Wealth Enhancement Advisory Services LLC Sells 17,240 Shares of M&T Bank Corporation (NYSE:MTB)

Wealth Enhancement Advisory Services LLC lowered its position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 52.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 15,446 shares of the financial services provider's stock after selling 17,240 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in M&T Bank were worth $2,761,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of MTB. Cable Hill Partners LLC bought a new position in M&T Bank in the fourth quarter valued at approximately $201,000. New York Life Investment Management LLC lifted its stake in M&T Bank by 0.6% in the fourth quarter. New York Life Investment Management LLC now owns 24,731 shares of the financial services provider's stock valued at $4,650,000 after buying an additional 136 shares in the last quarter. Mn Services Vermogensbeheer B.V. lifted its stake in M&T Bank by 1.7% in the fourth quarter. Mn Services Vermogensbeheer B.V. now owns 64,700 shares of the financial services provider's stock valued at $12,164,000 after buying an additional 1,100 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in M&T Bank during the fourth quarter worth $20,791,000. Finally, QRG Capital Management Inc. boosted its holdings in M&T Bank by 35.6% during the fourth quarter. QRG Capital Management Inc. now owns 2,675 shares of the financial services provider's stock worth $503,000 after purchasing an additional 702 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

Wall Street Analyst Weigh In

MTB has been the subject of several recent research reports. JPMorgan Chase & Co. reduced their target price on shares of M&T Bank from $212.50 to $186.50 and set a "neutral" rating for the company in a report on Thursday, April 3rd. Wells Fargo & Company reduced their target price on shares of M&T Bank from $185.00 to $175.00 and set an "underweight" rating for the company in a report on Tuesday, April 15th. Cowen initiated coverage on shares of M&T Bank in a report on Wednesday, May 14th. They set a "buy" rating for the company. Deutsche Bank Aktiengesellschaft upgraded shares of M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 target price for the company in a report on Thursday, April 24th. Finally, DA Davidson reduced their target price on shares of M&T Bank from $205.00 to $189.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat.com, M&T Bank currently has an average rating of "Moderate Buy" and a consensus target price of $210.88.

M&T Bank Price Performance

MTB stock traded up $0.38 during mid-day trading on Friday, hitting $193.87. The stock had a trading volume of 1,351,607 shares, compared to its average volume of 1,182,960. The firm has a fifty day simple moving average of $179.92 and a 200 day simple moving average of $183.53. M&T Bank Corporation has a 52 week low of $145.82 and a 52 week high of $225.70. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.39. The firm has a market capitalization of $31.12 billion, a P/E ratio of 12.98, a P/E/G ratio of 1.40 and a beta of 0.62.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing analysts' consensus estimates of $3.41 by ($0.03). The company had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.35 billion. M&T Bank had a net margin of 19.86% and a return on equity of 10.18%. During the same quarter in the previous year, the business posted $3.09 earnings per share. As a group, research analysts forecast that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 2nd will be given a dividend of $1.35 per share. The ex-dividend date is Monday, June 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.79%. M&T Bank's dividend payout ratio (DPR) is presently 36.17%.

Insider Transactions at M&T Bank

In other M&T Bank news, Director Robert E. Sadler, Jr. sold 6,700 shares of the business's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $183.52, for a total transaction of $1,229,584.00. Following the completion of the sale, the director now owns 23,070 shares in the company, valued at approximately $4,233,806.40. The trade was a 22.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.53% of the company's stock.

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.