M&T Bank Co. (NYSE:MTB) Shares Sold by Cornerstone Wealth Group LLC

Cornerstone Wealth Group LLC lessened its stake in M&T Bank Co. (NYSE:MTB) by 0.5% in the 4th quarter, Holdings Channel reports. The firm owned 27,917 shares of the financial services provider’s stock after selling 128 shares during the period. Cornerstone Wealth Group LLC’s holdings in M&T Bank were worth $5,249,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in MTB. Sei Investments Co. grew its stake in shares of M&T Bank by 32.1% in the second quarter. Sei Investments Co. now owns 68,822 shares of the financial services provider’s stock valued at $10,417,000 after buying an additional 16,730 shares in the last quarter. AQR Capital Management LLC grew its position in M&T Bank by 72.3% in the 2nd quarter. AQR Capital Management LLC now owns 128,152 shares of the financial services provider’s stock valued at $19,178,000 after acquiring an additional 53,795 shares in the last quarter. APG Asset Management N.V. increased its stake in M&T Bank by 194.8% during the second quarter. APG Asset Management N.V. now owns 18,917 shares of the financial services provider’s stock worth $2,672,000 after purchasing an additional 12,500 shares during the period. MBB Public Markets I LLC lifted its position in shares of M&T Bank by 63.5% during the second quarter. MBB Public Markets I LLC now owns 11,129 shares of the financial services provider’s stock worth $1,684,000 after purchasing an additional 4,323 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its stake in shares of M&T Bank by 1.1% in the second quarter. Mackenzie Financial Corp now owns 19,399 shares of the financial services provider’s stock valued at $2,936,000 after purchasing an additional 203 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Price Performance

Shares of NYSE:MTB opened at $198.81 on Monday. M&T Bank Co. has a 12 month low of $128.31 and a 12 month high of $225.70. The firm has a market capitalization of $32.99 billion, a P/E ratio of 13.59, a P/E/G ratio of 1.37 and a beta of 0.79. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.93 and a quick ratio of 0.99. The company’s fifty day moving average price is $200.79 and its 200 day moving average price is $185.41.

M&T Bank (NYSE:MTB) last posted its earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, topping analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same quarter in the previous year, the company earned $2.74 EPS. As a group, sell-side analysts predict that M&T Bank Co. will post 16.56 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd were issued a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.72%. The ex-dividend date of this dividend was Monday, December 2nd. M&T Bank’s payout ratio is currently 36.91%.

M&T Bank declared that its board has initiated a stock repurchase program on Wednesday, January 22nd that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Royal Bank of Canada upped 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. Citigroup lowered 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 research report on Monday, November 25th. Compass Point lifted their target price on M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Barclays upped their price target on M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. Finally, Keefe, Bruyette & Woods lifted their price objective on M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $221.68.

Insider Transactions at M&T Bank

In related news, Vice Chairman Kevin J. Pearson sold 7,500 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $195.88, for a total value of $1,469,100.00. Following the transaction, the insider now owns 40,502 shares in the company, valued at $7,933,531.76. The trade was a 15.62 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, 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 value of $468,210.75. Following the sale, the executive vice president now directly owns 5,141 shares of the company’s stock, valued at $1,134,875.75. The trade was a 29.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 40,487 shares of company stock worth $8,578,809. Insiders own 0.82% of the company’s stock.

About M&T Bank

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management and investment services. It operates through the following segments: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.