Absher Wealth Management LLC Sells 3,163 Shares of M&T Bank Co. (NYSE:MTB)

Absher Wealth Management LLC cut its position in M&T Bank Co. (NYSE:MTB) by 0.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 336,042 shares of the financial services provider’s stock after selling 3,163 shares during the period. M&T Bank accounts for approximately 7.1% of Absher Wealth Management LLC’s investment portfolio, making the stock its biggest holding. Absher Wealth Management LLC owned about 0.20% of M&T Bank worth $50,863,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. General Partner Inc. acquired a new position in shares of M&T Bank during the first quarter valued at about $27,000. Fidelis Capital Partners LLC bought a new position in shares of M&T Bank in the first quarter valued at approximately $30,000. Principal Securities Inc. purchased a new position in shares of M&T Bank during the fourth quarter valued at approximately $34,000. Oakworth Capital Inc. bought a new stake in M&T Bank during the second quarter worth $35,000. Finally, Mark Sheptoff Financial Planning LLC raised its position in M&T Bank by 677.4% in the 4th quarter. Mark Sheptoff Financial Planning LLC now owns 412 shares of the financial services provider’s stock valued at $57,000 after buying an additional 359 shares during the last quarter. 84.68% of the stock is owned by institutional investors.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, Vice Chairman Gary N. Geisel sold 500 shares of the business’s stock in a transaction dated Wednesday, July 24th. The shares were sold at an average price of $172.50, for a total value of $86,250.00. Following the transaction, the insider now owns 16,429 shares in the company, valued at $2,834,002.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Vice Chairman Gary N. Geisel sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $172.50, for a total transaction of $86,250.00. Following the completion of the transaction, the insider now owns 16,429 shares in the company, valued at $2,834,002.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, 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 transaction of $1,298,512.08. Following the transaction, the director now directly owns 15,045 shares in the company, valued at $2,617,378.65. The disclosure for this sale can be found here. Insiders sold 22,699 shares of company stock valued at $3,395,049 in the last quarter. Company insiders own 0.82% of the company’s stock.

M&T Bank Price Performance

Shares of M&T Bank stock opened at $171.32 on Wednesday. The business’s 50-day moving average price is $162.11 and its 200-day moving average price is $150.65. The firm has a market capitalization of $28.59 billion, a PE ratio of 11.58, a price-to-earnings-growth ratio of 3.45 and a beta of 0.77. M&T Bank Co. has a 12 month low of $108.53 and a 12 month high of $176.44. The company has a current ratio of 1.00, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 EPS for the quarter, topping the consensus estimate of $3.50 by $0.23. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. The firm had revenue of $3.37 billion for the quarter, compared to the consensus estimate of $2.27 billion. During the same period last year, the firm posted $5.12 earnings per share. Sell-side analysts forecast that M&T Bank Co. will post 14.24 EPS for the current fiscal year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Tuesday, September 3rd will be paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 3.15%. The ex-dividend date is Tuesday, September 3rd. M&T Bank’s payout ratio is 36.51%.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the stock. Royal Bank of Canada lifted their price objective on shares of M&T Bank from $160.00 to $174.00 and gave the stock an “outperform” rating in a report on Friday, July 19th. JPMorgan Chase & Co. raised M&T Bank from a “neutral” rating to an “overweight” rating and increased their price objective for the company from $183.00 to $215.00 in a report on Tuesday. Bank of America increased their price target on M&T Bank from $160.00 to $188.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. DA Davidson boosted their price objective on M&T Bank from $159.00 to $185.00 and gave the company a “neutral” rating in a research note on Friday, July 19th. Finally, Jefferies Financial Group upped their price objective on shares of M&T Bank from $160.00 to $161.00 and gave the company a “hold” rating in a report on Wednesday, July 3rd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $175.85.

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.