Woodmont Investment Counsel LLC Lowers Holdings in M&T Bank Corporation (NYSE:MTB)

Woodmont Investment Counsel LLC trimmed its position in M&T Bank Corporation (NYSE:MTB) by 42.0% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,314 shares of the financial services provider’s stock after selling 950 shares during the quarter. Woodmont Investment Counsel LLC’s holdings in M&T Bank were worth $235,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the company. FMR LLC lifted its holdings in shares of M&T Bank by 14.3% in the 4th quarter. FMR LLC now owns 14,110,412 shares of the financial services provider’s stock worth $2,652,899,000 after buying an additional 1,761,014 shares during the period. Charles Schwab Investment Management Inc. boosted its position in M&T Bank by 5.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider’s stock valued at $994,522,000 after acquiring an additional 252,583 shares in the last quarter. Geode Capital Management LLC boosted its position in M&T Bank by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider’s stock valued at $819,768,000 after acquiring an additional 40,948 shares in the last quarter. Norges Bank bought a new stake in M&T Bank during the 4th quarter valued at $317,690,000. Finally, Northern Trust Corp boosted its position in M&T Bank by 14.7% during the 4th quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider’s stock valued at $316,483,000 after acquiring an additional 215,100 shares in the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at M&T Bank

In other news, Director Robert E. Sadler, Jr. sold 6,700 shares of the firm’s stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $183.52, for a total value of $1,229,584.00. Following the completion of the transaction, the director now directly owns 23,070 shares in the company, valued at $4,233,806.40. This trade represents a 22.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently weighed in on MTB. Deutsche Bank Aktiengesellschaft raised M&T Bank from a “hold” rating to a “buy” rating and set a $210.00 price objective on the stock in a research report on Thursday, April 24th. Cowen began coverage on M&T Bank in a research report on Wednesday, May 14th. They set a “buy” rating on the stock. Morgan Stanley raised their price objective on M&T Bank from $206.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday. JPMorgan Chase & Co. dropped their price objective on M&T Bank from $212.50 to $186.50 and set a “neutral” rating on the stock in a research report on Thursday, April 3rd. Finally, Citigroup dropped their price objective on M&T Bank from $230.00 to $195.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, M&T Bank currently has an average rating of “Moderate Buy” and a consensus target price of $210.63.

M&T Bank Trading Up 1.7%

Shares of NYSE:MTB opened at $184.74 on Friday. M&T Bank Corporation has a 52-week low of $145.82 and a 52-week high of $225.70. The stock has a market cap of $29.65 billion, a price-to-earnings ratio of 12.37, a PEG ratio of 1.34 and a beta of 0.62. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.39. The business has a 50-day moving average price of $176.69 and a 200-day moving average price of $184.10.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.41 by ($0.03). M&T Bank had a return on equity of 10.18% and a net margin of 19.86%. The firm had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter in the previous year, the business earned $3.09 earnings per share. Equities analysts predict that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 2nd will be paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.92%. The ex-dividend date of this dividend is Monday, June 2nd. M&T Bank’s payout ratio is 36.17%.

M&T Bank Company 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.