Cutler Investment Counsel LLC Decreases Position in M&T Bank Co. (NYSE:MTB)

Cutler Investment Counsel LLC trimmed its position in M&T Bank Co. (NYSE:MTB) by 2.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 42,415 shares of the financial services provider’s stock after selling 1,080 shares during the period. Cutler Investment Counsel LLC’s holdings in M&T Bank were worth $7,974,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of MTB. Sanctuary Advisors LLC increased its holdings in M&T Bank by 0.3% in the fourth quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider’s stock valued at $3,195,000 after buying an additional 52 shares during the last quarter. Hedeker Wealth LLC increased its holdings in shares of M&T Bank by 1.6% in the 3rd quarter. Hedeker Wealth LLC now owns 3,519 shares of the financial services provider’s stock valued at $627,000 after acquiring an additional 55 shares during the last quarter. Catalina Capital Group LLC raised its position in shares of M&T Bank by 2.0% during the 4th quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider’s stock worth $531,000 after acquiring an additional 56 shares in the last quarter. Frank Rimerman Advisors LLC lifted its stake in M&T Bank by 1.0% during the third quarter. Frank Rimerman Advisors LLC now owns 5,644 shares of the financial services provider’s stock worth $1,005,000 after purchasing an additional 57 shares during the last quarter. Finally, Crestwood Advisors Group LLC boosted its holdings in M&T Bank by 1.9% in the third quarter. Crestwood Advisors Group LLC now owns 3,103 shares of the financial services provider’s stock valued at $553,000 after purchasing an additional 57 shares in the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Trading Up 0.8 %

Shares of M&T Bank stock opened at $198.75 on Monday. M&T Bank Co. has a fifty-two week low of $133.03 and a fifty-two week high of $225.70. The business’s fifty day moving average is $195.59 and its two-hundred day moving average is $188.90. The company has a quick ratio of 0.99, a current ratio of 0.93 and a debt-to-equity ratio of 0.47. The firm has a market cap of $32.98 billion, a PE ratio of 13.59, a P/E/G ratio of 1.42 and a beta of 0.79.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same period last year, the business posted $2.74 EPS. Analysts anticipate that M&T Bank Co. will post 16.56 earnings per share for the current year.

M&T Bank announced that its Board of Directors has authorized a stock buyback program on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date was Monday, December 2nd. M&T Bank’s dividend payout ratio is currently 36.91%.

Insiders Place Their Bets

In other news, EVP Tracy S. Woodrow sold 2,121 shares of the firm’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total value of $468,210.75. Following the transaction, the executive vice president now directly owns 5,141 shares in the company, valued at $1,134,875.75. This trade represents a 29.21 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total transaction of $537,566.10. Following the completion of the sale, the insider now directly owns 16,429 shares of the company’s stock, valued at $3,546,856.81. The trade was a 13.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,611 shares of company stock valued at $5,354,777 over the last quarter. Company insiders own 0.82% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Compass Point increased their target price on shares of M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. DA Davidson raised their price objective on M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. The Goldman Sachs Group boosted their target price on M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. JPMorgan Chase & Co. restated a “neutral” rating and set a $223.50 price target (up previously from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Finally, Keefe, Bruyette & Woods boosted their price objective on M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $221.68.

About M&T Bank

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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.