Cornercap Investment Counsel Inc. Sells 5,810 Shares of M&T Bank Co. (NYSE:MTB)

Cornercap Investment Counsel Inc. lowered its stake in M&T Bank Co. (NYSE:MTB) by 36.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 10,254 shares of the financial services provider’s stock after selling 5,810 shares during the quarter. M&T Bank accounts for 0.5% of Cornercap Investment Counsel Inc.’s portfolio, making the stock its 20th largest position. Cornercap Investment Counsel Inc.’s holdings in M&T Bank were worth $1,826,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of the business. Massachusetts Financial Services Co. MA lifted its stake in shares of M&T Bank by 4.8% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,781,816 shares of the financial services provider’s stock valued at $269,696,000 after buying an additional 81,004 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in M&T Bank by 6.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,613,174 shares of the financial services provider’s stock valued at $244,129,000 after acquiring an additional 93,113 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in M&T Bank by 3.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,513,452 shares of the financial services provider’s stock valued at $229,076,000 after acquiring an additional 44,442 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in M&T Bank by 3.2% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,398,199 shares of the financial services provider’s stock valued at $211,631,000 after acquiring an additional 43,795 shares during the last quarter. Finally, Los Angeles Capital Management LLC increased its holdings in shares of M&T Bank by 77.0% in the 2nd quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock worth $110,993,000 after buying an additional 319,051 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Analyst Upgrades and Downgrades

MTB has been the topic of a number of research reports. Bank of America boosted their target price on shares of M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Wolfe Research raised shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price target for the company in a research note on Friday, October 4th. Keefe, Bruyette & Woods lifted their price target on shares of M&T Bank from $170.00 to $180.00 and gave the stock a “market perform” rating in a research note on Friday, July 19th. Barclays lifted their price target on shares of M&T Bank from $170.00 to $228.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. Finally, Piper Sandler boosted their price objective on shares of M&T Bank from $164.00 to $190.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $199.65.

M&T Bank Trading Up 0.6 %

NYSE MTB opened at $213.27 on Friday. 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 has a market cap of $35.39 billion, a PE ratio of 15.79, a price-to-earnings-growth ratio of 2.98 and a beta of 0.74. The company has a 50 day moving average price of $185.26 and a 200 day moving average price of $166.25. M&T Bank Co. has a 52 week low of $123.37 and a 52 week high of $216.84.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, topping analysts’ consensus estimates of $3.60 by $0.48. The firm had revenue of $2.33 billion for the quarter, compared to analyst estimates 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, sell-side analysts forecast that M&T Bank Co. will post 14.56 EPS for the current fiscal year.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.53%. The ex-dividend date of this dividend was Tuesday, September 3rd. M&T Bank’s dividend payout ratio (DPR) is presently 39.97%.

Insider Buying and Selling

In other M&T Bank news, Director Denis J. Salamone sold 10,000 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the transaction, the director now directly 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 transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Michael J. Todaro sold 4,786 shares of the stock in a transaction on Tuesday, November 12th. The shares were sold at an average price of $214.10, for a total transaction of $1,024,682.60. Following the transaction, the executive vice president now directly owns 2,787 shares in the company, valued at approximately $596,696.70. The trade was a 63.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 72,854 shares of company stock valued at $13,637,588. Corporate insiders own 0.82% of the company’s stock.

M&T Bank 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.