BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Sells 4,062 Shares of M&T Bank Co. (NYSE:MTB)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp decreased its position in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 12.7% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,848 shares of the financial services provider's stock after selling 4,062 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in M&T Bank were worth $4,960,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in MTB. Atria Investments Inc purchased a new stake in M&T Bank during the first quarter valued at about $1,014,000. Cetera Investment Advisers increased its holdings in shares of M&T Bank by 115.9% in the first quarter. Cetera Investment Advisers now owns 35,465 shares of the financial services provider's stock worth $5,158,000 after buying an additional 19,041 shares during the period. Cetera Advisors LLC increased its holdings in shares of M&T Bank by 168.9% in the first quarter. Cetera Advisors LLC now owns 18,253 shares of the financial services provider's stock worth $2,655,000 after buying an additional 11,465 shares during the period. EverSource Wealth Advisors LLC increased its holdings in shares of M&T Bank by 53.3% in the first quarter. EverSource Wealth Advisors LLC now owns 1,243 shares of the financial services provider's stock worth $179,000 after buying an additional 432 shares during the period. Finally, GAMMA Investing LLC increased its holdings in shares of M&T Bank by 70.1% in the second quarter. GAMMA Investing LLC now owns 2,610 shares of the financial services provider's stock worth $395,000 after buying an additional 1,076 shares during the period. Hedge funds and other institutional investors own 84.68% of the company's stock.

Insider Transactions at M&T Bank

In related 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 completion of the transaction, the executive vice president now directly owns 5,141 shares in the company, valued at $1,134,875.75. The trade was a 29.21 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John P. Barnes sold 20,000 shares of the business's stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $193.97, for a total transaction of $3,879,400.00. Following the completion of the transaction, the director now owns 49,960 shares of the company's stock, valued at approximately $9,690,741.20. The trade was a 28.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 82,504 shares of company stock valued at $16,673,712 in the last ninety days. 0.82% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have recently commented on MTB shares. Barclays lifted their price objective on M&T Bank from $170.00 to $228.00 and gave the stock an "equal weight" rating in a report on Friday, October 18th. StockNews.com upgraded M&T Bank from a "sell" rating to a "hold" rating in a report on Friday, October 18th. Piper Sandler lifted their price objective on M&T Bank from $205.00 to $243.00 and gave the stock an "overweight" rating in a report on Wednesday, November 27th. The Goldman Sachs Group lifted their price objective on M&T Bank from $216.00 to $243.00 and gave the stock a "neutral" rating in a report on Tuesday, November 26th. Finally, JPMorgan Chase & Co. raised M&T Bank from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $183.00 to $215.00 in a research note on Tuesday, September 3rd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $206.41.

M&T Bank Stock Down 0.7 %

Shares of MTB traded down $1.41 during mid-day trading on Tuesday, reaching $214.28. The company had a trading volume of 599,067 shares, compared to its average volume of 1,034,738. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a 50-day moving average price of $198.00 and a 200 day moving average price of $172.96. M&T Bank Co. has a 52 week low of $128.31 and a 52 week high of $225.70. The company has a market capitalization of $35.55 billion, a price-to-earnings ratio of 15.86, a price-to-earnings-growth ratio of 3.04 and a beta of 0.76.

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 EPS for the quarter, topping analysts' consensus estimates 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 analysts' expectations of $2.30 billion. On average, sell-side analysts forecast that M&T Bank Co. will post 14.57 EPS for the current year.

M&T Bank Announces Dividend

The business 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 $1.35 dividend. The ex-dividend date of this dividend is Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.52%. M&T Bank's dividend payout ratio is currently 39.97%.

M&T Bank 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.