Hartford Investment Management Co. Sells 412 Shares of M&T Bank Corporation $MTB

Hartford Investment Management Co. reduced its stake in M&T Bank Corporation (NYSE:MTB) by 4.1% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,712 shares of the financial services provider’s stock after selling 412 shares during the period. Hartford Investment Management Co.’s holdings in M&T Bank were worth $1,884,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the stock. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH raised its position in shares of M&T Bank by 9.5% in the second quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 232,896 shares of the financial services provider’s stock worth $45,179,000 after buying an additional 20,191 shares in the last quarter. GAMMA Investing LLC raised its position in shares of M&T Bank by 26.4% in the second quarter. GAMMA Investing LLC now owns 4,989 shares of the financial services provider’s stock worth $968,000 after buying an additional 1,041 shares in the last quarter. Farther Finance Advisors LLC raised its position in shares of M&T Bank by 62.0% in the second quarter. Farther Finance Advisors LLC now owns 4,416 shares of the financial services provider’s stock worth $857,000 after buying an additional 1,690 shares in the last quarter. CX Institutional raised its position in shares of M&T Bank by 16.5% in the second quarter. CX Institutional now owns 1,580 shares of the financial services provider’s stock worth $307,000 after buying an additional 224 shares in the last quarter. Finally, Canoe Financial LP raised its position in shares of M&T Bank by 24,443.7% in the second quarter. Canoe Financial LP now owns 295,506 shares of the financial services provider’s stock worth $57,325,000 after buying an additional 294,302 shares in the last quarter. 84.68% of the stock is owned by institutional investors.

M&T Bank Stock Up 0.7%

MTB opened at $200.21 on Friday. The company has a market cap of $31.29 billion, a P/E ratio of 12.97, a P/E/G ratio of 0.98 and a beta of 0.67. The business’s 50-day moving average price is $195.45 and its 200-day moving average price is $185.15. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 0.47. M&T Bank Corporation has a 12 month low of $150.75 and a 12 month high of $225.70.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $4.28 EPS for the quarter, topping the consensus estimate of $4.04 by $0.24. The firm had revenue of $2.40 billion for the quarter, compared to the consensus estimate of $2.39 billion. M&T Bank had a return on equity of 10.35% and a net margin of 20.44%.During the same quarter in the previous year, the business earned $3.73 earnings per share. On average, equities analysts expect 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 will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 2nd will be issued a $1.50 dividend. This is an increase from M&T Bank’s previous quarterly dividend of $1.35. This represents a $6.00 annualized dividend and a dividend yield of 3.0%. The ex-dividend date is Tuesday, September 2nd. M&T Bank’s dividend payout ratio (DPR) is presently 38.86%.

Analysts Set New Price Targets

A number of brokerages recently issued reports on MTB. Citigroup increased their price objective on M&T Bank from $200.00 to $212.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 2nd. Cantor Fitzgerald began coverage on M&T Bank in a research report on Wednesday, September 10th. They set an “overweight” rating and a $228.00 price target on the stock. Wells Fargo & Company raised their price target on M&T Bank from $175.00 to $185.00 and gave the company an “underweight” rating in a research report on Thursday, July 17th. Jefferies Financial Group raised their price target on M&T Bank from $220.00 to $240.00 and gave the company a “buy” rating in a research report on Wednesday, September 3rd. Finally, Morgan Stanley raised their price target 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. Thirteen investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, M&T Bank has an average rating of “Moderate Buy” and a consensus target price of $214.53.

Insider Transactions at M&T Bank

In other news, Director Richard H. Jr. Ledgett sold 1,277 shares of M&T Bank stock in a transaction dated Monday, July 21st. The stock was sold at an average price of $197.48, for a total value of $252,181.96. Following the transaction, the director owned 4,881 shares in the company, valued at approximately $963,899.88. The trade was a 20.74% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Peter D’arcy sold 2,461 shares of M&T Bank stock in a transaction dated Tuesday, July 22nd. The stock was sold at an average price of $197.31, for a total value of $485,579.91. Following the completion of the transaction, the executive vice president owned 9,319 shares in the company, valued at approximately $1,838,731.89. This represents a 20.89% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,738 shares of company stock worth $3,734,612. Company insiders own 0.53% of the company’s stock.

M&T Bank Company 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.