BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 4,062 Shares of M&T Bank Co. (NYSE:MTB)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lowered its position in M&T Bank Co. (NYSE:MTB) by 12.7% during the 3rd quarter, HoldingsChannel reports. The firm owned 27,848 shares of the financial services provider’s stock after selling 4,062 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in M&T Bank were worth $4,960,000 at the end of the most recent reporting period.

A number of other large investors have also recently modified their holdings of MTB. FMR LLC increased its position in shares of M&T Bank by 13.9% during the 3rd quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after purchasing an additional 1,508,846 shares during the last quarter. Marshall Wace LLP lifted its position in shares of M&T Bank by 232.1% in the 2nd quarter. Marshall Wace LLP now owns 676,745 shares of the financial services provider’s stock worth $102,432,000 after purchasing an additional 472,997 shares during the period. Los Angeles Capital Management LLC boosted its stake in shares of M&T Bank by 77.0% during the 2nd quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock valued at $110,993,000 after purchasing an additional 319,051 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of M&T Bank by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock valued at $897,216,000 after buying an additional 190,837 shares during the period. Finally, The Manufacturers Life Insurance Company raised its stake in M&T Bank by 30.8% in the third quarter. The Manufacturers Life Insurance Company now owns 599,995 shares of the financial services provider’s stock worth $106,871,000 after buying an additional 141,337 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Performance

Shares of NYSE MTB opened at $215.69 on Tuesday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44. The firm’s 50-day moving average price is $196.45 and its 200-day moving average price is $172.10. M&T Bank Co. has a 52-week low of $128.31 and a 52-week high of $225.70. The company has a market cap of $35.79 billion, a PE ratio of 15.97, a PEG ratio of 3.10 and a beta of 0.74.

M&T Bank (NYSE:MTB) last posted 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. The business had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.30 billion. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. As a group, analysts anticipate that M&T Bank Co. will post 14.57 EPS for the current 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 issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date is Monday, December 2nd. M&T Bank’s dividend payout ratio is 39.97%.

Analyst Ratings Changes

Several research firms recently weighed in on MTB. Citigroup lowered M&T Bank from a “buy” rating to a “neutral” rating and lifted their price target for the company from $220.00 to $230.00 in a research report on Monday, November 25th. Evercore ISI upped their target price on shares of M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Bank of America lifted their price target on shares of M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Wells Fargo & Company upped their price objective on shares of M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a report on Friday, November 15th. Finally, Morgan Stanley lifted their target price on shares of M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a report on Monday, August 5th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $206.41.

Insiders Place Their Bets

In other M&T Bank news, CEO Rene F. Jones sold 23,071 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $193.88, for a total value of $4,473,005.48. Following the completion of the transaction, the chief executive officer now directly owns 77,226 shares in the company, valued at $14,972,576.88. This represents a 23.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director John P. Barnes sold 20,000 shares of M&T Bank stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $193.97, for a total value of $3,879,400.00. Following the sale, the director now directly owns 49,960 shares in the company, valued at $9,690,741.20. This trade represents a 28.59 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 82,504 shares of company stock valued at $16,673,712. 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.