Procyon Advisors LLC Has $796,000 Stake in M&T Bank Co. (NYSE:MTB)

Procyon Advisors LLC lowered its holdings in M&T Bank Co. (NYSE:MTB) by 1.4% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,455 shares of the financial services provider’s stock after selling 65 shares during the period. Procyon Advisors LLC’s holdings in M&T Bank were worth $796,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in the business. Wood Tarver Financial Group LLC bought a new position in shares of M&T Bank in the fourth quarter worth $29,000. Banque Transatlantique SA bought a new position in M&T Bank in the 4th quarter valued at about $38,000. Human Investing LLC bought a new position in M&T Bank in the 4th quarter valued at about $44,000. Sierra Ocean LLC acquired a new position in shares of M&T Bank in the 4th quarter valued at approximately $44,000. Finally, Loomis Sayles & Co. L P bought a new stake in shares of M&T Bank during the 4th quarter worth approximately $52,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Christopher E. Kay sold 1,738 shares of the business’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value of $299,526.92. Following the transaction, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at $1,852,827.34. The trade was a 13.92% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.53% of the company’s stock.

M&T Bank Stock Performance

NYSE MTB opened at $184.21 on Friday. The company has a market capitalization of $29.57 billion, a price-to-earnings 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 Co. has a twelve month low of $139.78 and a twelve month high of $225.70. The stock has a fifty day simple moving average of $172.67 and a 200 day simple moving average of $186.61.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. The company had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter last year, the firm posted $3.09 EPS. Sell-side analysts expect that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Dividend Announcement

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

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Evercore ISI decreased their price objective on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. DA Davidson decreased their price target on M&T Bank from $205.00 to $189.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. Morgan Stanley dropped their price objective on M&T Bank from $269.00 to $253.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. TD Cowen started coverage on M&T Bank in a research note on Thursday, May 15th. They issued a “buy” rating and a $230.00 price objective on the stock. Finally, Wells Fargo & Company lowered their target price on M&T Bank from $185.00 to $175.00 and set an “underweight” rating for the company in a research note on Tuesday, April 15th. One analyst has rated the stock with a sell rating, eight have given a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $212.53.

M&T Bank Profile

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.