Cetera Investment Advisers Cuts Stake in M&T Bank Co. (NYSE:MTB)

Cetera Investment Advisers decreased its position in M&T Bank Co. (NYSE:MTB) by 8.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 32,460 shares of the financial services provider’s stock after selling 3,005 shares during the period. Cetera Investment Advisers’ holdings in M&T Bank were worth $4,913,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Kimelman & Baird LLC acquired a new stake in shares of M&T Bank in the 2nd quarter valued at approximately $4,546,000. NewEdge Advisors LLC lifted its holdings in M&T Bank by 7.5% in the second quarter. NewEdge Advisors LLC now owns 15,158 shares of the financial services provider’s stock valued at $2,294,000 after acquiring an additional 1,062 shares during the period. Creative Planning boosted its position in shares of M&T Bank by 7.4% during the 2nd quarter. Creative Planning now owns 26,925 shares of the financial services provider’s stock worth $4,075,000 after purchasing an additional 1,844 shares in the last quarter. Ascent Group LLC grew its stake in shares of M&T Bank by 15.7% during the 2nd quarter. Ascent Group LLC now owns 13,838 shares of the financial services provider’s stock worth $2,095,000 after purchasing an additional 1,878 shares during the period. Finally, Kathmere Capital Management LLC purchased a new position in shares of M&T Bank in the 2nd quarter valued at about $209,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Down 0.2 %

Shares of NYSE MTB opened at $177.52 on Wednesday. The firm’s 50 day moving average price is $168.96 and its 200 day moving average price is $156.14. The company has a debt-to-equity ratio of 0.44, a quick ratio of 1.00 and a current ratio of 1.00. The firm has a market cap of $29.62 billion, a P/E ratio of 12.00, a price-to-earnings-growth ratio of 3.55 and a beta of 0.75. M&T Bank Co. has a 1 year low of $108.53 and a 1 year high of $180.63.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 EPS for the quarter, beating analysts’ consensus estimates of $3.50 by $0.23. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. The business had revenue of $3.37 billion during the quarter, compared to the consensus estimate of $2.27 billion. During the same quarter in the previous year, the business earned $5.12 earnings per share. As a group, sell-side analysts anticipate that M&T Bank Co. will post 14.23 earnings per share for the current year.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were given a $1.35 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.04%. M&T Bank’s dividend payout ratio is presently 36.51%.

Insider Activity at M&T Bank

In other M&T Bank news, 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 value of $1,720,300.00. Following the transaction, the director now owns 44,902 shares in the company, valued at $7,724,491.06. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other M&T Bank news, Director Kirk W. Walters sold 2,471 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $24.60, for a total transaction of $60,786.60. Following the completion of the sale, the director now directly owns 20,414 shares in the company, valued at $502,184.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Denis J. Salamone sold 10,000 shares of the stock in a transaction on Tuesday, September 3rd. The stock was 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 $7,724,491.06. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 32,699 shares of company stock worth $5,115,349. 0.82% of the stock is owned by company insiders.

Analysts Set New Price Targets

MTB has been the topic of a number of research analyst reports. StockNews.com downgraded shares of M&T Bank from a “hold” rating to a “sell” rating in a report on Thursday, October 3rd. Wedbush upped their price target on M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Keefe, Bruyette & Woods lifted their price objective on M&T Bank from $170.00 to $180.00 and gave the stock a “market perform” rating in a report on Friday, July 19th. Bank of America upped their target price on M&T Bank from $160.00 to $188.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Finally, Wolfe Research raised M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price target for the company in a research note on Friday, October 4th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $185.75.

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.