M&T Bank Corporation $MTB Shares Sold by Old Port Advisors

Key Points

• Old Port Advisors reduced its holdings in M&T Bank Corporation by 13.2%, selling 1,250 shares and bringing its total to 8,254 shares valued at $1,601,000.
• Directors and executives of M&T Bank sold significant amounts of stock recently, with Director John P. Barnes and EVP Peter D'arcy decreasing their positions by 45.64% and 20.89% respectively.
• M&T Bank announced an increase in its quarterly dividend to $1.50, representing a 3.0% dividend yield, while the company's payout ratio is currently 38.86%.

Old Port Advisors lessened its position in M&T Bank Corporation (NYSE:MTB - Free Report) by 13.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,254 shares of the financial services provider's stock after selling 1,250 shares during the period. Old Port Advisors' holdings in M&T Bank were worth $1,601,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Wealth Preservation Advisors LLC purchased a new stake in M&T Bank in the first quarter valued at approximately $25,000. WPG Advisers LLC acquired a new position in shares of M&T Bank during the first quarter worth $25,000. Grove Bank & Trust boosted its stake in M&T Bank by 104.6% during the 1st quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 114 shares during the last quarter. Golden State Wealth Management LLC bought a new position in M&T Bank during the 1st quarter valued at $46,000. Finally, Family Legacy Financial Solutions LLC acquired a new stake in shares of M&T Bank during the second quarter worth $46,000. Institutional investors and hedge funds own 84.68% of the company's stock.

Insider Activity

In other M&T Bank news, Director John P. Barnes sold 15,000 shares of the firm's stock in a transaction on Friday, August 22nd. The stock was sold at an average price of $199.79, for a total transaction of $2,996,850.00. Following the completion of the sale, the director owned 17,866 shares of the company's stock, valued at $3,569,448.14. This trade represents a 45.64% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Peter D'arcy sold 2,461 shares of the firm's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $197.31, for a total value of $485,579.91. Following the sale, the executive vice president directly owned 9,319 shares of the company's stock, valued at $1,838,731.89. This represents a 20.89% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,738 shares of company stock valued at $3,734,612. 0.53% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on MTB shares. Jefferies Financial Group increased their price objective on shares of M&T Bank from $220.00 to $240.00 and gave the stock a "buy" rating in a report on Wednesday, September 3rd. Morgan Stanley raised their target price on shares of M&T Bank from $206.00 to $215.00 and gave the stock an "overweight" rating in a report on Friday, June 20th. Wells Fargo & Company raised their target price on shares of M&T Bank from $175.00 to $185.00 and gave the stock an "underweight" rating in a report on Thursday, July 17th. Citigroup raised their price target on shares of M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Finally, Cantor Fitzgerald began coverage on shares of M&T Bank in a research note on Wednesday, September 10th. They issued an "overweight" rating and a $228.00 target price for the company. Thirteen equities research analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $214.53.

M&T Bank Price Performance

NYSE MTB opened at $200.21 on Friday. The business has a 50 day simple moving average of $195.45 and a 200 day simple moving average of $185.06. M&T Bank Corporation has a 52-week low of $150.75 and a 52-week high of $225.70. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.97 and a current ratio of 0.97. The stock has a market cap of $31.29 billion, a price-to-earnings ratio of 12.97, a PEG ratio of 0.98 and a beta of 0.67.

M&T Bank (NYSE:MTB - Get Free Report) last posted its earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.04 by $0.24. The business had revenue of $2.40 billion during the quarter, compared to analysts' expectations 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 business earned $3.73 EPS. Analysts anticipate that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd will be issued a $1.50 dividend. This represents a $6.00 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Tuesday, September 2nd. This is a boost from M&T Bank's previous quarterly dividend of $1.35. M&T Bank's payout ratio is currently 38.86%.

M&T Bank 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.

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