Patriot Financial Group Insurance Agency LLC Trims Stock Position in M&T Bank Co. (NYSE:MTB)

Patriot Financial Group Insurance Agency LLC cut its holdings in shares of M&T Bank Co. (NYSE:MTBFree Report) by 3.6% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 4,171 shares of the financial services provider’s stock after selling 157 shares during the quarter. Patriot Financial Group Insurance Agency LLC’s holdings in M&T Bank were worth $572,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Penserra Capital Management LLC grew its stake in M&T Bank by 7.8% during the 4th quarter. Penserra Capital Management LLC now owns 930 shares of the financial services provider’s stock valued at $134,000 after purchasing an additional 67 shares in the last quarter. Carnegie Capital Asset Management LLC increased its position in shares of M&T Bank by 2.6% during the 3rd quarter. Carnegie Capital Asset Management LLC now owns 3,119 shares of the financial services provider’s stock valued at $394,000 after purchasing an additional 80 shares during the period. Burns J W & Co. Inc. NY increased its position in shares of M&T Bank by 1.3% during the 4th quarter. Burns J W & Co. Inc. NY now owns 6,034 shares of the financial services provider’s stock valued at $827,000 after purchasing an additional 80 shares during the period. Robinson Value Management Ltd. increased its position in shares of M&T Bank by 0.3% during the 3rd quarter. Robinson Value Management Ltd. now owns 33,542 shares of the financial services provider’s stock valued at $4,241,000 after purchasing an additional 85 shares during the period. Finally, Kinneret Advisory LLC grew its holdings in shares of M&T Bank by 2.3% in the 1st quarter. Kinneret Advisory LLC now owns 3,836 shares of the financial services provider’s stock worth $650,000 after acquiring an additional 86 shares during the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Kirk W. Walters sold 28,845 shares of M&T Bank stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $145.00, for a total transaction of $4,182,525.00. Following the completion of the transaction, the director now owns 6,367 shares in the company, valued at $923,215. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Doris P. Meister sold 3,961 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $143.60, for a total transaction of $568,799.60. Following the completion of the sale, the executive vice president now owns 5,000 shares in the company, valued at $718,000. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Kirk W. Walters sold 28,845 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $145.00, for a total value of $4,182,525.00. Following the sale, the director now owns 6,367 shares of the company’s stock, valued at approximately $923,215. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 35,481 shares of company stock worth $5,114,624. Company insiders own 0.82% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on MTB. UBS Group lifted their price target on M&T Bank from $139.00 to $154.00 in a report on Wednesday, January 17th. Deutsche Bank Aktiengesellschaft cut M&T Bank from a “buy” rating to a “hold” rating and set a $145.00 price objective for the company. in a research report on Monday, December 18th. StockNews.com cut M&T Bank from a “hold” rating to a “sell” rating in a research report on Wednesday, December 27th. Evercore ISI boosted their price target on M&T Bank from $146.00 to $157.00 and gave the stock an “in-line” rating in a research report on Thursday. Finally, Piper Sandler decreased their target price on M&T Bank from $156.00 to $152.00 and set an “overweight” rating for the company in a research note on Friday, January 19th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $150.17.

Read Our Latest Research Report on MTB

M&T Bank Price Performance

NYSE:MTB opened at $145.44 on Friday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.99 and a current ratio of 0.99. The stock’s 50-day simple moving average is $139.46 and its 200 day simple moving average is $131.62. The company has a market cap of $24.23 billion, a P/E ratio of 9.22, a P/E/G ratio of 1.29 and a beta of 0.79. M&T Bank Co. has a 52-week low of $108.53 and a 52-week high of $148.23.

M&T Bank (NYSE:MTBGet Free Report) last released its earnings results on Thursday, January 18th. The financial services provider reported $2.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.10 by ($0.36). M&T Bank had a net margin of 21.49% and a return on equity of 11.59%. The company had revenue of $3.32 billion during the quarter, compared to analyst estimates of $2.27 billion. During the same period in the prior year, the firm posted $4.57 EPS. As a group, sell-side analysts forecast that M&T Bank Co. will post 13.88 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Monday, March 4th were issued a dividend of $1.30 per share. This represents a $5.20 dividend on an annualized basis and a yield of 3.58%. The ex-dividend date was Friday, March 1st. M&T Bank’s payout ratio is currently 32.95%.

About M&T Bank

(Free Report)

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.

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Want to see what other hedge funds are holding MTB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for M&T Bank Co. (NYSE:MTBFree Report).

Institutional Ownership by Quarter for M&T Bank (NYSE:MTB)

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