Grandfield & Dodd LLC Has $3.95 Million Stake in M&T Bank Co. (NYSE:MTB)

Grandfield & Dodd LLC decreased its stake in shares of M&T Bank Co. (NYSE:MTB) by 17.6% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 22,166 shares of the financial services provider’s stock after selling 4,736 shares during the quarter. Grandfield & Dodd LLC’s holdings in M&T Bank were worth $3,948,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. B. Metzler seel. Sohn & Co. Holding AG bought a new position in M&T Bank during the third quarter valued at about $1,564,000. SouthState Corp increased its position in shares of M&T Bank by 25.8% during the third quarter. SouthState Corp now owns 6,139 shares of the financial services provider’s stock valued at $1,093,000 after purchasing an additional 1,258 shares during the period. Smead Capital Management Inc. raised its stake in shares of M&T Bank by 3.5% in the third quarter. Smead Capital Management Inc. now owns 493,817 shares of the financial services provider’s stock valued at $87,959,000 after purchasing an additional 16,657 shares in the last quarter. Caprock Group LLC lifted its position in M&T Bank by 10.8% in the third quarter. Caprock Group LLC now owns 10,731 shares of the financial services provider’s stock worth $1,911,000 after purchasing an additional 1,048 shares during the period. Finally, Pathstone Holdings LLC lifted its position in M&T Bank by 0.7% in the third quarter. Pathstone Holdings LLC now owns 28,625 shares of the financial services provider’s stock worth $5,099,000 after purchasing an additional 185 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insider Buying and Selling at M&T Bank

In other news, CEO Rene F. Jones sold 23,071 shares of the company’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the transaction, the chief executive officer now owns 77,226 shares of the company’s stock, valued at $14,972,576.88. This represents a 23.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Michael J. Todaro sold 4,786 shares of M&T Bank stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $214.10, for a total value of $1,024,682.60. Following the completion of the sale, the executive vice president now owns 2,787 shares of the company’s stock, valued at approximately $596,696.70. The trade was a 63.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 70,383 shares of company stock worth $13,576,801. Insiders own 0.82% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on MTB. DA Davidson increased their price objective on shares of M&T Bank from $192.00 to $207.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. Evercore ISI raised their price target on shares of M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Barclays lifted their price objective on M&T Bank from $170.00 to $228.00 and gave the company an “equal weight” rating in a report on Friday, October 18th. Royal Bank of Canada increased their target price on M&T Bank from $190.00 to $208.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. Finally, Wolfe Research raised M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price target on the stock in a research note on Friday, October 4th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, M&T Bank has an average rating of “Hold” and a consensus price target of $199.65.

M&T Bank Stock Down 0.5 %

Shares of NYSE MTB opened at $213.71 on Wednesday. M&T Bank Co. has a 12-month low of $123.46 and a 12-month high of $216.84. The firm’s 50-day simple moving average is $188.96 and its 200 day simple moving average is $168.32. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44. The company has a market cap of $35.46 billion, a price-to-earnings ratio of 15.82, a price-to-earnings-growth ratio of 3.02 and a beta of 0.74.

M&T Bank (NYSE:MTB) last announced its earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.60 by $0.48. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. The company had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.30 billion. On average, research analysts expect that M&T Bank Co. will post 14.56 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd will be issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.53%. M&T Bank’s dividend payout ratio is 39.97%.

M&T Bank Company Profile

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.