M&T Bank Corp Trims Position in Altria Group, Inc. $MO

Key Points

• M&T Bank trimmed its stake in Altria by 2.9% in Q3, selling 15,483 shares and retaining 517,286 shares worth about $34.17 million, while institutional investors own roughly 57.41% of the stock.
• Insider sale: SVP Charles N. Whitaker sold 27,908 shares on March 5 at an average price of $67.57 for about $1.89 million, cutting his ownership by 13.37% to 180,869 shares.
• Dividend: Altria announced a quarterly dividend of $1.06 (annualized $4.24) with an ex-dividend date of March 25 and a yield of 6.2%, and a payout ratio of 103.16%.

M&T Bank Corp cut its stake in shares of Altria Group, Inc. (NYSE:MO - Free Report) by 2.9% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 517,286 shares of the company's stock after selling 15,483 shares during the period. M&T Bank Corp's holdings in Altria Group were worth $34,172,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Kercheville Advisors LLC raised its stake in shares of Altria Group by 3.7% during the 3rd quarter. Kercheville Advisors LLC now owns 4,397 shares of the company's stock valued at $290,000 after buying an additional 156 shares during the last quarter. Founders Grove Wealth Partners LLC lifted its holdings in Altria Group by 2.9% in the third quarter. Founders Grove Wealth Partners LLC now owns 5,781 shares of the company's stock valued at $382,000 after acquiring an additional 165 shares during the period. Generali Asset Management SPA SGR lifted its holdings in Altria Group by 0.3% in the third quarter. Generali Asset Management SPA SGR now owns 50,805 shares of the company's stock valued at $3,356,000 after acquiring an additional 170 shares during the period. Zullo Investment Group Inc. boosted its position in Altria Group by 2.4% in the 3rd quarter. Zullo Investment Group Inc. now owns 7,386 shares of the company's stock worth $488,000 after purchasing an additional 175 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in Altria Group by 0.9% in the 3rd quarter. Blue Trust Inc. now owns 19,819 shares of the company's stock worth $1,309,000 after purchasing an additional 179 shares in the last quarter. 57.41% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Altria Group

In other news, SVP Charles N. Whitaker sold 27,908 shares of the firm's stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $67.57, for a total value of $1,885,743.56. Following the transaction, the senior vice president owned 180,869 shares in the company, valued at $12,221,318.33. This trade represents a 13.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.08% of the stock is owned by insiders.

Altria Group Stock Performance

Shares of NYSE MO opened at $67.96 on Friday. The firm has a fifty day moving average of $64.21 and a 200 day moving average of $62.64. The firm has a market cap of $113.62 billion, a PE ratio of 16.53, a PEG ratio of 2.89 and a beta of 0.45. Altria Group, Inc. has a one year low of $52.82 and a one year high of $70.51.

Altria Group (NYSE:MO - Get Free Report) last posted its quarterly earnings data on Thursday, January 29th. The company reported $1.30 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.32 by ($0.02). Altria Group had a net margin of 29.84% and a negative return on equity of 287.61%. During the same quarter in the previous year, the company earned $1.30 EPS. Altria Group's revenue for the quarter was down .5% compared to the same quarter last year. On average, equities analysts predict that Altria Group, Inc. will post 5.32 EPS for the current fiscal year.

Altria Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 30th. Shareholders of record on Wednesday, March 25th will be paid a dividend of $1.06 per share. This represents a $4.24 annualized dividend and a yield of 6.2%. The ex-dividend date is Wednesday, March 25th. Altria Group's payout ratio is 103.16%.

Analysts Set New Price Targets

MO has been the topic of a number of analyst reports. UBS Group raised their price objective on shares of Altria Group from $67.00 to $74.00 and gave the stock a "buy" rating in a research note on Monday, March 9th. Citigroup increased their price target on shares of Altria Group from $57.00 to $65.00 and gave the stock a "neutral" rating in a report on Monday, February 9th. Jefferies Financial Group raised their price target on shares of Altria Group from $47.00 to $50.00 and gave the company an "underperform" rating in a research report on Wednesday, March 4th. Stifel Nicolaus decreased their price objective on shares of Altria Group from $72.00 to $68.00 and set a "buy" rating for the company in a research report on Friday, January 30th. Finally, Barclays lifted their price target on Altria Group from $57.00 to $63.00 and gave the company an "underweight" rating in a research note on Monday, February 23rd. Five research analysts have rated the stock with a Buy rating, five have given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat.com, Altria Group currently has an average rating of "Hold" and a consensus target price of $65.11.

Altria Group Company Profile

Altria Group, Inc NYSE: MO is a U.S.-based consumer goods company whose principal business is the manufacture and sale of tobacco products. Headquartered in Richmond, Virginia, the company's operations are focused primarily on the U.S. market and include the production, marketing and distribution of cigarettes, smokeless tobacco and cigars. Its flagship cigarette franchise in the United States is sold through its operating subsidiaries and is among the most recognizable cigarette brands in the country.

Altria's principal operating businesses include Philip Morris USA (cigarettes), U.S.

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