Bank of Montreal Can Has $74.20 Million Stake in M&T Bank Co. (NYSE:MTB)

Bank of Montreal Can lessened its holdings in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 5.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 422,981 shares of the financial services provider's stock after selling 22,185 shares during the quarter. Bank of Montreal Can owned approximately 0.25% of M&T Bank worth $74,199,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the stock. Hancock Whitney Corp raised its holdings in shares of M&T Bank by 2.1% during the third quarter. Hancock Whitney Corp now owns 10,239 shares of the financial services provider's stock worth $1,824,000 after acquiring an additional 208 shares in the last quarter. Brown Brothers Harriman & Co. increased its position in M&T Bank by 4.8% in the 3rd quarter. Brown Brothers Harriman & Co. now owns 2,814 shares of the financial services provider's stock worth $501,000 after purchasing an additional 129 shares during the last quarter. Daiwa Securities Group Inc. raised its stake in shares of M&T Bank by 12.0% during the 3rd quarter. Daiwa Securities Group Inc. now owns 20,445 shares of the financial services provider's stock worth $3,642,000 after purchasing an additional 2,194 shares in the last quarter. Westfield Capital Management Co. LP acquired a new stake in shares of M&T Bank during the 3rd quarter valued at about $24,740,000. Finally, Senvest Management LLC grew its stake in shares of M&T Bank by 12.3% in the 3rd quarter. Senvest Management LLC now owns 882,841 shares of the financial services provider's stock valued at $157,252,000 after buying an additional 96,500 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Stock Performance

NYSE MTB traded up $1.72 during midday trading on Wednesday, hitting $222.47. The company had a trading volume of 87,197 shares, compared to its average volume of 1,036,997. The firm has a fifty day simple moving average of $193.89 and a two-hundred day simple moving average of $170.70. The stock has a market cap of $36.91 billion, a price-to-earnings ratio of 16.34, a P/E/G ratio of 3.13 and a beta of 0.74. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44. M&T Bank Co. has a fifty-two week low of $123.46 and a fifty-two week high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.60 by $0.48. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. The firm had revenue of $2.33 billion for the quarter, compared to analyst estimates of $2.30 billion. Equities analysts forecast that M&T Bank Co. will post 14.56 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 2nd will be given a $1.35 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $5.40 annualized dividend and a yield of 2.43%. M&T Bank's dividend payout ratio (DPR) is currently 39.97%.

Analysts Set New Price Targets

Several brokerages recently weighed in on MTB. The Goldman Sachs Group raised their price objective on shares of M&T Bank from $216.00 to $243.00 and gave the company a "neutral" rating in a research report on Tuesday. Citigroup cut shares of M&T Bank from a "buy" rating to a "neutral" rating and upped their price objective for the stock from $220.00 to $230.00 in a report on Monday. Wolfe Research upgraded M&T Bank from a "peer perform" rating to an "outperform" rating and set a $210.00 target price on the stock in a report on Friday, October 4th. Evercore ISI upped their price target on M&T Bank from $210.00 to $232.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 30th. Finally, Royal Bank of Canada raised their price objective on M&T Bank from $190.00 to $208.00 and gave the company an "outperform" rating in a research note on Friday, October 18th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $203.29.

Insiders Place Their Bets

In other M&T Bank news, Vice Chairman Kevin J. Pearson sold 7,500 shares of M&T Bank stock in a transaction 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 directly owns 40,502 shares of the company's stock, valued at approximately $7,933,531.76. This trade represents a 15.62 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Robert E. Sadler, Jr. sold 2,000 shares of the business's stock in a transaction on Wednesday, October 30th. The shares were sold at an average price of $198.00, for a total transaction of $396,000.00. Following the completion of the sale, the director now owns 29,796 shares in the company, valued at $5,899,608. This represents a 6.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 90,383 shares of company stock worth $17,925,801 over the last 90 days. Corporate 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.