Bard Financial Services Inc. Sells 1,145 Shares of M&T Bank Corporation $MTB

Bard Financial Services Inc. trimmed its position in shares of M&T Bank Corporation (NYSE:MTB) by 13.5% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 7,360 shares of the financial services provider’s stock after selling 1,145 shares during the period. Bard Financial Services Inc.’s holdings in M&T Bank were worth $1,428,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the business. Wealth Preservation Advisors LLC purchased a new position in shares of M&T Bank during the first quarter valued at approximately $25,000. WPG Advisers LLC purchased a new position in M&T Bank during the 1st quarter valued at $25,000. Wood Tarver Financial Group LLC bought a new position in M&T Bank in the 4th quarter worth $29,000. Grove Bank & Trust lifted its position in shares of M&T Bank by 104.6% in the 1st quarter. Grove Bank & Trust now owns 223 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 114 shares during the period. Finally, Golden State Wealth Management LLC bought a new stake in shares of M&T Bank during the 1st quarter valued at about $46,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insiders Place Their Bets

In related news, Director Richard H. Jr. Ledgett sold 1,277 shares of M&T Bank stock in a transaction on Monday, July 21st. The shares were sold at an average price of $197.48, for a total transaction of $252,181.96. Following the transaction, the director owned 4,881 shares in the company, valued at approximately $963,899.88. The trade was a 20.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Peter D’arcy sold 2,461 shares of the company’s stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total value of $485,579.91. Following the completion of the transaction, the executive vice president directly owned 9,319 shares of the company’s stock, valued at approximately $1,838,731.89. This trade represents a 20.89% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,738 shares of company stock worth $3,734,612 over the last quarter. 0.53% of the stock is currently owned by corporate insiders.

M&T Bank Stock Performance

Shares of NYSE MTB opened at $198.72 on Monday. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47. M&T Bank Corporation has a 52-week low of $150.75 and a 52-week high of $225.70. The company has a market cap of $31.05 billion, a PE ratio of 12.87, a PEG ratio of 0.97 and a beta of 0.67. The firm’s 50-day moving average price is $195.47 and its 200-day moving average price is $183.80.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, beating the consensus estimate 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 in the prior year, the firm earned $3.73 EPS. As a group, analysts anticipate that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Increases Dividend

The firm also recently disclosed 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 represents a $6.00 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a positive change from M&T Bank’s previous quarterly dividend of $1.35. M&T Bank’s payout ratio is presently 38.86%.

Analyst Upgrades and Downgrades

Several brokerages have commented on MTB. Cantor Fitzgerald began coverage on M&T Bank in a research report on Wednesday, September 10th. They set an “overweight” rating and a $228.00 price objective for the company. Jefferies Financial Group boosted their price objective on shares of M&T Bank from $220.00 to $240.00 and gave the stock a “buy” rating in a research note on Wednesday, September 3rd. Citigroup lifted their target price on shares of M&T Bank from $200.00 to $212.00 and gave the company a “neutral” rating in a report on Wednesday, July 2nd. Royal Bank Of Canada restated an “outperform” rating and issued a $200.00 price target on shares of M&T Bank in a research note on Monday, May 19th. Finally, DA Davidson lifted their price objective on M&T Bank from $189.00 to $207.00 and gave the company a “neutral” rating in a research note on Thursday, July 17th. Fourteen research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $214.31.

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.