Norway Savings Bank Trims Stake in M&T Bank Corporation $MTB

Norway Savings Bank reduced its position in M&T Bank Corporation (NYSE:MTB) by 3.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,132 shares of the financial services provider’s stock after selling 178 shares during the quarter. Norway Savings Bank’s holdings in M&T Bank were worth $996,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Marcum Wealth LLC raised its holdings in shares of M&T Bank by 4.9% in the first quarter. Marcum Wealth LLC now owns 1,231 shares of the financial services provider’s stock worth $220,000 after buying an additional 57 shares during the last quarter. First Manhattan CO. LLC. raised its holdings in shares of M&T Bank by 0.6% in the first quarter. First Manhattan CO. LLC. now owns 9,693 shares of the financial services provider’s stock worth $1,733,000 after buying an additional 57 shares during the last quarter. Forum Financial Management LP raised its holdings in shares of M&T Bank by 2.2% in the fourth quarter. Forum Financial Management LP now owns 2,873 shares of the financial services provider’s stock worth $540,000 after buying an additional 62 shares during the last quarter. Compound Planning Inc. raised its holdings in shares of M&T Bank by 3.0% in the first quarter. Compound Planning Inc. now owns 2,222 shares of the financial services provider’s stock worth $397,000 after buying an additional 64 shares during the last quarter. Finally, Checchi Capital Advisers LLC raised its holdings in shares of M&T Bank by 4.4% in the first quarter. Checchi Capital Advisers LLC now owns 1,579 shares of the financial services provider’s stock worth $282,000 after buying an additional 67 shares during the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MTB. DA Davidson raised their price target on shares of M&T Bank from $189.00 to $207.00 and gave the stock a “neutral” rating in a report on Thursday, July 17th. Citigroup raised their price target on shares of M&T Bank from $200.00 to $212.00 and gave the stock a “neutral” rating in a report on Wednesday, July 2nd. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $200.00 price target on shares of M&T Bank in a report on Monday, May 19th. Morgan Stanley raised their target price on shares of M&T Bank from $206.00 to $215.00 and gave the stock an “overweight” rating in a report on Friday, June 20th. Finally, Wells Fargo & Company raised their target price on shares of M&T Bank from $175.00 to $185.00 and gave the stock an “underweight” rating in a report on Thursday, July 17th. Fourteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $214.31.

M&T Bank Price Performance

NYSE:MTB opened at $198.72 on Friday. M&T Bank Corporation has a 52 week low of $150.75 and a 52 week high of $225.70. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $31.05 billion, a PE ratio of 12.87, a price-to-earnings-growth ratio of 0.97 and a beta of 0.67. The stock’s 50-day moving average price is $195.47 and its 200-day moving average price is $183.88.

M&T Bank (NYSE:MTB) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 EPS for the quarter, beating analysts’ consensus estimates of $4.04 by $0.24. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%.The firm had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.39 billion. During the same period last year, the firm earned $3.73 EPS. As a group, equities analysts expect that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd will be given a dividend of $1.50 per share. This is a boost from M&T Bank’s previous quarterly dividend of $1.35. The ex-dividend date is Tuesday, September 2nd. This represents a $6.00 dividend on an annualized basis and a dividend yield of 3.0%. M&T Bank’s payout ratio is 38.86%.

Insider Activity

In other news, Director John P. Barnes sold 15,000 shares of the firm’s stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $199.79, for a total transaction of $2,996,850.00. Following the sale, the director directly owned 17,866 shares in the company, valued at $3,569,448.14. This trade represents a 45.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Peter D’arcy sold 2,461 shares of the firm’s stock in a transaction dated Tuesday, July 22nd. The shares were sold at an average price of $197.31, for a total value of $485,579.91. Following the sale, the executive vice president owned 9,319 shares in the company, valued at $1,838,731.89. This trade represents a 20.89% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,738 shares of company stock worth $3,734,612 in the last ninety days. Company insiders own 0.53% of the company’s stock.

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.