M&T Bank Corporation $MTB Stock: Axiom Investment Management LLC Lowers Position

Axiom Investment Management LLC reduced its position in shares of M&T Bank Corporation (NYSE:MTB) by 17.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 12,161 shares of the financial services provider’s stock after selling 2,601 shares during the period. M&T Bank accounts for about 2.1% of Axiom Investment Management LLC’s holdings, making the stock its 11th biggest position. Axiom Investment Management LLC’s holdings in M&T Bank were worth $2,646,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in MTB. First Bancorp Inc ME bought a new position in shares of M&T Bank during the 2nd quarter worth approximately $25,000. John Boyer Inc. purchased a new position in shares of M&T Bank in the 3rd quarter worth approximately $29,000. FNY Investment Advisers LLC bought a new position in shares of M&T Bank in the second quarter valued at approximately $51,000. NBH Bank bought a new position in shares of M&T Bank in the second quarter valued at approximately $51,000. Finally, Compass Financial Management LLC grew its holdings in shares of M&T Bank by 265.3% in the third quarter. Compass Financial Management LLC now owns 263 shares of the financial services provider’s stock valued at $57,000 after acquiring an additional 191 shares in the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Trading Down 0.7%

Shares of M&T Bank stock opened at $218.16 on Friday. M&T Bank Corporation has a 52-week low of $179.75 and a 52-week high of $255.95. The stock’s 50-day simple moving average is $224.35 and its 200 day simple moving average is $225.29. The stock has a market capitalization of $31.51 billion, a P/E ratio of 11.39, a P/E/G ratio of 1.26 and a beta of 0.64. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.89 and a current ratio of 0.89.

M&T Bank (NYSE:MTB) last issued its earnings results on Friday, October 16th. The financial services provider reported $5.08 earnings per share for the quarter, topping analysts’ consensus estimates of $4.93 by $0.15. The firm had revenue of $2.54 billion during the quarter, compared to analyst estimates of $2.53 billion. M&T Bank had a net margin of 22.63% and a return on equity of 11.86%. During the same quarter last year, the business earned $4.82 earnings per share. As a group, research analysts anticipate that M&T Bank Corporation will post 19.48 EPS for the current year.

M&T Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st were paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.8%. The ex-dividend date was Tuesday, September 1st. M&T Bank’s dividend payout ratio is presently 31.32%.

Insider Activity at M&T Bank

In related news, CEO René 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 value of $4,642,432.60. Following the completion of the transaction, the chief executive officer directly owned 103,831 shares of the company’s stock, valued at approximately $24,851,949.85. This trade represents a 15.74% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through 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 shares were sold at an average price of $241.04, for a total transaction of $150,167.92. Following the completion of the transaction, the director owned 3,649 shares of the company’s stock, valued at $879,554.96. This represents a 14.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.44% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts recently commented on the company. Cantor Fitzgerald decreased their price target on M&T Bank from $285.00 to $255.00 and set an “overweight” rating for the company in a research report on Wednesday, October 14th. Raymond James Financial started coverage on M&T Bank in a research report on Tuesday, October 6th. They issued an “outperform” rating and a $250.00 price objective on the stock. Robert W. Baird upped their price objective on M&T Bank from $240.00 to $250.00 and gave the company a “neutral” rating in a research note on Thursday, July 16th. Keefe, Bruyette & Woods raised their target price on M&T Bank from $242.00 to $250.00 and gave the company a “market perform” rating in a research report on Thursday, July 16th. Finally, Royal Bank Of Canada decreased their target price on M&T Bank from $255.00 to $245.00 and set an “outperform” rating for the company in a research report on Monday, October 19th. Eight analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, M&T Bank presently has an average rating of “Hold” and an average target price of $244.89.

M&T Bank Company Profile

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Founded in 1856 as Manufacturers and Traders Bank, the company operates primarily through M&T Bank and its wealth-management subsidiary, Wilmington Trust.

M&T provides retail and commercial banking services, including checking and savings accounts, loans, mortgages, credit cards, and cash-management services. Through Wilmington Trust and other businesses, it also offers wealth management, trust, investment, and related financial services.

The company serves individuals, businesses, and institutions across parts of the northeastern and Mid-Atlantic United States, with a presence extending into the Washington, DC, area.