Hennessy Advisors Inc. Lowers Holdings in M&T Bank Co. (NYSE:MTB)

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

Several other hedge funds and other institutional investors have also recently made changes to their positions in MTB. Wood Tarver Financial Group LLC acquired a new stake in M&T Bank in the 4th quarter worth about $29,000. Banque Transatlantique SA bought a new position in M&T Bank during the 4th quarter valued at $38,000. Sierra Ocean LLC acquired a new position in shares of M&T Bank in the 4th quarter worth approximately $44,000. Human Investing LLC bought a new stake in shares of M&T Bank during the 4th quarter valued at about $44,000. Finally, Loomis Sayles & Co. L P acquired a new stake in M&T Bank in the fourth quarter worth $52,000. Institutional investors and hedge funds own 84.68% of the company's stock.

M&T Bank Stock Performance

MTB stock traded up $2.18 during midday trading on Monday, hitting $180.21. The company's stock had a trading volume of 992,108 shares, compared to its average volume of 1,165,824. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The stock has a market cap of $28.93 billion, a price-to-earnings ratio of 12.32, a PEG ratio of 1.38 and a beta of 0.62. M&T Bank Co. has a 1 year low of $141.14 and a 1 year high of $225.70. The stock's 50-day moving average price is $174.73 and its 200 day moving average price is $185.08.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing analysts' consensus estimates of $3.41 by ($0.03). M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. The firm had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter last year, the business posted $3.09 earnings per share. On average, equities analysts forecast that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The business also recently declared 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. The ex-dividend date is Monday, June 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 3.00%. M&T Bank's dividend payout ratio (DPR) is currently 36.17%.

Analysts Set New Price Targets

MTB has been the subject of several research analyst reports. Truist Financial cut their price objective on M&T Bank from $225.00 to $200.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Wall Street Zen raised shares of M&T Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. DA Davidson cut their price objective on M&T Bank from $205.00 to $189.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. JPMorgan Chase & Co. cut their target price on M&T Bank from $212.50 to $186.50 and set a "neutral" rating for the company in a research note on Thursday, April 3rd. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $200.00 target price on shares of M&T Bank in a report on Monday, May 19th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $212.53.

M&T Bank Company Profile

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.