Grandfield & Dodd LLC Sells 61,487 Shares of M&T Bank Co. (NYSE:MTB)

Grandfield & Dodd LLC lowered its stake in shares of M&T Bank Co. (NYSE:MTB) by 54.9% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 50,450 shares of the financial services provider’s stock after selling 61,487 shares during the quarter. Grandfield & Dodd LLC’s holdings in M&T Bank were worth $6,916,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in MTB. Raymond James & Associates boosted its position in M&T Bank by 7.0% during the first quarter. Raymond James & Associates now owns 134,655 shares of the financial services provider’s stock worth $2,692,000 after purchasing an additional 8,765 shares during the period. American Century Companies Inc. boosted its position in M&T Bank by 112.8% during the first quarter. American Century Companies Inc. now owns 82,957 shares of the financial services provider’s stock worth $1,658,000 after purchasing an additional 43,979 shares during the period. US Bancorp DE boosted its position in M&T Bank by 9.4% during the first quarter. US Bancorp DE now owns 15,149 shares of the financial services provider’s stock worth $303,000 after purchasing an additional 1,304 shares during the period. Cambridge Investment Research Advisors Inc. boosted its position in M&T Bank by 7.6% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 59,394 shares of the financial services provider’s stock worth $1,187,000 after purchasing an additional 4,175 shares during the period. Finally, AlphaCrest Capital Management LLC bought a new position in M&T Bank during the first quarter worth about $306,000. Institutional investors own 84.68% of the company’s stock.

M&T Bank Price Performance

MTB traded up $4.08 on Friday, reaching $143.38. The company had a trading volume of 1,525,408 shares, compared to its average volume of 1,013,952. The business has a 50 day simple moving average of $139.96 and a 200 day simple moving average of $132.96. The company has a market cap of $23.89 billion, a price-to-earnings ratio of 9.69, a P/E/G ratio of 1.16 and a beta of 0.80. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 0.94. M&T Bank Co. has a 52-week low of $108.53 and a 52-week high of $148.23.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Monday, April 15th. The financial services provider reported $3.02 EPS for the quarter, missing the consensus estimate of $3.13 by ($0.11). The business had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.26 billion. M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. During the same period last year, the business posted $4.09 earnings per share. As a group, sell-side analysts anticipate that M&T Bank Co. will post 13.95 EPS for the current year.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 4th were paid a dividend of $1.30 per share. This represents a $5.20 annualized dividend and a dividend yield of 3.63%. The ex-dividend date was Friday, March 1st. M&T Bank’s dividend payout ratio (DPR) is presently 35.16%.

Insiders Place Their Bets

In other M&T Bank news, EVP Doris P. Meister sold 1,638 shares of M&T Bank stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $138.21, for a total transaction of $226,387.98. Following the transaction, the executive vice president now directly owns 3,362 shares of the company’s stock, valued at $464,662.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Doris P. Meister sold 1,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $132.30, for a total value of $132,300.00. Following the transaction, the executive vice president now owns 7,274 shares in the company, valued at $962,350.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Doris P. Meister sold 1,638 shares of the firm’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $138.21, for a total transaction of $226,387.98. Following the completion of the transaction, the executive vice president now owns 3,362 shares in the company, valued at approximately $464,662.02. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 37,119 shares of company stock valued at $5,341,012. 0.82% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Keefe, Bruyette & Woods increased their target price on shares of M&T Bank from $162.00 to $170.00 and gave the stock a “market perform” rating in a research report on Tuesday. Piper Sandler lowered their price target on shares of M&T Bank from $156.00 to $152.00 and set an “overweight” rating on the stock in a report on Friday, January 19th. Evercore ISI increased their price target on shares of M&T Bank from $146.00 to $157.00 and gave the stock an “in-line” rating in a report on Thursday, March 28th. Wells Fargo & Company increased their price target on shares of M&T Bank from $145.00 to $150.00 and gave the stock an “equal weight” rating in a report on Tuesday. Finally, Bank of America increased their price target on shares of M&T Bank from $157.00 to $160.00 and gave the stock a “buy” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, nine have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $158.48.

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.