Rock Point Advisors LLC Sells 1,996 Shares of M&T Bank Co. (NYSE:MTB)

Rock Point Advisors LLC lessened its position in M&T Bank Co. (NYSE:MTB) by 6.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 28,445 shares of the financial services provider’s stock after selling 1,996 shares during the quarter. Rock Point Advisors LLC’s holdings in M&T Bank were worth $5,067,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of MTB. Plato Investment Management Ltd grew its position in 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 worth $30,000 after purchasing an additional 161 shares during the last quarter. Ashton Thomas Securities LLC acquired a new stake in M&T Bank during the third quarter worth about $32,000. Hexagon Capital Partners LLC increased its stake in M&T Bank by 54.4% during the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 68 shares during the period. Oakworth Capital Inc. acquired a new position in M&T Bank in the 2nd quarter valued at approximately $35,000. Finally, Migdal Insurance & Financial Holdings Ltd. lifted its position in shares of M&T Bank by 329.2% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock worth $37,000 after acquiring an additional 158 shares during the period. 84.68% of the stock is currently owned by institutional investors.

M&T Bank Price Performance

MTB traded down $1.15 during midday trading on Tuesday, hitting $220.80. The company had a trading volume of 52,696 shares, compared to its average volume of 1,037,968. M&T Bank Co. has a twelve month low of $123.46 and a twelve month high of $225.70. The firm’s 50-day simple moving average is $192.95 and its 200-day simple moving average is $170.23. The company has a market capitalization of $36.64 billion, a PE ratio of 16.43, a P/E/G ratio of 3.11 and a beta of 0.74. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.99 and a current ratio of 0.99.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.60 by $0.48. The firm had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.30 billion. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. Equities research analysts predict that M&T Bank Co. will post 14.56 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 2.45%. The ex-dividend date is Monday, December 2nd. M&T Bank’s dividend payout ratio (DPR) is presently 39.97%.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Royal Bank of Canada boosted their price objective on M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Morgan Stanley increased their price objective on shares of M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Wells Fargo & Company lifted their target price on shares of M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a research report on Friday, November 15th. JPMorgan Chase & Co. raised shares of M&T Bank from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $183.00 to $215.00 in a research report on Tuesday, September 3rd. Finally, Wedbush lifted their price objective on M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a report on Tuesday, September 24th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, M&T Bank presently has a consensus rating of “Hold” and an average price target of $203.29.

Insider Activity at M&T Bank

In other M&T Bank news, Director John P. Barnes sold 20,000 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $217.45, for a total transaction of $4,349,000.00. Following the completion of the sale, the director now owns 35,480 shares in the company, valued at approximately $7,715,126. The trade was a 36.05 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Denis J. Salamone sold 10,000 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total value of $1,720,300.00. Following the completion of the transaction, the director now owns 44,902 shares in the company, valued at $7,724,491.06. This represents a 18.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 90,383 shares of company stock worth $17,925,801 over the last 90 days. Insiders own 0.82% 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.