Norway Savings Bank Cuts Stock Position in M&T Bank Co. (NYSE:MTB)

Norway Savings Bank lowered its stake in M&T Bank Co. (NYSE:MTB) by 2.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 5,362 shares of the financial services provider’s stock after selling 120 shares during the quarter. Norway Savings Bank’s holdings in M&T Bank were worth $1,008,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MTB. Hedeker Wealth LLC boosted its stake in shares of M&T Bank by 1.6% in the third quarter. Hedeker Wealth LLC now owns 3,519 shares of the financial services provider’s stock worth $627,000 after acquiring an additional 55 shares during the last quarter. Frank Rimerman Advisors LLC grew its holdings in shares of M&T Bank by 1.0% in the third quarter. Frank Rimerman Advisors LLC now owns 5,644 shares of the financial services provider’s stock valued at $1,005,000 after purchasing an additional 57 shares during the period. Crestwood Advisors Group LLC increased its position in M&T Bank by 1.9% during the third quarter. Crestwood Advisors Group LLC now owns 3,103 shares of the financial services provider’s stock worth $553,000 after purchasing an additional 57 shares during the last quarter. Hexagon Capital Partners LLC raised its stake in M&T Bank by 54.4% during the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 68 shares during the period. Finally, Meitav Investment House Ltd. boosted its holdings in M&T Bank by 3.1% in the 3rd quarter. Meitav Investment House Ltd. now owns 2,270 shares of the financial services provider’s stock valued at $386,000 after purchasing an additional 69 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on MTB shares. Wedbush lifted their price target on shares of M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a research report on Tuesday, September 24th. Bank of America lifted their target price on M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a research report on Friday, October 18th. Barclays raised their price objective on M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a research report on Monday. Truist Financial initiated coverage on shares of M&T Bank in a research report on Tuesday. They issued a “buy” rating and a $233.00 target price on the stock. Finally, Citigroup cut shares of M&T Bank from a “buy” rating to a “neutral” rating and lifted their price target for the company from $220.00 to $230.00 in a research report on Monday, November 25th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $216.86.

M&T Bank Stock Down 0.6 %

Shares of M&T Bank stock traded down $1.08 on Tuesday, reaching $192.17. 480,098 shares of the company were exchanged, compared to its average volume of 944,868. The stock’s 50 day moving average price is $203.53 and its 200-day moving average price is $181.13. The company has a market cap of $31.88 billion, a P/E ratio of 14.22, a price-to-earnings-growth ratio of 2.79 and a beta of 0.76. M&T Bank Co. has a 1-year low of $128.31 and a 1-year high of $225.70. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 0.99.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, beating analysts’ consensus estimates of $3.60 by $0.48. The business 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%. As a group, equities analysts forecast that M&T Bank Co. will post 14.63 EPS for the current year.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd were issued a $1.35 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.81%. M&T Bank’s payout ratio is currently 39.97%.

Insider Transactions at M&T Bank

In other M&T Bank news, Director John P. Barnes sold 20,000 shares of the stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $193.97, for a total value of $3,879,400.00. Following the transaction, the director now directly owns 49,960 shares in the company, valued at $9,690,741.20. This represents a 28.59 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP John R. Taylor sold 1,436 shares of the business’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $195.03, for a total transaction of $280,063.08. Following the sale, the executive vice president now owns 5,618 shares of the company’s stock, valued at $1,095,678.54. This represents a 20.36 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 84,994 shares of company stock valued at $17,211,278. Corporate insiders own 0.82% of the company’s stock.

M&T Bank Company 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.