Fortitude Advisory Group L.L.C. Reduces Stock Position in M&T Bank Co. (NYSE:MTB)

Fortitude Advisory Group L.L.C. trimmed its holdings in shares of M&T Bank Co. (NYSE:MTB) by 10.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,396 shares of the financial services provider’s stock after selling 168 shares during the period. Fortitude Advisory Group L.L.C.’s holdings in M&T Bank were worth $250,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Wood Tarver Financial Group LLC acquired a new stake in shares of M&T Bank during the 4th quarter worth about $29,000. Banque Transatlantique SA purchased a new position in M&T Bank in the fourth quarter valued at approximately $38,000. Grove Bank & Trust raised its holdings in M&T Bank by 104.6% during the first quarter. Grove Bank & Trust now owns 223 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 114 shares in the last quarter. Sierra Ocean LLC purchased a new stake in shares of M&T Bank during the 4th quarter worth approximately $44,000. Finally, Human Investing LLC acquired a new position in shares of M&T Bank in the 4th quarter valued at $44,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at M&T Bank

In other M&T Bank news, Director Robert E. Sadler, Jr. sold 6,700 shares of the stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $183.52, for a total value of $1,229,584.00. Following the completion of the transaction, the director now directly owns 23,070 shares of the company’s stock, valued at approximately $4,233,806.40. This trade represents a 22.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently commented on MTB shares. Royal Bank of Canada reiterated an “outperform” rating and set a $200.00 price target on shares of M&T Bank in a research note on Monday, May 19th. Robert W. Baird cut their target price on M&T Bank from $220.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday, April 15th. DA Davidson decreased their target price on M&T Bank from $205.00 to $189.00 and set a “neutral” rating for the company in a research report on Tuesday, April 15th. JPMorgan Chase & Co. dropped their price target on M&T Bank from $212.50 to $186.50 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. Finally, Deutsche Bank Aktiengesellschaft upgraded M&T Bank from a “hold” rating to a “buy” rating and set a $210.00 price objective for the company in a research note on Thursday, April 24th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat, M&T Bank has an average rating of “Moderate Buy” and a consensus price target of $212.53.

M&T Bank Stock Performance

Shares of MTB stock opened at $180.21 on Tuesday. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The stock has a 50 day simple moving average of $175.21 and a 200-day simple moving average of $184.80. The company has a market cap of $28.93 billion, a price-to-earnings ratio of 12.32, a price-to-earnings-growth ratio of 1.38 and a beta of 0.62. M&T Bank Co. has a 12-month low of $141.14 and a 12-month high of $225.70.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. The business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period in the prior year, the company earned $3.09 EPS. On average, equities analysts forecast that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 2nd will be issued a $1.35 dividend. The ex-dividend date is Monday, June 2nd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.00%. M&T Bank’s dividend payout ratio is presently 36.17%.

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.