LRI Investments LLC Decreases Position in M&T Bank Corporation $MTB

LRI Investments LLC decreased its holdings in shares of M&T Bank Corporation (NYSE:MTB) by 2.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,443 shares of the financial services provider’s stock after selling 284 shares during the quarter. LRI Investments LLC’s holdings in M&T Bank were worth $2,220,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Exchange Traded Concepts LLC raised its holdings in M&T Bank by 53.8% during the first quarter. Exchange Traded Concepts LLC now owns 526 shares of the financial services provider’s stock worth $94,000 after purchasing an additional 184 shares in the last quarter. Private Trust Co. NA raised its holdings in M&T Bank by 16.5% during the first quarter. Private Trust Co. NA now owns 644 shares of the financial services provider’s stock worth $115,000 after purchasing an additional 91 shares in the last quarter. Concurrent Investment Advisors LLC acquired a new stake in M&T Bank during the first quarter worth approximately $225,000. Kingswood Wealth Advisors LLC raised its holdings in M&T Bank by 4.4% during the first quarter. Kingswood Wealth Advisors LLC now owns 2,076 shares of the financial services provider’s stock worth $370,000 after purchasing an additional 88 shares in the last quarter. Finally, Raymond James Financial Inc. raised its holdings in M&T Bank by 1.8% during the first quarter. Raymond James Financial Inc. now owns 117,972 shares of the financial services provider’s stock worth $21,088,000 after purchasing an additional 2,111 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MTB. UBS Group upped their target price on M&T Bank from $207.00 to $208.00 and gave the company a “neutral” rating in a research report on Tuesday, October 7th. Morgan Stanley upped their target price on M&T Bank from $206.00 to $215.00 and gave the company an “overweight” rating in a research report on Friday, June 20th. DA Davidson upped their target price on M&T Bank from $189.00 to $207.00 and gave the company a “neutral” rating in a research report on Thursday, July 17th. Citigroup upped their target price on M&T Bank from $200.00 to $212.00 and gave the company a “neutral” rating in a research report on Wednesday, July 2nd. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of M&T Bank in a research report on Wednesday. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating, eight have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $216.18.

Insider Transactions at M&T Bank

In other news, Director Richard H. Jr. Ledgett sold 1,277 shares of the stock in a transaction that occurred on Monday, July 21st. The stock was sold at an average price of $197.48, for a total transaction of $252,181.96. Following the completion of the transaction, the director directly owned 4,881 shares of the company’s stock, valued at approximately $963,899.88. This represents a 20.74% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director John P. Barnes sold 15,000 shares of the stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $199.79, for a total value of $2,996,850.00. Following the transaction, the director directly owned 17,866 shares of the company’s stock, valued at approximately $3,569,448.14. This trade represents a 45.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 18,738 shares of company stock valued at $3,734,612. Corporate insiders own 0.53% of the company’s stock.

M&T Bank Stock Down 3.9%

MTB opened at $180.66 on Friday. The business has a 50 day moving average price of $195.21 and a two-hundred day moving average price of $186.13. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 0.47. The company has a market cap of $28.23 billion, a PE ratio of 11.70, a P/E/G ratio of 0.89 and a beta of 0.62. M&T Bank Corporation has a 52 week low of $150.75 and a 52 week high of $225.70.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Wednesday, March 9th. The financial services provider reported $3.54 EPS for the quarter. The firm had revenue of $1.54 billion during the quarter. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%. As a group, research analysts anticipate that M&T Bank Corporation will post 16.57 EPS for the current year.

M&T Bank Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 2nd were paid a dividend of $1.50 per share. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $6.00 annualized dividend and a yield of 3.3%. This is a boost from M&T Bank’s previous quarterly dividend of $1.35. M&T Bank’s dividend payout ratio (DPR) is currently 38.86%.

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.