Bank of Montreal Can Sells 22,185 Shares of M&T Bank Co. (NYSE:MTB)

Bank of Montreal Can decreased its holdings in M&T Bank Co. (NYSE:MTB) by 5.0% in the third quarter, Holdings Channel reports. The fund owned 422,981 shares of the financial services provider’s stock after selling 22,185 shares during the quarter. Bank of Montreal Can’s holdings in M&T Bank were worth $74,199,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Lazard Asset Management LLC boosted its holdings in shares of M&T Bank by 6.1% in the 1st quarter. Lazard Asset Management LLC now owns 26,346 shares of the financial services provider’s stock worth $3,831,000 after purchasing an additional 1,504 shares during the period. Price T Rowe Associates Inc. MD raised its stake in shares of M&T Bank by 5.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock valued at $48,267,000 after acquiring an additional 18,566 shares during the period. B. Riley Wealth Advisors Inc. lifted its holdings in shares of M&T Bank by 18.8% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 5,785 shares of the financial services provider’s stock worth $841,000 after acquiring an additional 915 shares during the last quarter. California State Teachers Retirement System boosted its stake in shares of M&T Bank by 1.6% during the 1st quarter. California State Teachers Retirement System now owns 276,222 shares of the financial services provider’s stock worth $40,174,000 after purchasing an additional 4,343 shares during the period. Finally, Hancock Whitney Corp raised its position in M&T Bank by 4.7% in the 1st quarter. Hancock Whitney Corp now owns 10,345 shares of the financial services provider’s stock worth $1,505,000 after purchasing an additional 464 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Trading Down 0.5 %

MTB opened at $220.77 on Wednesday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.44. The firm has a market cap of $36.63 billion, a price-to-earnings ratio of 16.34, a PEG ratio of 3.11 and a beta of 0.74. M&T Bank Co. has a 12 month low of $123.46 and a 12 month high of $225.70. The stock has a fifty day moving average price of $193.89 and a 200-day moving average price of $170.70.

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

M&T Bank Dividend Announcement

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

Analyst Ratings Changes

MTB has been the topic of a number of analyst reports. Citigroup cut M&T Bank from a “buy” rating to a “neutral” rating and upped their target price for the company from $220.00 to $230.00 in a research note on Monday. Wolfe Research raised M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective on the stock in a research report on Friday, October 4th. Barclays lifted their target price on M&T Bank from $170.00 to $228.00 and gave the stock an “equal weight” rating in a research report on Friday, October 18th. JPMorgan Chase & Co. raised shares of M&T Bank from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $183.00 to $215.00 in a research note on Tuesday, September 3rd. Finally, StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, M&T Bank presently has an average rating of “Hold” and a consensus target price of $203.29.

Insiders Place Their Bets

In other news, Director John P. Barnes sold 20,000 shares of the company’s stock in a transaction dated 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 transaction, the director now owns 35,480 shares in the company, valued at $7,715,126. This represents a 36.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Denis J. Salamone sold 10,000 shares of M&T Bank stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the completion of the sale, the director now owns 44,902 shares of the company’s stock, valued at $7,724,491.06. This trade represents a 18.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 90,383 shares of company stock valued at $17,925,801. 0.82% of the stock is currently owned by insiders.

About M&T Bank

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.