M&T Bank Co. (NYSE:MTB) Shares Acquired by Cerity Partners LLC

Cerity Partners LLC grew its stake in M&T Bank Co. (NYSE:MTB - Free Report) by 116.3% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 31,591 shares of the financial services provider's stock after acquiring an additional 16,983 shares during the quarter. Cerity Partners LLC's holdings in M&T Bank were worth $5,627,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the stock. Plato Investment Management Ltd raised its holdings in M&T Bank by 2,300.0% in the third quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider's stock worth $30,000 after purchasing an additional 161 shares in the last quarter. Ashton Thomas Securities LLC bought a new position in shares of M&T Bank during the 3rd quarter worth approximately $32,000. Hexagon Capital Partners LLC lifted its position in M&T Bank by 54.4% during the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 68 shares during the last quarter. Oakworth Capital Inc. acquired a new stake in M&T Bank in the second quarter valued at approximately $35,000. Finally, Migdal Insurance & Financial Holdings Ltd. grew its holdings in M&T Bank by 329.2% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider's stock worth $37,000 after purchasing an additional 158 shares during the last quarter. 84.68% of the stock is owned by institutional investors.

M&T Bank Stock Performance

Shares of NYSE MTB traded up $0.05 during trading on Thursday, reaching $220.80. 580,794 shares of the company traded hands, compared to its average volume of 1,039,346. M&T Bank Co. has a 12-month low of $123.46 and a 12-month high of $225.70. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.44. The stock has a market cap of $36.64 billion, a P/E ratio of 16.34, a PEG ratio of 3.13 and a beta of 0.74. The firm's fifty day simple moving average is $195.64 and its 200 day simple moving average is $171.40.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share 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 company had revenue of $2.33 billion during the quarter, compared to analysts' expectations of $2.30 billion. As a group, research analysts anticipate 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 announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Monday, December 2nd will be paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.45%. The ex-dividend date is Monday, December 2nd. M&T Bank's dividend payout ratio is currently 39.97%.

Analysts Set New Price Targets

Several brokerages have recently commented on MTB. Evercore ISI increased 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. Wells Fargo & Company increased their price target on M&T Bank from $190.00 to $205.00 and gave the company an "underweight" rating in a research note on Friday, November 15th. DA Davidson boosted their price target on M&T Bank from $192.00 to $207.00 and gave the stock a "neutral" rating in a research note on Monday, October 21st. Morgan Stanley upped their price objective on shares of M&T Bank from $195.00 to $220.00 and gave the company an "overweight" rating in a report on Monday, August 5th. Finally, Royal Bank of Canada lifted their target price on shares of M&T Bank from $190.00 to $208.00 and gave the stock an "outperform" rating in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $206.41.

Insider Buying and Selling

In other news, Director John P. Barnes sold 20,000 shares of the company's stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $217.45, for a total transaction of $4,349,000.00. Following the completion of the transaction, the director now directly owns 35,480 shares of the company's stock, valued at $7,715,126. This represents a 36.05 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Denis J. Salamone sold 10,000 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total value of $1,720,300.00. Following the transaction, the director now owns 44,902 shares in the company, valued at $7,724,491.06. This trade represents a 18.21 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 90,383 shares of company stock valued at $17,925,801. 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.