Moors & Cabot Inc. Cuts Stock Holdings in M&T Bank Co. (NYSE:MTB)

Moors & Cabot Inc. decreased its holdings in M&T Bank Co. (NYSE:MTB) by 31.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 7,471 shares of the financial services provider’s stock after selling 3,477 shares during the quarter. Moors & Cabot Inc.’s holdings in M&T Bank were worth $1,131,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. General Partner Inc. acquired a new position in shares of M&T Bank during the 1st quarter worth approximately $27,000. Fidelis Capital Partners LLC acquired a new position in M&T Bank during the first quarter worth $30,000. Principal Securities Inc. purchased a new position in M&T Bank during the fourth quarter valued at $34,000. Oakworth Capital Inc. acquired a new stake in shares of M&T Bank in the second quarter valued at about $35,000. Finally, Mark Sheptoff Financial Planning LLC increased its stake in shares of M&T Bank by 677.4% during the fourth quarter. Mark Sheptoff Financial Planning LLC now owns 412 shares of the financial services provider’s stock worth $57,000 after purchasing an additional 359 shares in the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Vice Chairman Gary N. Geisel sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $172.50, for a total value of $86,250.00. Following the completion of the transaction, the insider now owns 16,429 shares of the company’s stock, valued at $2,834,002.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Robert E. Sadler, Jr. sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total value of $172,230.00. Following the completion of the transaction, the director now owns 31,796 shares of the company’s stock, valued at $5,476,225.08. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Vice Chairman Gary N. Geisel sold 500 shares of the firm’s stock in a transaction that occurred on Wednesday, July 24th. The shares were sold at an average price of $172.50, for a total transaction of $86,250.00. Following the completion of the transaction, the insider now directly owns 16,429 shares of the company’s stock, valued at approximately $2,834,002.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 32,699 shares of company stock valued at $5,115,349. 0.82% of the stock is currently owned by company insiders.

M&T Bank Price Performance

Shares of MTB opened at $174.05 on Thursday. M&T Bank Co. has a 1-year low of $108.53 and a 1-year high of $177.61. The stock has a market cap of $29.04 billion, a PE ratio of 11.77, a P/E/G ratio of 3.32 and a beta of 0.76. The firm has a 50-day simple moving average of $166.48 and a two-hundred day simple moving average of $152.98. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.00 and a quick ratio of 1.00.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, beating analysts’ consensus estimates of $3.50 by $0.23. M&T Bank had a net margin of 17.84% and a return on equity of 9.62%. The business had revenue of $3.37 billion during the quarter, compared to analysts’ expectations of $2.27 billion. During the same period last year, the business earned $5.12 earnings per share. As a group, analysts forecast that M&T Bank Co. will post 14.24 EPS for the current year.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 3.10%. The ex-dividend date of this dividend is Tuesday, September 3rd. M&T Bank’s payout ratio is 36.51%.

Analyst Ratings Changes

MTB has been the topic of a number of research reports. Evercore ISI raised their price target on shares of M&T Bank from $157.00 to $168.00 and gave the company an “in-line” rating in a research note on Tuesday, June 25th. Piper Sandler increased their target price on shares of M&T Bank from $164.00 to $190.00 and gave the company an “overweight” rating in a research report on Monday, July 22nd. DA Davidson increased their target price on shares of M&T Bank from $159.00 to $185.00 and gave the company a “neutral” rating in a research report on Friday, July 19th. Wells Fargo & Company cut shares of M&T Bank from an “equal weight” rating to an “underweight” rating and reduced their target price for the company from $170.00 to $165.00 in a research report on Thursday, August 15th. Finally, Citigroup raised their price objective on shares of M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a research report on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, M&T Bank has an average rating of “Hold” and an average price target of $175.85.

M&T Bank 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.