Cutler Investment Counsel LLC Sells 1,721 Shares of M&T Bank Corporation (NYSE:MTB)

Cutler Investment Counsel LLC lowered its stake in M&T Bank Corporation (NYSE:MTB - Free Report) by 4.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 40,694 shares of the financial services provider's stock after selling 1,721 shares during the quarter. Cutler Investment Counsel LLC's holdings in M&T Bank were worth $7,274,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of MTB. Wood Tarver Financial Group LLC acquired a new stake in M&T Bank in the fourth quarter worth about $29,000. Banque Transatlantique SA bought a new stake in M&T Bank in the fourth quarter worth about $38,000. Grove Bank & Trust raised its position in M&T Bank by 104.6% in the first quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock worth $40,000 after acquiring an additional 114 shares in the last quarter. Golden State Wealth Management LLC bought a new stake in M&T Bank in the first quarter worth about $46,000. Finally, Investors Research Corp raised its position in M&T Bank by 31.1% in the first quarter. Investors Research Corp now owns 295 shares of the financial services provider's stock worth $53,000 after acquiring an additional 70 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on MTB. Barclays dropped their price target on shares of M&T Bank from $235.00 to $220.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 15th. DA Davidson boosted their price objective on M&T Bank from $189.00 to $207.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Deutsche Bank Aktiengesellschaft upgraded M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 price objective on the stock in a report on Thursday, April 24th. Wells Fargo & Company boosted their price objective on M&T Bank from $175.00 to $185.00 and gave the stock an "underweight" rating in a report on Thursday, July 17th. Finally, Piper Sandler cut their price objective on M&T Bank from $220.00 to $210.00 and set an "overweight" rating on the stock in a report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $212.88.

Insiders Place Their Bets

In other news, Director Richard H. Jr. Ledgett sold 1,277 shares of the stock in a transaction on Monday, July 21st. The stock was sold at an average price of $197.48, for a total transaction of $252,181.96. Following the sale, the director owned 4,881 shares in the company, valued at approximately $963,899.88. This represents a 20.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Peter D'arcy sold 2,461 shares of the stock in a transaction on Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total value of $485,579.91. Following the sale, the executive vice president owned 9,319 shares in the company, valued at $1,838,731.89. The trade was a 20.89% decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,438 shares of company stock worth $1,967,346 over the last three months. 0.53% of the stock is currently owned by corporate insiders.

M&T Bank Stock Performance

Shares of NYSE MTB traded down $3.85 during trading hours on Friday, reaching $184.85. The stock had a trading volume of 1,282,103 shares, compared to its average volume of 1,293,572. The business's fifty day moving average is $190.23 and its two-hundred day moving average is $184.58. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.91 and a quick ratio of 0.97. The company has a market cap of $29.67 billion, a price-to-earnings ratio of 11.97, a PEG ratio of 0.94 and a beta of 0.63. M&T Bank Corporation has a twelve month low of $150.75 and a twelve month high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last issued its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 EPS for the quarter, beating analysts' consensus estimates of $4.04 by $0.24. The business had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.39 billion. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%. During the same period in the prior year, the company posted $3.73 earnings per share. As a group, research analysts expect that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 2nd were paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.9%. The ex-dividend date was Monday, June 2nd. M&T Bank's dividend payout ratio is currently 34.97%.

About M&T Bank

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management, and investment services. It operates through the following segments: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.