M&T Bank Corporation $MTB Shares Acquired by Citizens & Northern Corp

Citizens & Northern Corp grew its holdings in M&T Bank Corporation (NYSE:MTB) by 65.5% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 6,028 shares of the financial services provider’s stock after buying an additional 2,386 shares during the period. Citizens & Northern Corp’s holdings in M&T Bank were worth $1,312,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of MTB. Bank of New York Mellon Corp purchased a new stake in M&T Bank during the 2nd quarter valued at about $330,978,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in M&T Bank by 2.6% in the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,060,517 shares of the financial services provider’s stock worth $252,414,000 after purchasing an additional 26,486 shares in the last quarter. Davis Asset Management L.P. acquired a new position in shares of M&T Bank during the 2nd quarter worth approximately $97,584,000. Hsbc Holdings PLC boosted its holdings in shares of M&T Bank by 18.9% during the 2nd quarter. Hsbc Holdings PLC now owns 396,157 shares of the financial services provider’s stock worth $94,364,000 after purchasing an additional 62,877 shares during the last quarter. Finally, Amundi boosted its holdings in shares of M&T Bank by 7.7% during the 2nd quarter. Amundi now owns 388,916 shares of the financial services provider’s stock worth $92,566,000 after purchasing an additional 27,795 shares during the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently commented on MTB. TD Cowen initiated coverage on M&T Bank in a report on Thursday, October 8th. They issued a “hold” rating and a $245.00 price target for the company. Citigroup boosted their price objective on M&T Bank from $225.00 to $230.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 21st. JPMorgan Chase & Co. dropped their target price on M&T Bank from $265.50 to $248.50 and set a “neutral” rating for the company in a report on Friday, October 2nd. Evercore set a $230.00 target price on M&T Bank in a research note on Thursday, October 1st. Finally, Wells Fargo & Company lifted their price target on M&T Bank from $215.00 to $224.00 and gave the stock an “underweight” rating in a report on Thursday, July 16th. Eight research analysts have rated the stock with a Buy rating, thirteen have given a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $244.89.

M&T Bank Price Performance

NYSE:MTB opened at $219.87 on Friday. The company has a market capitalization of $31.54 billion, a P/E ratio of 11.48, a P/E/G ratio of 1.27 and a beta of 0.64. The company has a quick ratio of 0.96, a current ratio of 0.96 and a debt-to-equity ratio of 0.54. M&T Bank Corporation has a 52 week low of $179.75 and a 52 week high of $255.95. The stock’s fifty day moving average is $223.24 and its two-hundred day moving average is $225.39.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Friday, October 16th. The financial services provider reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.93 by $0.15. M&T Bank had a net margin of 22.63% and a return on equity of 11.86%. The firm had revenue of $2.54 billion for the quarter, compared to analyst estimates of $2.53 billion. During the same period in the previous year, the firm earned $4.82 EPS. Equities analysts expect that M&T Bank Corporation will post 19.48 EPS for the current year.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 1st were given a $1.50 dividend. The ex-dividend date of this dividend was Tuesday, September 1st. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.7%. M&T Bank’s dividend payout ratio is currently 31.32%.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, CEO Rene F. Jones sold 19,396 shares of the firm’s stock in a transaction dated Monday, September 14th. The stock was sold at an average price of $239.35, for a total transaction of $4,642,432.60. Following the transaction, the chief executive officer owned 103,831 shares of the company’s stock, valued at approximately $24,851,949.85. This trade represents a 15.74% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rudina Seseri sold 623 shares of M&T Bank stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $241.04, for a total value of $150,167.92. Following the sale, the director owned 3,649 shares in the company, valued at $879,554.96. This trade represents a 14.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.44% of the company’s stock.

M&T Bank Company Profile

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Founded in 1856 as Manufacturers and Traders Bank, the company operates primarily through M&T Bank and its wealth-management subsidiary, Wilmington Trust. M&T provides retail and commercial banking services, including checking and savings accounts, loans, mortgages, credit cards, and cash-management services. Through Wilmington Trust and other businesses, it also offers wealth management, trust, investment, and related financial services.