Cutler Investment Counsel LLC Has $6.14 Million Stock Position in M&T Bank Co. (NYSE:MTB)

Cutler Investment Counsel LLC reduced its position in shares of M&T Bank Co. (NYSE:MTB) by 1.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 44,771 shares of the financial services provider’s stock after selling 697 shares during the quarter. Cutler Investment Counsel LLC’s holdings in M&T Bank were worth $6,137,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in M&T Bank by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 48,056,301 shares of the financial services provider’s stock worth $960,645,000 after purchasing an additional 595,930 shares in the last quarter. BlackRock Inc. increased its holdings in M&T Bank by 1.1% during the 1st quarter. BlackRock Inc. now owns 36,670,981 shares of the financial services provider’s stock worth $733,054,000 after purchasing an additional 402,530 shares in the last quarter. State Street Corp increased its holdings in M&T Bank by 0.7% during the 1st quarter. State Street Corp now owns 7,985,096 shares of the financial services provider’s stock worth $954,778,000 after purchasing an additional 55,623 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in M&T Bank by 10.4% during the 1st quarter. JPMorgan Chase & Co. now owns 6,095,725 shares of the financial services provider’s stock worth $728,866,000 after purchasing an additional 571,869 shares in the last quarter. Finally, Virtu Financial LLC increased its holdings in M&T Bank by 17,405.3% during the 1st quarter. Virtu Financial LLC now owns 5,273,474 shares of the financial services provider’s stock worth $105,417,000 after purchasing an additional 5,243,349 shares in the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

M&T Bank Stock Performance

Shares of NYSE:MTB traded up $3.21 during trading on Friday, hitting $142.51. 592,266 shares of the company were exchanged, compared to its average volume of 1,202,634. The company has a market cap of $23.75 billion, a PE ratio of 9.42, a P/E/G ratio of 1.16 and a beta of 0.80. The stock has a 50 day moving average of $139.76 and a 200 day moving average of $132.81. M&T Bank Co. has a 52-week low of $108.53 and a 52-week high of $148.23. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.94 and a quick ratio of 0.99.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.13 by ($0.11). M&T Bank had a net margin of 19.52% and a return on equity of 10.68%. The company had revenue of $2.26 billion for the quarter, compared to the consensus estimate of $2.26 billion. During the same period last year, the business posted $4.09 earnings per share. As a group, equities research analysts predict that M&T Bank Co. will post 13.95 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 4th were paid a dividend of $1.30 per share. The ex-dividend date was Friday, March 1st. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.65%. M&T Bank’s dividend payout ratio (DPR) is currently 35.16%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. Piper Sandler reduced their target price on M&T Bank from $156.00 to $152.00 and set an “overweight” rating for the company in a report on Friday, January 19th. Wells Fargo & Company upped their target price on M&T Bank from $145.00 to $150.00 and gave the company an “equal weight” rating in a report on Tuesday. UBS Group upped their target price on M&T Bank from $139.00 to $154.00 in a report on Wednesday, January 17th. Bank of America upped their target price on M&T Bank from $157.00 to $160.00 and gave the company a “buy” rating in a report on Tuesday. Finally, Jefferies Financial Group reduced their target price on M&T Bank from $154.00 to $151.00 and set a “hold” rating for the company in a report on Monday, April 8th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $158.48.

Insider Activity

In related news, Director Kirk W. Walters sold 28,845 shares of the business’s stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $145.00, for a total transaction of $4,182,525.00. Following the transaction, the director now owns 6,367 shares in the company, valued at approximately $923,215. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, EVP Doris P. Meister sold 1,675 shares of the company’s stock in a transaction that occurred on Friday, February 23rd. The stock was sold at an average price of $137.91, for a total transaction of $230,999.25. Following the completion of the transaction, the executive vice president now owns 8,961 shares in the company, valued at $1,235,811.51. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Kirk W. Walters sold 28,845 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $145.00, for a total value of $4,182,525.00. Following the transaction, the director now owns 6,367 shares of the company’s stock, valued at approximately $923,215. The disclosure for this sale can be found here. Over the last three months, insiders have sold 35,481 shares of company stock valued at $5,114,624. 0.82% of the stock is currently owned by insiders.

About M&T Bank

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.