M&T Bank Co. (NYSE:MTB) Shares Sold by Cutler Investment Counsel LLC

Cutler Investment Counsel LLC reduced its position in M&T Bank Co. (NYSE:MTB) by 3.1% in the 3rd quarter, Holdings Channel.com reports. The fund owned 43,495 shares of the financial services provider’s stock after selling 1,369 shares during the quarter. Cutler Investment Counsel LLC’s holdings in M&T Bank were worth $7,747,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Plato Investment Management Ltd raised its stake in shares of M&T Bank by 2,300.0% during the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock worth $30,000 after buying an additional 161 shares in the last quarter. Ashton Thomas Securities LLC acquired a new position in shares of M&T Bank in the third quarter valued at approximately $32,000. Hexagon Capital Partners LLC lifted its stake in shares of M&T Bank by 54.4% during the 3rd quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 68 shares during the period. Migdal Insurance & Financial Holdings Ltd. boosted its stake in 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 buying an additional 158 shares during the last quarter. Finally, Oakworth Capital Inc. purchased a new stake in M&T Bank in the second quarter valued at approximately $35,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MTB has been the subject of a number of recent research reports. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Wells Fargo & Company lifted their price target on shares of M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a report on Friday. Wolfe Research upgraded M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 target price on the stock in a research note on Friday, October 4th. The Goldman Sachs Group increased their price objective on M&T Bank from $190.00 to $216.00 and gave the stock a “neutral” rating in a report on Friday, October 18th. Finally, Piper Sandler boosted their price target on shares of M&T Bank from $164.00 to $190.00 and gave the stock an “overweight” rating in a research report on Monday, July 22nd. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, M&T Bank currently has an average rating of “Hold” and an average target price of $199.65.

M&T Bank Stock Performance

Shares of NYSE:MTB traded up $1.47 on Friday, hitting $214.74. The company had a trading volume of 849,133 shares, compared to its average volume of 1,047,514. M&T Bank Co. has a 1-year low of $123.37 and a 1-year high of $216.84. 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 stock has a market cap of $35.63 billion, a price-to-earnings ratio of 15.89, a P/E/G ratio of 2.98 and a beta of 0.74. The stock has a 50 day moving average price of $187.11 and a 200 day moving average price of $167.05.

M&T Bank (NYSE:MTB) last announced 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. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. The business had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.30 billion. Analysts expect that M&T Bank Co. will post 14.56 EPS for the current year.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 2.51%. The ex-dividend date was Tuesday, September 3rd. M&T Bank’s payout ratio is presently 39.97%.

Insider Transactions at M&T Bank

In other M&T Bank news, CEO Rene F. Jones sold 23,071 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 77,226 shares in the company, valued at $14,972,576.88. The trade was a 23.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP John R. Taylor sold 1,436 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The shares were sold at an average price of $195.03, for a total transaction of $280,063.08. Following the completion of the sale, the executive vice president now directly owns 5,618 shares in the company, valued at approximately $1,095,678.54. This trade represents a 20.36 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 72,854 shares of company stock worth $13,637,588 over the last three months. 0.82% of the stock is owned by company 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.