M&T Bank Corporation $MTB Stock Sold by Avantax Planning Partners Inc.

Avantax Planning Partners Inc. cut its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 91.2% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,572 shares of the financial services provider's stock after selling 16,385 shares during the quarter. Avantax Planning Partners Inc.'s holdings in M&T Bank were worth $342,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of the stock. Brighton Jones LLC lifted its holdings in M&T Bank by 10.6% during the third quarter. Brighton Jones LLC now owns 1,306 shares of the financial services provider's stock worth $284,000 after acquiring an additional 125 shares in the last quarter. StoneX Group Inc. increased its position in shares of M&T Bank by 8.0% during the 3rd quarter. StoneX Group Inc. now owns 3,015 shares of the financial services provider's stock worth $659,000 after purchasing an additional 223 shares during the last quarter. Pictet Asset Management Holding SA raised its position in M&T Bank by 1.4% during the third quarter. Pictet Asset Management Holding SA now owns 64,407 shares of the financial services provider's stock worth $14,015,000 after acquiring an additional 862 shares in the last quarter. Formidable Asset Management LLC bought a new stake in M&T Bank during the third quarter worth $214,000. Finally, Alps Advisors Inc. raised its position in M&T Bank by 188.3% during the third quarter. Alps Advisors Inc. now owns 3,598 shares of the financial services provider's stock worth $783,000 after acquiring an additional 2,350 shares in the last quarter. 84.68% of the stock is owned by institutional investors.

M&T Bank Stock Performance

NYSE MTB opened at $222.94 on Tuesday. M&T Bank Corporation has a fifty-two week low of $179.75 and a fifty-two week high of $255.95. The stock has a market cap of $32.20 billion, a PE ratio of 11.62, a PEG ratio of 1.30 and a beta of 0.64. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.89 and a current ratio of 0.89. The firm's fifty day moving average price is $224.05 and its two-hundred day moving average price is $225.31.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings results on Friday, October 16th. The financial services provider reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.93 by $0.15. M&T Bank had a net margin of 22.63% and a return on equity of 11.86%. The firm had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.53 billion. During the same quarter last year, the firm earned $4.82 earnings per share. On average, equities analysts expect that M&T Bank Corporation will post 19.48 EPS for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 1st were issued a $1.50 dividend. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $6.00 annualized dividend and a dividend yield of 2.7%. M&T Bank's dividend payout ratio is currently 31.32%.

Insiders Place Their Bets

In related news, Director Rudina Seseri sold 623 shares of the business's stock in a transaction on Friday, August 21st. The stock was sold at an average price of $241.04, for a total transaction of $150,167.92. Following the sale, the director directly owned 3,649 shares in the company, valued at approximately $879,554.96. The trade was a 14.58% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Rene F. Jones sold 19,396 shares of the stock in a transaction on Monday, September 14th. The stock was sold at an average price of $239.35, for a total value of $4,642,432.60. Following the completion of the sale, the chief executive officer owned 103,831 shares in the company, valued at $24,851,949.85. This trade represents a 15.74% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 0.44% of the company's stock.

Wall Street Analysts Forecast Growth

MTB has been the subject of a number of analyst reports. UBS Group decreased their price objective on shares of M&T Bank from $255.00 to $238.00 and set a "neutral" rating for the company in a research report on Monday, October 5th. JPMorgan Chase & Co. reduced their price target on M&T Bank from $265.50 to $248.50 and set a "neutral" rating for the company in a report on Friday, October 2nd. Wall Street Zen downgraded M&T Bank from a "hold" rating to a "sell" rating in a research report on Saturday. Raymond James Financial assumed coverage on M&T Bank in a research note on Tuesday, October 6th. They issued an "outperform" rating and a $250.00 price objective on the stock. Finally, DA Davidson cut their price objective on M&T Bank from $262.00 to $258.00 and set a "neutral" rating for the company in a research report on Monday, October 19th. Eight analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $244.89.

About M&T Bank

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Founded in 1856 as Manufacturers and Traders Bank, the company operates primarily through M&T Bank and its wealth-management subsidiary, Wilmington Trust.

M&T provides retail and commercial banking services, including checking and savings accounts, loans, mortgages, credit cards, and cash-management services. Through Wilmington Trust and other businesses, it also offers wealth management, trust, investment, and related financial services.

The company serves individuals, businesses, and institutions across parts of the northeastern and Mid-Atlantic United States, with a presence extending into the Washington, DC, area.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.