Hanson & Doremus Investment Management Sells 66 Shares of M&T Bank Co. (NYSE:MTB)

Hanson & Doremus Investment Management lessened its position in M&T Bank Co. (NYSE:MTB) by 1.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,537 shares of the financial services provider’s stock after selling 66 shares during the quarter. Hanson & Doremus Investment Management’s holdings in M&T Bank were worth $853,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Ibex Wealth Advisors purchased a new position in shares of M&T Bank in the 4th quarter worth about $585,000. Forsta AP Fonden raised its holdings in shares of M&T Bank by 0.8% during the 4th quarter. Forsta AP Fonden now owns 35,700 shares of the financial services provider’s stock valued at $6,712,000 after buying an additional 300 shares in the last quarter. Robeco Institutional Asset Management B.V. lifted its position in M&T Bank by 25.3% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 14,213 shares of the financial services provider’s stock worth $2,672,000 after buying an additional 2,872 shares during the last quarter. Foundations Investment Advisors LLC boosted its stake in M&T Bank by 8.4% in the fourth quarter. Foundations Investment Advisors LLC now owns 2,350 shares of the financial services provider’s stock worth $442,000 after buying an additional 183 shares in the last quarter. Finally, Pacer Advisors Inc. grew its position in M&T Bank by 52.2% during the fourth quarter. Pacer Advisors Inc. now owns 18,873 shares of the financial services provider’s stock valued at $3,548,000 after acquiring an additional 6,475 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.

Insider Buying and Selling

In other news, Vice Chairman Gary N. Geisel sold 2,490 shares of the firm’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total transaction of $537,566.10. Following the completion of the transaction, the insider now directly owns 16,429 shares in the company, valued at $3,546,856.81. This trade represents a 13.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Kevin J. Pearson sold 7,500 shares of the company’s stock in a transaction dated 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 transaction, the insider now owns 40,502 shares in the company, valued at approximately $7,933,531.76. The trade was a 15.62 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 38,487 shares of company stock worth $8,182,809 in the last three months. 0.82% of the stock is owned by corporate insiders.

M&T Bank Stock Performance

Shares of MTB opened at $200.51 on Thursday. The company has a 50-day simple moving average of $200.23 and a two-hundred day simple moving average of $186.28. 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 firm has a market capitalization of $33.27 billion, a PE ratio of 13.71, a price-to-earnings-growth ratio of 1.37 and a beta of 0.79. M&T Bank Co. has a one year low of $128.31 and a one year high of $225.70.

M&T Bank (NYSE:MTB) last released its earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, beating 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 period in the previous year, the firm posted $2.74 earnings per share. On average, analysts anticipate that M&T Bank Co. will post 16.56 EPS for the current fiscal year.

M&T Bank declared that its Board of Directors has initiated a stock repurchase program on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to reacquire up to 12.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd were given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date of this dividend was Monday, December 2nd. M&T Bank’s dividend payout ratio is presently 36.91%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the stock. Wells Fargo & Company boosted their price objective on shares of M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a report on Friday, November 15th. DA Davidson raised their price objective on M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. The Goldman Sachs Group boosted their target price on M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Piper Sandler raised their price target on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 27th. Finally, Wolfe Research raised M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price target on the stock in a research note on Friday, October 4th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, M&T Bank currently has an average rating of “Hold” and an average target price of $221.68.

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.