MONECO Advisors LLC Lowers Stake in M&T Bank Co. (NYSE:MTB)

MONECO Advisors LLC lessened its holdings in M&T Bank Co. (NYSE:MTB) by 9.6% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,529 shares of the financial services provider’s stock after selling 270 shares during the quarter. MONECO Advisors LLC’s holdings in M&T Bank were worth $383,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in MTB. Massachusetts Financial Services Co. MA raised its stake in M&T Bank by 0.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,730,853 shares of the financial services provider’s stock valued at $237,265,000 after buying an additional 4,419 shares during the last quarter. Norges Bank bought a new position in M&T Bank in the 4th quarter worth about $232,322,000. Dimensional Fund Advisors LP grew its position in M&T Bank by 7.4% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,451,856 shares of the financial services provider’s stock valued at $199,037,000 after purchasing an additional 100,008 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in M&T Bank by 8.2% during the 4th quarter. The Manufacturers Life Insurance Company now owns 546,751 shares of the financial services provider’s stock valued at $74,949,000 after purchasing an additional 41,523 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in M&T Bank by 7.7% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock valued at $72,357,000 after purchasing an additional 35,692 shares in the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MTB has been the topic of several analyst reports. Jefferies Financial Group upped their target price on shares of M&T Bank from $160.00 to $161.00 and gave the stock a “hold” rating in a research note on Wednesday, July 3rd. Morgan Stanley lifted their target price on M&T Bank from $195.00 to $220.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. JPMorgan Chase & Co. increased their price objective on M&T Bank from $180.00 to $183.00 and gave the company a “neutral” rating in a research report on Tuesday, July 23rd. Evercore ISI lifted their price objective on M&T Bank from $157.00 to $168.00 and gave the stock an “in-line” rating in a report on Tuesday, June 25th. Finally, StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, July 19th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, M&T Bank presently has an average rating of “Hold” and an average target price of $173.85.

M&T Bank Stock Up 0.8 %

MTB stock opened at $164.40 on Tuesday. The business’s 50-day moving average price is $157.14 and its 200-day moving average price is $148.02. The stock has a market cap of $27.43 billion, a P/E ratio of 11.12, a PEG ratio of 3.34 and a beta of 0.77. The company has a quick ratio of 1.00, a current ratio of 0.94 and a debt-to-equity ratio of 0.44. M&T Bank Co. has a twelve month low of $108.53 and a twelve month high of $176.44.

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

Insider Buying and Selling

In other M&T Bank news, Vice Chairman Kevin J. Pearson sold 6,095 shares of the firm’s stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $162.28, for a total transaction of $989,096.60. Following the sale, the insider now directly owns 47,944 shares of the company’s stock, valued at $7,780,352.32. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Robert E. Sadler, Jr. sold 1,000 shares of the company’s stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total transaction of $172,230.00. Following the completion of the transaction, the director now owns 31,796 shares in the company, valued at $5,476,225.08. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Vice Chairman Kevin J. Pearson sold 6,095 shares of M&T Bank stock in a transaction on Friday, August 9th. The shares were sold at an average price of $162.28, for a total transaction of $989,096.60. Following the completion of the sale, the insider now owns 47,944 shares in the company, valued at $7,780,352.32. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,228 shares of company stock valued at $3,334,262. Company 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.