M&T Bank Corporation $MTB Stock Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. lowered its stake in M&T Bank Corporation (NYSE:MTB) by 63.3% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,376 shares of the financial services provider’s stock after selling 2,377 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in M&T Bank were worth $299,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Bank of New York Mellon Corp purchased a new position in M&T Bank during the second quarter valued at approximately $330,978,000. Davis Asset Management L.P. purchased a new stake in shares of M&T Bank in the second quarter worth $97,584,000. Squarepoint Ops LLC increased its stake in shares of M&T Bank by 718.5% in the second quarter. Squarepoint Ops LLC now owns 224,397 shares of the financial services provider’s stock worth $53,409,000 after purchasing an additional 196,982 shares in the last quarter. Danske Bank A S bought a new stake in shares of M&T Bank during the 2nd quarter valued at $34,683,000. Finally, Susquehanna Fundamental Investments LLC raised its position in shares of M&T Bank by 205.4% during the 2nd quarter. Susquehanna Fundamental Investments LLC now owns 110,553 shares of the financial services provider’s stock valued at $26,313,000 after purchasing an additional 74,353 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at M&T Bank

In other news, CEO René Jones sold 19,396 shares of the stock in a transaction that occurred on Monday, September 14th. The stock was sold at an average price of $239.35, for a total transaction of $4,642,432.60. Following the completion of the transaction, the chief executive officer directly owned 103,831 shares in the company, valued at approximately $24,851,949.85. This represents a 15.74% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rudina Seseri sold 623 shares of the stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of $241.04, for a total value of $150,167.92. Following the transaction, the director owned 3,649 shares of the company’s stock, valued at $879,554.96. This represents a 14.58% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.44% of the stock is owned by corporate insiders.

M&T Bank Price Performance

Shares of M&T Bank stock traded down $1.62 during trading on Friday, reaching $218.16. 859,201 shares of the stock traded hands, compared to its average volume of 971,519. The company has a market capitalization of $31.51 billion, a price-to-earnings ratio of 11.39, a P/E/G ratio of 1.30 and a beta of 0.64. The business has a fifty day simple moving average of $224.35 and a two-hundred day simple moving average of $225.29. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.89 and a quick ratio of 0.89. M&T Bank Corporation has a 52-week low of $179.75 and a 52-week high of $255.95.

M&T Bank (NYSE:MTB) last posted its earnings results on Friday, October 16th. The financial services provider reported $5.08 EPS for the quarter, topping analysts’ consensus estimates of $4.93 by $0.15. M&T Bank had a return on equity of 11.86% and a net margin of 22.63%. The company had revenue of $2.54 billion for the quarter, compared to the consensus estimate of $2.53 billion. During the same period in the previous year, the business earned $4.82 earnings per share. Sell-side analysts expect that M&T Bank Corporation will post 19.48 EPS for the current year.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st were paid a $1.50 dividend. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $6.00 dividend on an annualized basis and a yield of 2.8%. M&T Bank’s payout ratio is presently 31.32%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on MTB shares. Citigroup lifted their target price on shares of M&T Bank from $225.00 to $230.00 and gave the company a “neutral” rating in a research note on Wednesday, October 21st. Evercore set a $230.00 target price on shares of M&T Bank in a report on Thursday, October 1st. Weiss Ratings reiterated a “buy (b)” rating on shares of M&T Bank in a research note on Tuesday, September 1st. Cantor Fitzgerald cut their price target on M&T Bank from $285.00 to $255.00 and set an “overweight” rating for the company in a research note on Wednesday, October 14th. Finally, UBS Group decreased their price target on M&T Bank from $255.00 to $238.00 and set a “neutral” rating on the stock in a report on Monday, October 5th. Eight research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, M&T Bank has an average rating of “Hold” and a consensus price target of $244.89.

M&T Bank Company Profile

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.