PDT Partners LLC Sells 19,538 Shares of M&T Bank Corporation $MTB

Key Points

• PDT Partners LLC has reduced its holdings in M&T Bank Corporation by 45.3%, selling 19,538 shares, and now owns 23,556 shares valued at approximately $4.21 million.
• Insider trading activity includes Director Robert E. Sadler, Jr. selling 6,700 shares for over $1.22 million, representing a 22.51% decrease in his position.
• M&T Bank announced an increase in its quarterly dividend to $1.50 per share, resulting in an annualized dividend yield of 3.0%, effective for shareholders of record on September 2nd.

PDT Partners LLC trimmed its position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 45.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,556 shares of the financial services provider's stock after selling 19,538 shares during the quarter. PDT Partners LLC's holdings in M&T Bank were worth $4,211,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in MTB. Wealth Preservation Advisors LLC acquired a new position in M&T Bank during the 1st quarter worth about $25,000. WPG Advisers LLC bought a new stake in M&T Bank during the 1st quarter worth about $25,000. Wood Tarver Financial Group LLC bought a new stake in M&T Bank during the 4th quarter worth about $29,000. Banque Transatlantique SA bought a new stake in M&T Bank during the 4th quarter worth about $38,000. Finally, Grove Bank & Trust raised its holdings 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 worth $40,000 after purchasing an additional 114 shares during the last quarter. 84.68% of the stock is owned by institutional investors.

M&T Bank Stock Up 1.9%

Shares of MTB traded up $3.86 on Thursday, hitting $202.43. The company's stock had a trading volume of 916,647 shares, compared to its average volume of 1,235,641. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47. The firm's fifty day moving average price is $195.24 and its 200-day moving average price is $183.72. M&T Bank Corporation has a fifty-two week low of $150.75 and a fifty-two week high of $225.70. The firm has a market capitalization of $31.63 billion, a price-to-earnings ratio of 13.11, a P/E/G ratio of 0.99 and a beta of 0.67.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings results on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, topping analysts' consensus estimates of $4.04 by $0.24. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%.The firm had revenue of $2.40 billion during the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter in the prior year, the firm posted $3.73 EPS. On average, equities research analysts expect that M&T Bank Corporation will post 16.57 EPS for the current 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 34.97%.

Analyst Ratings Changes

Several analysts have weighed in on the company. Citigroup boosted their price objective on M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Royal Bank Of Canada reissued an "outperform" rating and set a $200.00 price objective on shares of M&T Bank in a report on Monday, May 19th. Morgan Stanley boosted their price objective on 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 upped their price target on M&T Bank from $175.00 to $185.00 and gave the company an "underweight" rating in a research note on Thursday, July 17th. Finally, Wall Street Zen raised M&T Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Thirteen equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $213.63.

Insider Buying and Selling

In other news, EVP Peter D'arcy sold 2,461 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president owned 9,319 shares of the company's stock, valued at approximately $1,838,731.89. This represents a 20.89% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director John P. Barnes sold 15,000 shares of the stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $199.79, for a total value of $2,996,850.00. Following the completion of the sale, the director owned 17,866 shares in the company, valued at approximately $3,569,448.14. This trade represents a 45.64% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 25,438 shares of company stock worth $4,964,196. 0.53% of the stock is owned by corporate insiders.

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.