Hennessy Advisors Inc. Lowers Position in M&T Bank Corporation (NYSE:MTB)

Hennessy Advisors Inc. lessened its position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 38.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,000 shares of the financial services provider's stock after selling 2,500 shares during the quarter. Hennessy Advisors Inc.'s holdings in M&T Bank were worth $715,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. US Bancorp DE lifted its position in M&T Bank by 24.3% in the fourth quarter. US Bancorp DE now owns 8,382 shares of the financial services provider's stock worth $1,576,000 after buying an additional 1,639 shares during the last quarter. Valeo Financial Advisors LLC bought a new position in M&T Bank during the 4th quarter valued at about $297,000. Van ECK Associates Corp grew its position in M&T Bank by 1,262.9% in the 4th quarter. Van ECK Associates Corp now owns 22,175 shares of the financial services provider's stock valued at $4,169,000 after acquiring an additional 20,548 shares during the last quarter. Citizens & Northern Corp bought a new stake in M&T Bank during the 4th quarter valued at $523,000. Finally, American Century Companies Inc. increased its stake in shares of M&T Bank by 0.9% during the fourth quarter. American Century Companies Inc. now owns 67,987 shares of the financial services provider's stock valued at $12,782,000 after buying an additional 610 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Citigroup decreased their target price on shares of M&T Bank from $230.00 to $195.00 and set a "neutral" rating for the company in a research report on Monday, March 24th. Jefferies Financial Group set a $225.00 price target on shares of M&T Bank and gave the stock a "buy" rating in a research report on Wednesday, May 21st. Deutsche Bank Aktiengesellschaft raised shares of 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 reduced their target price on shares of M&T Bank from $185.00 to $175.00 and set an "underweight" rating for the company in a report on Tuesday, April 15th. Finally, Robert W. Baird lowered their price target on shares of M&T Bank from $220.00 to $200.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $212.53.

M&T Bank Price Performance

NYSE MTB traded up $3.06 during trading hours on Thursday, hitting $181.39. 1,349,970 shares of the company's stock traded hands, compared to its average volume of 1,170,039. The company has a market capitalization of $29.12 billion, a PE ratio of 12.15, a PEG ratio of 1.29 and a beta of 0.62. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.97 and a quick ratio of 0.97. M&T Bank Corporation has a 52-week low of $145.25 and a 52-week high of $225.70. The firm's 50-day moving average is $175.68 and its 200-day moving average is $184.73.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.41 by ($0.03). M&T Bank had a net margin of 19.86% and a return on equity of 10.18%. The company had revenue of $2.31 billion during the quarter, compared to analysts' expectations of $2.35 billion. During the same quarter last year, the company earned $3.09 earnings per share. Equities analysts forecast that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 2nd will be paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date is Monday, June 2nd. M&T Bank's dividend payout ratio (DPR) is presently 36.17%.

Insider Transactions at M&T Bank

In other M&T Bank news, Director Robert E. Sadler, Jr. sold 6,700 shares of M&T Bank stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the transaction, the director now directly owns 23,070 shares of the company's stock, valued at $4,233,806.40. The trade was a 22.51% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.53% of the company's stock.

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.