M&T Bank Co. (NYSE:MTB) Shares Sold by Abacus Planning Group Inc.

Abacus Planning Group Inc. reduced its holdings in shares of M&T Bank Co. (NYSE:MTB) by 3.2% during the 1st quarter, HoldingsChannel reports. The firm owned 17,188 shares of the financial services provider’s stock after selling 573 shares during the period. M&T Bank accounts for approximately 0.5% of Abacus Planning Group Inc.’s investment portfolio, making the stock its 27th biggest holding. Abacus Planning Group Inc.’s holdings in M&T Bank were worth $3,072,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Park Avenue Securities LLC raised its position in M&T Bank by 74.3% during the 1st quarter. Park Avenue Securities LLC now owns 11,409 shares of the financial services provider’s stock worth $2,039,000 after buying an additional 4,862 shares during the last quarter. UMB Bank n.a. increased its stake in shares of M&T Bank by 17.6% during the first quarter. UMB Bank n.a. now owns 688 shares of the financial services provider’s stock worth $123,000 after acquiring an additional 103 shares during the period. Breakwater Capital Group raised its holdings in M&T Bank by 28.8% during the first quarter. Breakwater Capital Group now owns 2,061 shares of the financial services provider’s stock worth $368,000 after purchasing an additional 461 shares in the last quarter. Salvus Wealth Management LLC lifted its position in M&T Bank by 7.7% in the first quarter. Salvus Wealth Management LLC now owns 1,646 shares of the financial services provider’s stock valued at $294,000 after purchasing an additional 118 shares during the period. Finally, Hennion & Walsh Asset Management Inc. boosted its holdings in M&T Bank by 19.0% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 9,321 shares of the financial services provider’s stock valued at $1,666,000 after purchasing an additional 1,486 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Stock Up 2.4%

MTB opened at $184.21 on Friday. The business’s fifty day simple moving average is $172.67 and its 200 day simple moving average is $186.61. M&T Bank Co. has a 52 week low of $139.78 and a 52 week high of $225.70. The firm has a market cap of $29.57 billion, a P/E ratio of 12.59, a PEG ratio of 1.38 and a beta of 0.62. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.41 by ($0.03). The business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.35 billion. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same quarter last year, the business earned $3.09 EPS. As a group, equities research analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 2nd will be paid a dividend of $1.35 per share. The ex-dividend date is Monday, June 2nd. This represents a $5.40 annualized dividend and a yield of 2.93%. M&T Bank’s dividend payout ratio is presently 36.17%.

Insider Buying and Selling

In related news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total transaction of $299,526.92. Following the transaction, the executive vice president now owns 10,751 shares in the company, valued at approximately $1,852,827.34. The trade was a 13.92% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

MTB has been the topic of a number of analyst reports. Citigroup decreased their price target on M&T Bank from $230.00 to $195.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. Morgan Stanley decreased their target price on shares of M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Royal Bank of Canada reiterated an “outperform” rating and issued a $200.00 price target on shares of M&T Bank in a report on Monday, May 19th. Jefferies Financial Group set a $225.00 price objective on shares of M&T Bank and gave the stock a “buy” rating in a report on Wednesday, May 21st. Finally, Wall Street Zen upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, May 14th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $212.53.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.