M&T Bank Co. (NYSE:MTB) Shares Sold by Hartford Investment Management Co.

Hartford Investment Management Co. cut its holdings in M&T Bank Co. (NYSE:MTB) by 2.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,301 shares of the financial services provider’s stock after selling 272 shares during the period. Hartford Investment Management Co.’s holdings in M&T Bank were worth $1,937,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. FMR LLC raised 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 worth $2,199,675,000 after acquiring an additional 1,508,846 shares in the last quarter. State Street Corp increased its stake in M&T Bank by 6.4% in the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $1,562,725,000 after purchasing an additional 527,854 shares during the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in M&T Bank during the third quarter worth approximately $44,422,000. Charles Schwab Investment Management Inc. lifted its position in shares of M&T Bank by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock worth $897,216,000 after buying an additional 190,837 shares during the last quarter. Finally, Sapient Capital LLC boosted its holdings in shares of M&T Bank by 9,754.9% in the 4th quarter. Sapient Capital LLC now owns 184,287 shares of the financial services provider’s stock valued at $34,648,000 after buying an additional 182,417 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at M&T Bank

In other news, Director John P. Barnes sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $217.45, for a total transaction of $4,349,000.00. Following the sale, the director now owns 35,480 shares of the company’s stock, valued at $7,715,126. The trade was a 36.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total value of $537,566.10. Following the completion of the transaction, the insider now directly owns 16,429 shares of the company’s stock, valued at $3,546,856.81. The trade was a 13.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 24,611 shares of company stock valued at $5,354,777 in the last ninety days. 0.82% of the stock is currently owned by company insiders.

M&T Bank Price Performance

Shares of NYSE:MTB opened at $197.06 on Friday. M&T Bank Co. has a 52 week low of $133.03 and a 52 week high of $225.70. The company has a 50-day moving average price of $196.15 and a 200 day moving average price of $188.55. The company has a market cap of $32.70 billion, a P/E ratio of 13.47, a PEG ratio of 1.42 and a beta of 0.79. The company has a quick ratio of 0.99, a current ratio of 0.93 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, beating the consensus estimate of $3.70 by $0.22. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same period in the previous year, the company posted $2.74 earnings per share. Research analysts predict that M&T Bank Co. will post 16.56 earnings per share for the current year.

M&T Bank declared that its board has initiated a stock repurchase program on Wednesday, January 22nd that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd were paid a dividend of $1.35 per share. The ex-dividend date was Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.74%. M&T Bank’s dividend payout ratio (DPR) is presently 36.91%.

Analysts Set New Price Targets

Several equities research analysts recently commented on MTB shares. Bank of America boosted 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. The Goldman Sachs Group boosted their target price on M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. Citigroup cut M&T Bank from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $220.00 to $230.00 in a research note on Monday, November 25th. Finally, Wells Fargo & Company raised their target price on shares of M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a research report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $221.68.

M&T Bank Profile

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management and investment services. It operates through the following segments: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.