Hennessy Advisors Inc. Trims Stock Holdings in M&T Bank Co. (NYSE:MTB)

Hennessy Advisors Inc. cut its holdings in M&T Bank Co. (NYSE:MTB - Free Report) by 18.8% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 6,500 shares of the financial services provider's stock after selling 1,500 shares during the period. Hennessy Advisors Inc.'s holdings in M&T Bank were worth $1,222,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in MTB. Capital Performance Advisors LLP acquired a new stake in shares of M&T Bank in the third quarter worth $44,000. Principal Financial Group Inc. boosted its holdings in M&T Bank by 1.4% in the 3rd quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider's stock worth $35,466,000 after acquiring an additional 2,797 shares during the period. Smead Capital Management Inc. grew its position in 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 acquiring an additional 16,657 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its stake in shares of M&T Bank by 6.1% during the third quarter. Nomura Asset Management Co. Ltd. now owns 50,275 shares of the financial services provider's stock valued at $8,955,000 after purchasing an additional 2,883 shares during the period. Finally, National Pension Service lifted its position in shares of M&T Bank by 5.2% during the third quarter. National Pension Service now owns 268,138 shares of the financial services provider's stock worth $47,761,000 after purchasing an additional 13,302 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company's stock.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, EVP Tracy S. Woodrow sold 2,121 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total transaction of $468,210.75. Following the transaction, the executive vice president now directly owns 5,141 shares in the company, valued at approximately $1,134,875.75. This represents a 29.21 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the firm's stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total transaction of $537,566.10. Following the completion of the sale, the insider now owns 16,429 shares of the company's stock, valued at $3,546,856.81. The trade was a 13.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 84,994 shares of company stock worth $17,211,278. Insiders own 0.82% of the company's stock.

Wall Street Analysts Forecast Growth

MTB has been the subject of a number of recent analyst reports. Truist Financial restated a "buy" rating and set a $236.00 price objective (up previously from $233.00) on shares of M&T Bank in a research note on Friday. The Goldman Sachs Group boosted their price objective on M&T Bank from $216.00 to $243.00 and gave the company a "neutral" rating in a report on Tuesday, November 26th. Bank of America increased their target price on M&T Bank from $188.00 to $218.00 and gave the stock a "buy" rating in a report on Friday, October 18th. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $223.50 price target (up from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. Finally, Wells Fargo & Company lifted their price objective on shares of M&T Bank from $190.00 to $205.00 and gave the stock an "underweight" rating in a report on Friday, November 15th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $221.68.

M&T Bank Price Performance

M&T Bank stock traded up $0.78 during mid-day trading on Friday, reaching $196.88. 2,029,408 shares of the company were exchanged, compared to its average volume of 1,013,933. The company has a fifty day simple moving average of $202.41 and a 200-day simple moving average of $183.71. The firm has a market cap of $32.67 billion, a PE ratio of 14.57, a PEG ratio of 2.16 and a beta of 0.79. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 0.99. M&T Bank Co. has a 12 month low of $128.31 and a 12 month high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, topping the consensus estimate of $3.70 by $0.22. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. During the same quarter in the previous year, the business earned $2.74 earnings per share. As a group, equities research analysts expect that M&T Bank Co. will post 14.58 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.74%. The ex-dividend date of this dividend was Monday, December 2nd. M&T Bank's payout ratio is presently 39.97%.

About M&T Bank

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.