M&T Bank Co. (NYSE:MTB) Shares Sold by B. Riley Wealth Advisors Inc.

B. Riley Wealth Advisors Inc. lessened its stake in M&T Bank Co. (NYSE:MTB) by 15.1% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,997 shares of the financial services provider’s stock after selling 531 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in M&T Bank were worth $530,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. FMR LLC grew its position in M&T Bank by 13.9% during the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after buying an additional 1,508,846 shares during the period. State Street Corp boosted its stake in shares of M&T Bank by 6.4% during the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after acquiring an additional 527,854 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of M&T Bank by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock worth $897,216,000 after acquiring an additional 190,837 shares in the last quarter. Geode Capital Management LLC grew its position in shares of M&T Bank by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,329,814 shares of the financial services provider’s stock valued at $768,824,000 after acquiring an additional 66,337 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its stake in shares of M&T Bank by 4.8% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,781,816 shares of the financial services provider’s stock valued at $269,696,000 after purchasing an additional 81,004 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

MTB has been the topic of several research analyst reports. Evercore ISI raised their price objective on M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Piper Sandler increased their target price on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research report on Wednesday, November 27th. DA Davidson boosted their price target on shares of M&T Bank from $192.00 to $207.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. The Goldman Sachs Group increased their price objective on shares of M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Finally, Bank of America boosted their target price on shares of M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $215.50.

M&T Bank Stock Down 0.4 %

Shares of MTB opened at $185.42 on Friday. M&T Bank Co. has a 52-week low of $128.31 and a 52-week high of $225.70. 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 stock has a fifty day simple moving average of $204.12 and a two-hundred day simple moving average of $176.91. The company has a market capitalization of $30.77 billion, a PE ratio of 13.72, a price-to-earnings-growth ratio of 2.83 and a beta of 0.76.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.30 billion. As a group, equities analysts forecast that M&T Bank Co. will post 14.63 EPS for the current year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd will be given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 2.91%. The ex-dividend date of this dividend is Monday, December 2nd. M&T Bank’s payout ratio is presently 39.97%.

Insider Activity at M&T Bank

In other news, EVP Tracy S. Woodrow sold 2,121 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total value of $468,210.75. Following the sale, the executive vice president now directly owns 5,141 shares of the company’s stock, valued at approximately $1,134,875.75. The trade was a 29.21 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Kevin J. Pearson sold 7,500 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $195.88, for a total transaction of $1,469,100.00. Following the completion of the transaction, the insider now owns 40,502 shares in the company, valued at approximately $7,933,531.76. This represents a 15.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 84,994 shares of company stock worth $17,211,278. Insiders own 0.82% of the company’s stock.

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.