Cornell Pochily Investment Advisors Inc. Buys New Stake in M&T Bank Co. (NYSE:MTB)

Cornell Pochily Investment Advisors Inc. purchased a new position in shares of M&T Bank Co. (NYSE:MTB) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,282 shares of the financial services provider’s stock, valued at approximately $228,000.

A number of other institutional investors also recently added to or reduced their stakes in the stock. Hexagon Capital Partners LLC lifted its position in shares of M&T Bank by 54.4% during the 3rd quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after buying an additional 68 shares during the period. Meeder Advisory Services Inc. raised its stake in M&T Bank by 3.9% during the first quarter. Meeder Advisory Services Inc. now owns 1,879 shares of the financial services provider’s stock worth $273,000 after acquiring an additional 70 shares in the last quarter. Massmutual Trust Co. FSB ADV lifted its holdings in shares of M&T Bank by 1.5% during the second quarter. Massmutual Trust Co. FSB ADV now owns 4,711 shares of the financial services provider’s stock valued at $713,000 after acquiring an additional 70 shares during the period. Umpqua Bank boosted its stake in shares of M&T Bank by 5.3% in the 2nd quarter. Umpqua Bank now owns 1,460 shares of the financial services provider’s stock valued at $221,000 after purchasing an additional 73 shares in the last quarter. Finally, Procyon Advisors LLC grew its holdings in shares of M&T Bank by 1.7% in the 3rd quarter. Procyon Advisors LLC now owns 4,544 shares of the financial services provider’s stock worth $809,000 after purchasing an additional 74 shares during the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on MTB shares. Keefe, Bruyette & Woods lifted their price target on shares of M&T Bank from $170.00 to $180.00 and gave the company a “market perform” rating in a report on Friday, July 19th. Morgan Stanley lifted their target price on shares of M&T Bank from $195.00 to $220.00 and gave the company an “overweight” rating in a research note on Monday, August 5th. Wedbush boosted their target price on M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. JPMorgan Chase & Co. raised M&T Bank from a “neutral” rating to an “overweight” rating and raised their price target for the company from $183.00 to $215.00 in a report on Tuesday, September 3rd. Finally, Wolfe Research raised M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective on the stock in a research note on Friday, October 4th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $185.75.

M&T Bank Stock Up 0.2 %

M&T Bank stock opened at $185.56 on Tuesday. M&T Bank Co. has a fifty-two week low of $108.53 and a fifty-two week high of $186.91. The company has a debt-to-equity ratio of 0.44, a current ratio of 1.00 and a quick ratio of 1.00. The firm has a market capitalization of $30.96 billion, a price-to-earnings ratio of 12.55, a PEG ratio of 3.27 and a beta of 0.75. The company’s 50 day simple moving average is $170.39 and its 200 day simple moving average is $157.49.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Thursday, July 18th. The financial services provider reported $3.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.50 by $0.23. M&T Bank had a return on equity of 9.62% and a net margin of 17.84%. The company had revenue of $3.37 billion during the quarter, compared to the consensus estimate of $2.27 billion. During the same period in the prior year, the company earned $5.12 earnings per share. As a group, sell-side analysts anticipate that M&T Bank Co. will post 14.16 EPS for the current year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 2.91%. The ex-dividend date of this dividend was Tuesday, September 3rd. M&T Bank’s payout ratio is currently 36.51%.

Insider Buying and Selling at M&T Bank

In other news, Director Robert E. Sadler, Jr. sold 1,000 shares of the stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $172.23, for a total transaction of $172,230.00. Following the completion of the sale, the director now owns 31,796 shares of the company’s stock, valued at $5,476,225.08. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Robert E. Sadler, Jr. sold 1,000 shares of the company’s stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $172.23, for a total transaction of $172,230.00. Following the completion of the transaction, the director now directly owns 31,796 shares of the company’s stock, valued at $5,476,225.08. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Vice Chairman Gary N. Geisel sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, July 24th. The stock was sold at an average price of $172.50, for a total value of $86,250.00. Following the transaction, the insider now directly owns 16,429 shares of the company’s stock, valued at approximately $2,834,002.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 32,699 shares of company stock valued at $5,115,349. 0.82% of the stock is currently owned by corporate insiders.

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.