Granite Group Advisors LLC Has $2.21 Million Stock Position in M&T Bank Co. (NYSE:MTB)

Granite Group Advisors LLC cut its stake in shares of M&T Bank Co. (NYSE:MTB) by 1.1% in the third quarter, Holdings Channel reports. The firm owned 12,391 shares of the financial services provider’s stock after selling 136 shares during the quarter. M&T Bank accounts for approximately 1.4% of Granite Group Advisors LLC’s holdings, making the stock its 19th biggest holding. Granite Group Advisors LLC’s holdings in M&T Bank were worth $2,207,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Hexagon Capital Partners LLC raised its holdings in M&T Bank by 54.4% in the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 68 shares during the period. Oakworth Capital Inc. bought a new stake in shares of M&T Bank in the 2nd quarter valued at $35,000. nVerses Capital LLC bought a new stake in shares of M&T Bank in the 3rd quarter valued at $53,000. Versant Capital Management Inc raised its stake in M&T Bank by 82.7% during the 2nd quarter. Versant Capital Management Inc now owns 444 shares of the financial services provider’s stock worth $67,000 after buying an additional 201 shares during the period. Finally, Annapolis Financial Services LLC lifted its holdings in M&T Bank by 150.7% during the third quarter. Annapolis Financial Services LLC now owns 376 shares of the financial services provider’s stock worth $67,000 after acquiring an additional 226 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on MTB. Keefe, Bruyette & Woods increased their price target on M&T Bank from $170.00 to $180.00 and gave the stock a “market perform” rating in a report on Friday, July 19th. Barclays increased their target price on M&T Bank from $170.00 to $228.00 and gave the stock an “equal weight” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. raised shares of M&T Bank from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $183.00 to $215.00 in a research note on Tuesday, September 3rd. Royal Bank of Canada increased their price objective on shares of M&T Bank from $190.00 to $208.00 and gave the stock an “outperform” rating in a research report on Friday, October 18th. Finally, Citigroup raised their price objective on shares of M&T Bank from $180.00 to $195.00 and gave the stock a “buy” rating in a report on Friday, July 19th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $198.76.

Insiders Place Their Bets

In other news, Vice Chairman Kevin J. Pearson sold 7,500 shares of the stock in a transaction dated Friday, November 1st. The shares were sold at an average price of $195.88, for a total value of $1,469,100.00. Following the transaction, the insider now directly owns 40,502 shares of the company’s stock, valued at $7,933,531.76. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, Vice Chairman Kevin J. Pearson sold 7,500 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $195.88, for a total transaction of $1,469,100.00. Following the completion of the sale, the insider now owns 40,502 shares in the company, valued at $7,933,531.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Robert E. Sadler, Jr. sold 2,000 shares of the stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $198.00, for a total value of $396,000.00. Following the transaction, the director now owns 29,796 shares in the company, valued at approximately $5,899,608. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 66,848 shares of company stock valued at $12,287,757 over the last ninety days. 0.82% of the stock is currently owned by company insiders.

M&T Bank Stock Performance

NYSE MTB traded up $1.35 on Friday, hitting $209.46. 64,063 shares of the stock were exchanged, compared to its average volume of 1,045,575. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.94 and a quick ratio of 1.00. The business’s fifty day moving average is $181.20 and its 200 day moving average is $163.98. The company has a market capitalization of $34.95 billion, a PE ratio of 15.39, a P/E/G ratio of 2.70 and a beta of 0.74. M&T Bank Co. has a 52 week low of $115.93 and a 52 week high of $216.84.

M&T Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.58%. The ex-dividend date of this dividend was Tuesday, September 3rd. M&T Bank’s dividend payout ratio is 39.97%.

M&T Bank 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.