Hennessy Advisors Inc. Trims Stock Position in M&T Bank Co. (NYSE:MTB)

Hennessy Advisors Inc. reduced its stake in shares of M&T Bank Co. (NYSE:MTB) by 12.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,500 shares of the financial services provider’s stock after selling 1,500 shares during the quarter. Hennessy Advisors Inc.’s holdings in M&T Bank were worth $1,527,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Burns J W & Co. Inc. NY increased its position in M&T Bank by 1.3% during the 4th quarter. Burns J W & Co. Inc. NY now owns 6,034 shares of the financial services provider’s stock valued at $827,000 after purchasing an additional 80 shares during the period. First Horizon Advisors Inc. increased its position in M&T Bank by 3.2% during the 4th quarter. First Horizon Advisors Inc. now owns 2,548 shares of the financial services provider’s stock valued at $349,000 after purchasing an additional 80 shares during the period. Fulton Bank N.A. increased its position in M&T Bank by 2.3% during the 1st quarter. Fulton Bank N.A. now owns 3,619 shares of the financial services provider’s stock valued at $526,000 after purchasing an additional 81 shares during the period. Sunbelt Securities Inc. increased its position in M&T Bank by 41.7% during the 3rd quarter. Sunbelt Securities Inc. now owns 340 shares of the financial services provider’s stock valued at $43,000 after purchasing an additional 100 shares during the period. Finally, Xponance Inc. increased its position in M&T Bank by 0.5% during the 4th quarter. Xponance Inc. now owns 21,906 shares of the financial services provider’s stock valued at $3,003,000 after purchasing an additional 112 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Stock Performance

MTB traded up $3.42 during midday trading on Friday, hitting $151.07. 662,062 shares of the company traded hands, compared to its average volume of 1,036,246. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.46. The firm has a market capitalization of $25.21 billion, a PE ratio of 10.17, a price-to-earnings-growth ratio of 2.89 and a beta of 0.78. The company’s 50-day moving average is $148.00 and its 200 day moving average is $141.76. M&T Bank Co. has a 52 week low of $108.53 and a 52 week high of $156.65.

M&T Bank (NYSE:MTB) last posted its earnings results on Monday, April 15th. The financial services provider reported $3.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.13 by ($0.11). The company had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.26 billion. M&T Bank had a net margin of 19.52% and a return on equity of 10.68%. During the same quarter in the prior year, the company posted $4.09 EPS. On average, research analysts expect that M&T Bank Co. will post 13.99 EPS for the current year.

M&T Bank Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Monday, June 3rd will be paid a dividend of $1.35 per share. The ex-dividend date of this dividend is Monday, June 3rd. This represents a $5.40 annualized dividend and a yield of 3.57%. This is a boost from M&T Bank’s previous quarterly dividend of $1.30. M&T Bank’s dividend payout ratio is currently 36.51%.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, Director John P. Barnes sold 43,426 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $154.50, for a total transaction of $6,709,317.00. Following the transaction, the director now owns 35,480 shares in the company, valued at approximately $5,481,660. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director John P. Barnes sold 43,426 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $154.50, for a total transaction of $6,709,317.00. Following the completion of the sale, the director now owns 35,480 shares of the company’s stock, valued at approximately $5,481,660. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Doris P. Meister sold 1,638 shares of the stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total transaction of $226,387.98. Following the completion of the sale, the executive vice president now directly owns 3,362 shares of the company’s stock, valued at $464,662.02. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 97,553 shares of company stock worth $14,724,147. Company insiders own 0.82% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Wells Fargo & Company upped their target price on shares of M&T Bank from $145.00 to $150.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 16th. Bank of America upped their target price on shares of M&T Bank from $157.00 to $160.00 and gave the stock a “buy” rating in a research report on Tuesday, April 16th. Evercore ISI upped their target price on shares of M&T Bank from $157.00 to $168.00 and gave the stock an “in-line” rating in a research report on Tuesday. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $170.00 target price on shares of M&T Bank in a research report on Thursday. Finally, Wedbush reaffirmed an “outperform” rating and issued a $170.00 target price on shares of M&T Bank in a research report on Wednesday, April 10th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $161.51.

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.