Lewis Asset Management LLC Trims Position in M&T Bank Co. (NYSE:MTB)

Lewis Asset Management LLC lowered its holdings in M&T Bank Co. (NYSE:MTB) by 4.0% in the third quarter, Holdings Channel.com reports. The firm owned 2,224 shares of the financial services provider’s stock after selling 93 shares during the period. Lewis Asset Management LLC’s holdings in M&T Bank were worth $396,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA grew its holdings in M&T Bank by 4.8% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,781,816 shares of the financial services provider’s stock valued at $269,696,000 after buying an additional 81,004 shares during the period. Dimensional Fund Advisors LP grew its holdings in M&T Bank by 6.1% in the second quarter. Dimensional Fund Advisors LP now owns 1,613,174 shares of the financial services provider’s stock valued at $244,129,000 after purchasing an additional 93,113 shares during the period. Bank of New York Mellon Corp increased its position in M&T Bank by 3.0% during the second quarter. Bank of New York Mellon Corp now owns 1,513,452 shares of the financial services provider’s stock worth $229,076,000 after purchasing an additional 44,442 shares during the last quarter. Barrow Hanley Mewhinney & Strauss LLC raised its stake in M&T Bank by 3.2% during the second quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 1,398,199 shares of the financial services provider’s stock worth $211,631,000 after purchasing an additional 43,795 shares during the period. Finally, Los Angeles Capital Management LLC boosted its holdings in shares of M&T Bank by 77.0% in the 2nd quarter. Los Angeles Capital Management LLC now owns 733,304 shares of the financial services provider’s stock valued at $110,993,000 after purchasing an additional 319,051 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Stock Performance

MTB stock opened at $207.95 on Friday. The stock’s 50 day simple moving average is $181.20 and its 200 day simple moving average is $163.98. M&T Bank Co. has a 12-month low of $115.93 and a 12-month high of $216.84. The firm has a market cap of $34.70 billion, a P/E ratio of 15.39, a P/E/G ratio of 2.70 and a beta of 0.74. The company has a current ratio of 0.94, a quick ratio of 1.00 and a debt-to-equity ratio of 0.44.

M&T Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were issued a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.60%. The ex-dividend date was Tuesday, September 3rd. M&T Bank’s dividend payout ratio (DPR) is presently 39.97%.

Analysts Set New Price Targets

Several research analysts recently weighed in on MTB shares. Wells Fargo & Company increased their target price on M&T Bank from $165.00 to $190.00 and gave the stock an “underweight” rating in a research report on Friday, October 18th. JPMorgan Chase & Co. upgraded M&T Bank from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $183.00 to $215.00 in a report on Tuesday, September 3rd. Wedbush lifted their price objective on M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a research note on Tuesday, September 24th. Bank of America increased their target price on shares of M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Finally, Evercore ISI boosted their price objective on shares of M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, seven have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $198.76.

Insider Buying and Selling

In other news, CEO Rene F. Jones sold 23,071 shares of the company’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the completion of the transaction, the chief executive officer now directly owns 77,226 shares of the company’s stock, valued at approximately $14,972,576.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Denis J. Salamone sold 10,000 shares of M&T Bank stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total value of $1,720,300.00. Following the sale, the director now directly owns 44,902 shares in the company, valued at $7,724,491.06. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Rene F. Jones sold 23,071 shares of the company’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the completion of the transaction, the chief executive officer now owns 77,226 shares of the company’s stock, valued at approximately $14,972,576.88. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 66,848 shares of company stock worth $12,287,757 over the last quarter. 0.82% of the stock is owned by company 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.