Larson Financial Group LLC Sells 500 Shares of M&T Bank Co. (NYSE:MTB)

Larson Financial Group LLC cut its holdings in shares of M&T Bank Co. (NYSE:MTB) by 43.2% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 658 shares of the financial services provider’s stock after selling 500 shares during the quarter. Larson Financial Group LLC’s holdings in M&T Bank were worth $117,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in MTB. Marshall Wace LLP increased its holdings in shares of M&T Bank by 232.1% during the second quarter. Marshall Wace LLP now owns 676,745 shares of the financial services provider’s stock worth $102,432,000 after purchasing an additional 472,997 shares during the period. Los Angeles Capital Management LLC increased its holdings in shares of 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 worth $110,993,000 after purchasing an additional 319,051 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of M&T Bank by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock worth $897,216,000 after purchasing an additional 190,837 shares during the period. Canoe Financial LP increased its holdings in shares of M&T Bank by 29.4% during the third quarter. Canoe Financial LP now owns 588,302 shares of the financial services provider’s stock worth $103,200,000 after purchasing an additional 133,748 shares during the period. Finally, International Assets Investment Management LLC increased its holdings in shares of M&T Bank by 17,784.1% during the third quarter. International Assets Investment Management LLC now owns 110,166 shares of the financial services provider’s stock worth $19,623,000 after purchasing an additional 109,550 shares during the period. 84.68% of the stock is owned by institutional investors.

M&T Bank Price Performance

Shares of NYSE:MTB opened at $220.80 on Friday. The firm has a market cap of $36.64 billion, a PE ratio of 16.34, a price-to-earnings-growth ratio of 3.13 and a beta of 0.74. The firm’s fifty day moving average is $195.64 and its 200-day moving average is $171.40. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.99 and a current ratio of 0.99. M&T Bank Co. has a 52 week low of $123.46 and a 52 week high of $225.70.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.60 by $0.48. The company had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.30 billion. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. Sell-side analysts predict that M&T Bank Co. will post 14.56 earnings per share for the current year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 2nd will be issued a $1.35 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $5.40 annualized dividend and a yield of 2.45%. M&T Bank’s payout ratio is 39.97%.

Analyst Ratings Changes

Several brokerages have recently commented on MTB. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Friday, October 18th. JPMorgan Chase & Co. raised shares of M&T Bank from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $183.00 to $215.00 in a research note on Tuesday, September 3rd. The Goldman Sachs Group lifted their price objective on shares of M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research note on Tuesday. Barclays lifted their price objective on shares of M&T Bank from $170.00 to $228.00 and gave the company an “equal weight” rating in a research note on Friday, October 18th. Finally, Piper Sandler lifted their price objective on shares of M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research note on Wednesday. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $206.41.

Insider Activity at M&T Bank

In other M&T Bank news, Director John P. Barnes sold 20,000 shares of M&T Bank stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $217.45, for a total value of $4,349,000.00. Following the completion of the sale, the director now directly owns 35,480 shares of the company’s stock, valued at approximately $7,715,126. The trade was a 36.05 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Denis J. Salamone sold 10,000 shares of M&T Bank stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total transaction of $1,720,300.00. Following the completion of the sale, the director now directly owns 44,902 shares of the company’s stock, valued at approximately $7,724,491.06. This trade represents a 18.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 90,383 shares of company stock worth $17,925,801 over the last quarter. Company insiders own 0.82% of the company’s stock.

About M&T Bank

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.