Hartford Investment Management Co. Reduces Stock Holdings in M&T Bank Co. (NYSE:MTB)

Hartford Investment Management Co. lessened its holdings in shares of M&T Bank Co. (NYSE:MTB) by 1.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,573 shares of the financial services provider’s stock after selling 124 shares during the period. Hartford Investment Management Co.’s holdings in M&T Bank were worth $1,883,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MTB. Marshall Wace LLP raised its stake in shares of M&T Bank by 232.1% during the 2nd quarter. Marshall Wace LLP now owns 676,745 shares of the financial services provider’s stock valued at $102,432,000 after buying an additional 472,997 shares during the last quarter. Los Angeles Capital Management LLC raised its position in M&T Bank by 77.0% during the second quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock valued at $110,993,000 after acquiring an additional 319,051 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in M&T Bank by 6.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,613,174 shares of the financial services provider’s stock valued at $244,129,000 after acquiring an additional 93,113 shares during the period. National Bank of Canada FI boosted its position in M&T Bank by 195.1% in the 1st quarter. National Bank of Canada FI now owns 126,773 shares of the financial services provider’s stock worth $19,480,000 after purchasing an additional 83,814 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its stake in shares of M&T Bank by 4.8% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,781,816 shares of the financial services provider’s stock worth $269,696,000 after purchasing an additional 81,004 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Price Performance

M&T Bank stock opened at $194.50 on Friday. The company has a fifty day simple moving average of $174.96 and a 200-day simple moving average of $159.94. The company has a quick ratio of 1.00, a current ratio of 1.00 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $32.45 billion, a price-to-earnings ratio of 13.15, a PEG ratio of 3.27 and a beta of 0.75. M&T Bank Co. has a 52-week low of $108.53 and a 52-week high of $200.94.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were issued a $1.35 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 2.78%. M&T Bank’s payout ratio is 36.51%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Piper Sandler increased their price target on shares of M&T Bank from $164.00 to $190.00 and gave the stock an “overweight” rating in a report on Monday, July 22nd. Wells Fargo & Company increased their target price on shares of M&T Bank from $165.00 to $190.00 and gave the stock an “underweight” rating in a research note on Friday, October 18th. Morgan Stanley lifted their price target on M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. JPMorgan Chase & Co. upgraded M&T Bank from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $183.00 to $215.00 in a research report on Tuesday, September 3rd. Finally, StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research report on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, M&T Bank presently has an average rating of “Hold” and an average price target of $197.47.

Insiders Place Their Bets

In other news, Director John P. Barnes sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $193.97, for a total value of $3,879,400.00. Following the completion of the sale, the director now directly owns 49,960 shares in the company, valued at $9,690,741.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director John P. Barnes sold 20,000 shares of the business’s stock in a transaction dated Tuesday, October 22nd. The shares were sold at an average price of $193.97, for a total transaction of $3,879,400.00. Following the transaction, the director now owns 49,960 shares of the company’s stock, valued at approximately $9,690,741.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Vice Chairman Kevin J. Pearson sold 6,095 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $162.28, for a total transaction of $989,096.60. Following the completion of the sale, the insider now directly owns 47,944 shares of the company’s stock, valued at $7,780,352.32. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 43,735 shares of company stock valued at $7,437,757 in the last ninety days. 0.82% of the stock is currently owned by corporate insiders.

M&T Bank Profile

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.