Nottingham Advisors Inc. Sells 2,133 Shares of M&T Bank Corporation (NYSE:MTB)

Key Points

• Nottingham Advisors Inc. has reduced its stake in M&T Bank Corporation by 34.5%, now holding a total of $724,000 worth of shares after selling 2,133 shares in the first quarter.
• M&T Bank has reported earnings of $4.28 per share for the last quarter, exceeding analyst expectations, along with a revenue of $2.40 billion.
• The company announced a quarterly dividend of $1.35 per share, equating to an annualized dividend yield of 2.79% for investors of record.

Nottingham Advisors Inc. lessened its stake in M&T Bank Corporation (NYSE:MTB - Free Report) by 34.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,048 shares of the financial services provider's stock after selling 2,133 shares during the quarter. Nottingham Advisors Inc.'s holdings in M&T Bank were worth $724,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MTB. Wood Tarver Financial Group LLC acquired a new position in M&T Bank in the fourth quarter valued at about $29,000. Banque Transatlantique SA acquired a new position in shares of M&T Bank during the fourth quarter worth about $38,000. Grove Bank & Trust boosted its position in shares of M&T Bank by 104.6% during the first quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock worth $40,000 after buying an additional 114 shares during the period. Golden State Wealth Management LLC acquired a new position in shares of M&T Bank during the first quarter worth about $46,000. Finally, Loomis Sayles & Co. L P acquired a new position in shares of M&T Bank during the fourth quarter worth about $52,000. Institutional investors own 84.68% of the company's stock.

Analysts Set New Price Targets

Several analysts recently issued reports on MTB shares. Wells Fargo & Company upped their target price on M&T Bank from $175.00 to $185.00 and gave the stock an "underweight" rating in a report on Thursday, July 17th. Citigroup upped their target price on M&T Bank from $200.00 to $212.00 and gave the stock a "neutral" rating in a report on Wednesday, July 2nd. Jefferies Financial Group set a $225.00 price objective on M&T Bank and gave the company a "buy" rating in a research note on Wednesday, May 21st. Royal Bank Of Canada restated an "outperform" rating and issued a $200.00 price objective on shares of M&T Bank in a research note on Monday, May 19th. Finally, TD Cowen initiated coverage on M&T Bank in a research note on Thursday, May 15th. They issued a "buy" rating and a $230.00 price objective on the stock. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $212.88.

Insiders Place Their Bets

In other M&T Bank news, Director Richard H. Jr. Ledgett sold 1,277 shares of M&T Bank stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $197.48, for a total transaction of $252,181.96. Following the transaction, the director directly owned 4,881 shares of the company's stock, valued at approximately $963,899.88. The trade was a 20.74% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert E. Sadler, Jr. sold 6,700 shares of M&T Bank stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $183.52, for a total value of $1,229,584.00. Following the transaction, the director directly owned 23,070 shares in the company, valued at $4,233,806.40. The trade was a 22.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,438 shares of company stock valued at $1,967,346. 0.53% of the stock is currently owned by company insiders.

M&T Bank Price Performance

Shares of NYSE MTB traded down $1.33 during mid-day trading on Thursday, hitting $190.22. 370,515 shares of the stock traded hands, compared to its average volume of 1,290,050. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.91 and a quick ratio of 0.97. M&T Bank Corporation has a twelve month low of $150.75 and a twelve month high of $225.70. The company has a market cap of $30.53 billion, a PE ratio of 12.33, a price-to-earnings-growth ratio of 0.96 and a beta of 0.63. The firm has a 50 day simple moving average of $190.06 and a two-hundred day simple moving average of $184.60.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share for the quarter, beating the consensus estimate 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 company had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.39 billion. During the same quarter last year, the business posted $3.73 EPS. As a group, equities research analysts forecast that M&T Bank Corporation will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 2nd were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.84%. The ex-dividend date of this dividend was Monday, June 2nd. M&T Bank's payout ratio is presently 34.97%.

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.