Sound Income Strategies LLC Sells 11,519 Shares of M&T Bank Corporation $MTB

Sound Income Strategies LLC decreased its holdings in M&T Bank Corporation (NYSE:MTB) by 11.5% during the 3rd quarter, Holdings Channel.com reports. The fund owned 88,303 shares of the financial services provider’s stock after selling 11,519 shares during the quarter. Sound Income Strategies LLC’s holdings in M&T Bank were worth $19,211,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MTB. Wedmont Private Capital boosted its position in shares of M&T Bank by 1.0% during the second quarter. Wedmont Private Capital now owns 4,405 shares of the financial services provider’s stock valued at $1,067,000 after buying an additional 45 shares during the last quarter. CX Institutional grew its holdings in M&T Bank by 3.4% during the second quarter. CX Institutional now owns 1,650 shares of the financial services provider’s stock worth $393,000 after buying an additional 54 shares in the last quarter. Cidel Asset Management Inc. grew its holdings in M&T Bank by 5.4% during the second quarter. Cidel Asset Management Inc. now owns 1,196 shares of the financial services provider’s stock worth $285,000 after buying an additional 61 shares in the last quarter. Legacy Financial Advisors Inc. raised its position in M&T Bank by 2.6% in the 2nd quarter. Legacy Financial Advisors Inc. now owns 2,866 shares of the financial services provider’s stock valued at $682,000 after buying an additional 72 shares during the last quarter. Finally, V Square Quantitative Management LLC raised its position in M&T Bank by 4.5% in the 1st quarter. V Square Quantitative Management LLC now owns 1,891 shares of the financial services provider’s stock valued at $391,000 after buying an additional 82 shares during the last quarter. 84.68% of the stock is owned by institutional investors.

M&T Bank Stock Performance

Shares of M&T Bank stock traded down $0.24 during trading hours on Friday, hitting $217.32. 721,066 shares of the company’s stock traded hands, compared to its average volume of 1,126,247. The stock has a market capitalization of $31.38 billion, a price-to-earnings ratio of 11.47, a PEG ratio of 1.23 and a beta of 0.61. M&T Bank Corporation has a 12-month low of $174.76 and a 12-month high of $255.95. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.96 and a quick ratio of 0.96. The company has a fifty day simple moving average of $235.29 and a 200-day simple moving average of $228.02.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Wednesday, July 15th. The financial services provider reported $5.35 earnings per share for the quarter, topping analysts’ consensus estimates of $4.66 by $0.69. The company had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.46 billion. M&T Bank had a net margin of 22.72% and a return on equity of 11.80%. During the same period in the previous year, the firm earned $4.28 EPS. Equities research analysts anticipate that M&T Bank Corporation will post 19.42 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st were given a $1.50 dividend. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $6.00 annualized dividend and a yield of 2.8%. M&T Bank’s payout ratio is currently 31.68%.

Key Headlines Impacting M&T Bank

Here are the key news stories impacting M&T Bank this week:

• Positive Sentiment: Raymond James initiated coverage with an “outperform” rating and a $250 price target, implying substantial upside from the reference price. The call reflects confidence in M&T Bank’s earnings outlook and valuation. M&T Bank Stock Bumped Up to Moderate Buy by Raymond James Financial
• Positive Sentiment: Zacks said M&T Bank has the key factors needed for a potential earnings beat in its forthcoming report, raising expectations ahead of the release. A stronger-than-expected result could support the shares. M&T Bank Corporation Earnings Expected to Grow
• Neutral Sentiment: TD Cowen began coverage with a “hold” rating and a $245 price target. Although the target indicates potential upside, the neutral recommendation suggests the firm wants to see additional evidence from earnings or operating trends before becoming more constructive.
• Neutral Sentiment: M&T Bank is expected to announce quarterly earnings on Friday, making the report the primary near-term catalyst. Investors will focus on revenue, net interest income, credit quality and management’s outlook. M&T Bank Expected to Announce Earnings on Friday

Insider Transactions at M&T Bank

In other news, CEO Rene F. Jones sold 19,396 shares of the firm’s stock in a transaction that occurred on Monday, September 14th. The shares were sold at an average price of $239.35, for a total transaction of $4,642,432.60. Following the completion of the sale, the chief executive officer owned 103,831 shares in the company, valued at $24,851,949.85. This trade represents a 15.74% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rudina Seseri sold 623 shares of M&T Bank stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $241.04, for a total transaction of $150,167.92. Following the completion of the sale, the director directly owned 3,649 shares in the company, valued at $879,554.96. This trade represents a 14.58% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 20,028 shares of company stock worth $4,794,884. Corporate insiders own 0.44% of the company’s stock.

Analysts Set New Price Targets

MTB has been the topic of a number of analyst reports. Jefferies Financial Group cut their price objective on shares of M&T Bank from $300.00 to $275.00 and set a “buy” rating on the stock in a report on Thursday, September 24th. Wells Fargo & Company increased their target price on shares of M&T Bank from $215.00 to $224.00 and gave the company an “underweight” rating in a report on Thursday, July 16th. Evercore set a $230.00 price target on shares of M&T Bank in a report on Thursday, October 1st. Royal Bank Of Canada upped their price objective on shares of M&T Bank from $230.00 to $255.00 and gave the stock an “outperform” rating in a research report on Thursday, July 16th. Finally, DA Davidson lifted their target price on shares of M&T Bank from $263.00 to $266.00 and gave the stock a “neutral” rating in a research report on Thursday, July 16th. Eight investment analysts have rated the stock with a Buy rating, fourteen have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, M&T Bank has an average rating of “Hold” and a consensus price target of $250.21.

About M&T Bank

M&T Bank Corporation is a regional financial services company headquartered in Buffalo, New York. Founded in 1856, the company operates primarily through its M&T Bank subsidiary and serves consumers, businesses, institutions and government entities.

M&T Bank provides a range of banking products and services, including checking and savings accounts, consumer lending, residential mortgages, credit cards, commercial loans, treasury management and investment services. Through its wealth management and institutional businesses, the company also offers trust, investment management, custody and related financial services.

The bank serves customers across a footprint concentrated in the Mid-Atlantic and Northeastern United States, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and Washington, DC Its businesses also include Wilmington Trust, which provides wealth management, corporate and institutional trust, and related services.

John R.