13,891 shares of the financial services provider’s stock valued at $3,023,000 after purchasing an additional 62 shares during the last quarter. Finally, Taylor Securities Services Inc. raised its holdings in M&T Bank by 1.7% during the 3rd quarter. Taylor Securities Services Inc. now owns 4,200 shares of the financial services provider’s stock valued at $914,000 after buying an additional 70 shares during the period. 84.68% of the stock is owned by institutional investors.

M&T Bank Trading Down 0.7%

M&T Bank stock traded down $1.62 during mid-day trading on Friday, hitting $218.16. The company’s stock had a trading volume of 859,201 shares, compared to its average volume of 971,519. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.89 and a current ratio of 0.89. The company has a 50 day moving average of $224.35 and a 200-day moving average of $225.29. M&T Bank Corporation has a one year low of $179.75 and a one year high of $255.95. The stock has a market cap of $31.51 billion, a PE ratio of 11.39, a P/E/G ratio of 1.30 and a beta of 0.64.

M&T Bank (NYSE:MTB) last released its earnings results on Friday, October 16th. The financial services provider reported $5.08 earnings per share for the quarter, topping the consensus estimate of $4.93 by $0.15. The business had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.53 billion. M&T Bank had a return on equity of 11.86% and a net margin of 22.63%. During the same period last year, the company earned $4.82 earnings per share. On average, research analysts anticipate that M&T Bank Corporation will post 19.48 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st were paid a $1.50 dividend. This represents a $6.00 annualized dividend and a yield of 2.8%. The ex-dividend date of this dividend was Tuesday, September 1st. M&T Bank’s dividend payout ratio (DPR) is currently 31.32%.

Insider Activity

In other M&T Bank news, Director Rudina Seseri sold 623 shares of the business’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $241.04, for a total value of $150,167.92. Following the completion of the sale, the director directly owned 3,649 shares of the company’s stock, valued at $879,554.96. The trade was a 14.58% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Rene F. Jones sold 19,396 shares of the company’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $239.35, for a total transaction of $4,642,432.60. Following the completion of the transaction, the chief executive officer owned 103,831 shares in the company, valued at $24,851,949.85. This represents a 15.74% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.44% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Evercore set a $230.00 price target on M&T Bank in a research report on Thursday, October 1st. Weiss Ratings reiterated a “buy (b)” rating on shares of M&T Bank in a research report on Tuesday, September 1st. Wells Fargo & Company increased their target price on shares of M&T Bank from $215.00 to $224.00 and gave the company an “underweight” rating in a research note on Thursday, July 16th. Truist Financial lowered their target price on shares of M&T Bank from $250.00 to $235.00 and set a “hold” rating for the company in a report on Tuesday, October 20th. Finally, Cantor Fitzgerald dropped their price target on shares of M&T Bank from $285.00 to $255.00 and set an “overweight” rating for the company in a research note on Wednesday, October 14th. Eight equities research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, M&T Bank currently has an average rating of “Hold” and an average price target of $244.89.

M&T Bank Company Profile

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Founded in 1856 as Manufacturers and Traders Bank, the company operates primarily through M&T Bank and its wealth-management subsidiary, Wilmington Trust.

M&T provides retail and commercial banking services, including checking and savings accounts, loans, mortgages, credit cards, and cash-management services. Through Wilmington Trust and other businesses, it also offers wealth management, trust, investment, and related financial services.

The company serves individuals, businesses, and institutions across parts of the northeastern and Mid-Atlantic United States, with a presence extending into the Washington, DC, area.