M&T Bank Co. (NYSE:MTB) Shares Sold by Connecticut Wealth Management LLC

Connecticut Wealth Management LLC reduced its holdings in M&T Bank Co. (NYSE:MTB) by 2.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,207 shares of the financial services provider’s stock after selling 193 shares during the period. Connecticut Wealth Management LLC’s holdings in M&T Bank were worth $988,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. HHM Wealth Advisors LLC purchased a new stake in shares of M&T Bank in the fourth quarter worth about $25,000. BKM Wealth Management LLC purchased a new stake in M&T Bank in the 4th quarter worth approximately $32,000. Headinvest LLC acquired a new stake in shares of M&T Bank during the 3rd quarter worth approximately $29,000. CVA Family Office LLC acquired a new stake in M&T Bank during the fourth quarter valued at $33,000. Finally, Planned Solutions Inc. purchased a new position in shares of M&T Bank in the 4th quarter valued at about $33,000. 84.68% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, EVP Doris P. Meister sold 1,675 shares of the stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $137.91, for a total transaction of $230,999.25. Following the transaction, the executive vice president now owns 8,961 shares of the company’s stock, valued at $1,235,811.51. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Kirk W. Walters sold 28,845 shares of the company’s stock in a transaction on Wednesday, March 13th. The shares were sold at an average price of $145.00, for a total transaction of $4,182,525.00. Following the completion of the sale, the director now directly owns 6,367 shares of the company’s stock, valued at approximately $923,215. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Doris P. Meister sold 1,675 shares of the stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $137.91, for a total value of $230,999.25. Following the completion of the sale, the executive vice president now owns 8,961 shares of the company’s stock, valued at approximately $1,235,811.51. The disclosure for this sale can be found here. In the last three months, insiders sold 46,119 shares of company stock worth $6,679,812. Insiders own 0.82% of the company’s stock.

M&T Bank Stock Performance

Shares of MTB traded up $0.31 during mid-day trading on Friday, hitting $146.58. 531,891 shares of the company’s stock were exchanged, compared to its average volume of 1,021,836. The firm has a market capitalization of $24.42 billion, a P/E ratio of 9.91, a P/E/G ratio of 1.23 and a beta of 0.78. The company has a current ratio of 0.94, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46. The business’s 50 day moving average is $141.81 and its two-hundred day moving average is $134.70. M&T Bank Co. has a fifty-two week low of $108.53 and a fifty-two week high of $148.93.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Monday, April 15th. The financial services provider reported $3.02 earnings per share for the quarter, missing analysts’ consensus estimates of $3.13 by ($0.11). M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. The company had revenue of $2.26 billion for the quarter, compared to analyst estimates of $2.26 billion. During the same period last year, the company earned $4.09 earnings per share. On average, equities analysts expect that M&T Bank Co. will post 13.92 earnings per share for the current year.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 4th were given a $1.30 dividend. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.55%. The ex-dividend date of this dividend was Friday, March 1st. M&T Bank’s dividend payout ratio is presently 35.16%.

Wall Street Analyst Weigh In

MTB has been the subject of several research reports. Piper Sandler reduced their price objective on M&T Bank from $156.00 to $152.00 and set an “overweight” rating for the company in a research note on Friday, January 19th. Wedbush restated an “outperform” rating and set a $170.00 price target on shares of M&T Bank in a research note on Wednesday, April 10th. Wells Fargo & Company increased their price target on shares of M&T Bank from $145.00 to $150.00 and gave the stock an “equal weight” rating in a research report on Tuesday, April 16th. Evercore ISI lifted their target price on M&T Bank from $146.00 to $157.00 and gave the company an “in-line” rating in a report on Thursday, March 28th. Finally, Bank of America boosted their price target on shares of M&T Bank from $157.00 to $160.00 and gave the stock a “buy” rating in a report on Tuesday, April 16th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $158.48.

About M&T Bank

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.