Cooke & Bieler LP Sells 4,450 Shares of M&T Bank Corporation $MTB

Cooke & Bieler LP lowered its holdings in M&T Bank Corporation (NYSE:MTB) by 1.5% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 295,000 shares of the financial services provider’s stock after selling 4,450 shares during the quarter. Cooke & Bieler LP’s holdings in M&T Bank were worth $64,192,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp bought a new stake in shares of M&T Bank during the 2nd quarter valued at about $330,978,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of M&T Bank by 2.6% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,060,517 shares of the financial services provider’s stock worth $252,414,000 after purchasing an additional 26,486 shares in the last quarter. Davis Asset Management L.P. bought a new position in shares of M&T Bank in the second quarter worth approximately $97,584,000. Hsbc Holdings PLC increased its position in shares of M&T Bank by 18.9% in the second quarter. Hsbc Holdings PLC now owns 396,157 shares of the financial services provider’s stock worth $94,364,000 after purchasing an additional 62,877 shares during the last quarter. Finally, Amundi increased its position in shares of M&T Bank by 7.7% in the second quarter. Amundi now owns 388,916 shares of the financial services provider’s stock worth $92,566,000 after purchasing an additional 27,795 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Price Performance

Shares of NYSE:MTB opened at $219.82 on Thursday. The stock has a market cap of $31.75 billion, a PE ratio of 11.30, a PEG ratio of 1.27 and a beta of 0.61. The company’s fifty day moving average is $229.88 and its 200 day moving average is $228.89. M&T Bank Corporation has a 52 week low of $179.32 and a 52 week high of $255.95. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.54.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Friday, October 16th. The financial services provider reported $5.08 earnings per share for the quarter, topping 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 business had revenue of $2.54 billion during the quarter, compared to the consensus estimate of $2.53 billion. During the same period in the previous year, the firm posted $4.82 earnings per share. Research analysts anticipate that M&T Bank Corporation will post 19.48 earnings per share for the current year.

M&T Bank Announces Dividend

The business also recently disclosed 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 was Tuesday, September 1st. This represents a $6.00 annualized dividend and a dividend yield of 2.7%. M&T Bank’s payout ratio is currently 31.32%.

Insider Transactions at M&T Bank

In related news, Director Rudina Seseri sold 623 shares of the stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $241.04, for a total transaction of $150,167.92. Following the completion of the sale, the director directly owned 3,649 shares in the company, valued at $879,554.96. This represents a 14.58% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Rene F. Jones sold 19,396 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer owned 103,831 shares in the company, valued at approximately $24,851,949.85. The trade was a 15.74% decrease in their ownership of the stock. 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. In the last three months, insiders sold 20,028 shares of company stock valued at $4,794,884. 0.44% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Cantor Fitzgerald lowered their target price on shares of M&T Bank from $285.00 to $255.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 14th. TD Cowen started coverage on shares of M&T Bank in a research note on Thursday, October 8th. They issued a “hold” rating and a $245.00 price target for the company. Wall Street Zen raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Monday, July 20th. Evercore set a $230.00 price target on shares of M&T Bank in a report on Thursday, October 1st. Finally, Wells Fargo & Company raised their price objective on shares of M&T Bank from $215.00 to $224.00 and gave the company an “underweight” rating in a research report on Thursday, July 16th. Eight research analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $247.12.

About M&T Bank

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Its principal banking subsidiary, M&T Bank, was founded in 1856 and provides financial products and services to individuals, businesses and institutions.

The company’s offerings include consumer and commercial deposit accounts, residential and commercial real estate lending, business loans, credit cards, treasury management and other banking services. Through its wealth management and institutional businesses, including Wilmington Trust, M&T also provides investment management, fiduciary, trust, estate planning and related corporate services.

M&T Bank serves customers through branch locations and digital banking channels in several states, primarily across the Mid-Atlantic and Northeast, including New York, Pennsylvania, Maryland, New Jersey, Delaware, Virginia, West Virginia and the District of Columbia.