Procyon Advisors LLC Has $796,000 Stock Holdings in M&T Bank Co. (NYSE:MTB)

Procyon Advisors LLC reduced its stake in M&T Bank Co. (NYSE:MTB) by 1.4% in the 1st quarter, HoldingsChannel reports. The firm owned 4,455 shares of the financial services provider’s stock after selling 65 shares during the quarter. Procyon Advisors LLC’s holdings in M&T Bank were worth $796,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Spire Wealth Management acquired a new position in M&T Bank during the 4th quarter worth approximately $123,000. Bleakley Financial Group LLC increased its holdings in shares of M&T Bank by 3.9% during the fourth quarter. Bleakley Financial Group LLC now owns 3,535 shares of the financial services provider’s stock valued at $665,000 after acquiring an additional 134 shares in the last quarter. Silver Oak Securities Incorporated raised its position in shares of M&T Bank by 246.1% during the fourth quarter. Silver Oak Securities Incorporated now owns 3,385 shares of the financial services provider’s stock worth $638,000 after purchasing an additional 2,407 shares during the period. Migdal Insurance & Financial Holdings Ltd. raised its position in shares of M&T Bank by 281.1% during the fourth quarter. Migdal Insurance & Financial Holdings Ltd. now owns 785 shares of the financial services provider’s stock worth $148,000 after purchasing an additional 579 shares during the period. Finally, Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of M&T Bank by 2.7% in the 4th quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 18,176 shares of the financial services provider’s stock worth $3,417,000 after purchasing an additional 482 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on MTB shares. Robert W. Baird decreased their price target on shares of M&T Bank from $220.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, April 15th. Wells Fargo & Company decreased their target price on shares of M&T Bank from $185.00 to $175.00 and set an “underweight” rating for the company in a research report on Tuesday, April 15th. Deutsche Bank Aktiengesellschaft upgraded shares of M&T Bank from a “hold” rating to a “buy” rating and set a $210.00 target price on the stock in a report on Thursday, April 24th. Citigroup cut their price target on M&T Bank from $230.00 to $195.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Finally, Cowen assumed coverage on M&T Bank in a report on Wednesday, May 14th. They issued a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $212.53.

M&T Bank Trading Up 2.4%

Shares of M&T Bank stock opened at $184.21 on Friday. The firm has a market cap of $29.57 billion, a PE ratio of 12.59, a P/E/G ratio of 1.38 and a beta of 0.62. M&T Bank Co. has a 1 year low of $139.78 and a 1 year high of $225.70. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. The stock has a fifty day moving average price of $172.67 and a 200-day moving average price of $186.61.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). The company had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.35 billion. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same quarter last year, the business posted $3.09 EPS. Equities research analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 2nd will be paid a dividend of $1.35 per share. The ex-dividend date of this dividend is Monday, June 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.93%. M&T Bank’s payout ratio is currently 36.17%.

Insider Buying and Selling

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the completion of the transaction, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. This represents a 13.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.53% of the stock is currently owned by insiders.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.