Cambridge Investment Research Advisors Inc. Has $3.89 Million Holdings in M&T Bank Co. (NYSE:MTB)

Cambridge Investment Research Advisors Inc. cut its stake in shares of M&T Bank Co. (NYSE:MTB) by 12.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,670 shares of the financial services provider’s stock after selling 3,575 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in M&T Bank were worth $3,885,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Ontario Teachers Pension Plan Board increased its holdings in shares of M&T Bank by 43.1% during the first quarter. Ontario Teachers Pension Plan Board now owns 12,423 shares of the financial services provider’s stock worth $1,807,000 after purchasing an additional 3,739 shares during the period. Leuthold Group LLC bought a new position in shares of M&T Bank during the first quarter worth approximately $3,125,000. Rafferty Asset Management LLC increased its holdings in shares of M&T Bank by 72.1% during the fourth quarter. Rafferty Asset Management LLC now owns 239,934 shares of the financial services provider’s stock worth $32,890,000 after purchasing an additional 100,526 shares during the period. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of M&T Bank by 7.7% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 497,503 shares of the financial services provider’s stock worth $72,357,000 after purchasing an additional 35,692 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of M&T Bank by 5.9% during the first quarter. Price T Rowe Associates Inc. MD now owns 331,868 shares of the financial services provider’s stock worth $48,267,000 after purchasing an additional 18,566 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Robert E. Sadler, Jr. sold 1,000 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total transaction of $172,230.00. Following 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 Securities & Exchange Commission, which is available through the SEC website. In other news, Director Robert E. Sadler, Jr. sold 1,000 shares of the business’s stock in a transaction dated 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 sale, the director now directly 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 this hyperlink. Also, Vice Chairman Gary N. Geisel sold 500 shares of the company’s stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $172.50, for a total transaction of $86,250.00. Following the completion of the sale, the insider now directly owns 16,429 shares of the company’s stock, valued at $2,834,002.50. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 22,699 shares of company stock worth $3,395,049. Company insiders own 0.82% of the company’s stock.

M&T Bank Price Performance

MTB stock opened at $172.17 on Friday. The company’s fifty day simple moving average is $160.69 and its 200 day simple moving average is $149.71. M&T Bank Co. has a 12-month low of $108.53 and a 12-month high of $176.44. The firm has a market cap of $28.73 billion, a price-to-earnings ratio of 11.64, 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 (NYSE:MTB) last announced its quarterly earnings data on Thursday, July 18th. The financial services provider reported $3.73 earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $3.37 billion for the quarter, compared to analyst estimates of $2.27 billion. During the same quarter in the prior year, the business earned $5.12 earnings per share. On average, analysts expect that M&T Bank Co. will post 14.24 earnings per share for the current year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd will be issued a dividend of $1.35 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.14%. M&T Bank’s dividend payout ratio is currently 36.51%.

Wall Street Analysts Forecast Growth

MTB has been the topic of a number of recent analyst reports. DA Davidson lifted their price objective on shares of M&T Bank from $159.00 to $185.00 and gave the company a “neutral” rating in a research note on Friday, July 19th. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, July 19th. Piper Sandler lifted their price objective on shares of M&T Bank from $164.00 to $190.00 and gave the company an “overweight” rating in a research note on Monday, July 22nd. Royal Bank of Canada lifted their price objective on shares of M&T Bank from $160.00 to $174.00 and gave the company an “outperform” rating in a research note on Friday, July 19th. Finally, Wells Fargo & Company cut shares of M&T Bank from an “equal weight” rating to an “underweight” rating and decreased their price objective for the company from $170.00 to $165.00 in a research note on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $173.85.

About M&T Bank

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.