Wetherby Asset Management Inc. Lowers Stake in M&T Bank Co. (NYSE:MTB)

Wetherby Asset Management Inc. reduced its stake in shares of M&T Bank Co. (NYSE:MTB) by 15.0% in the third quarter, Holdings Channel reports. The firm owned 1,716 shares of the financial services provider’s stock after selling 302 shares during the period. Wetherby Asset Management Inc.’s holdings in M&T Bank were worth $271,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in the stock. World Asset Management Inc lifted its stake in M&T Bank by 0.7% in the third quarter. World Asset Management Inc now owns 8,819 shares of the financial services provider’s stock worth $1,393,000 after acquiring an additional 64 shares during the period. First Allied Advisory Services Inc. lifted its stake in M&T Bank by 1.8% in the second quarter. First Allied Advisory Services Inc. now owns 4,028 shares of the financial services provider’s stock worth $685,000 after acquiring an additional 71 shares during the period. ETRADE Capital Management LLC lifted its stake in M&T Bank by 1.8% in the second quarter. ETRADE Capital Management LLC now owns 4,092 shares of the financial services provider’s stock worth $696,000 after acquiring an additional 72 shares during the period. CX Institutional lifted its stake in M&T Bank by 24.8% in the second quarter. CX Institutional now owns 372 shares of the financial services provider’s stock worth $63,000 after acquiring an additional 74 shares during the period. Finally, Sky Investment Group LLC lifted its stake in M&T Bank by 0.3% in the second quarter. Sky Investment Group LLC now owns 26,691 shares of the financial services provider’s stock worth $4,539,000 after acquiring an additional 78 shares during the period. 81.98% of the stock is owned by institutional investors.

In other news, CFO Darren J. King sold 3,968 shares of the company’s stock in a transaction dated Monday, November 4th. The shares were sold at an average price of $162.59, for a total transaction of $645,157.12. Following the transaction, the chief financial officer now owns 42,295 shares in the company, valued at $6,876,744.05. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Michael J. Todaro acquired 186 shares of the business’s stock in a transaction dated Thursday, August 15th. The shares were bought at an average price of $144.84 per share, for a total transaction of $26,940.24. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 25,574 shares of company stock worth $4,245,337. Corporate insiders own 0.54% of the company’s stock.

Shares of MTB stock traded up $0.76 during mid-day trading on Friday, hitting $167.59. 545,509 shares of the stock traded hands, compared to its average volume of 745,258. The stock has a market cap of $22.21 billion, a P/E ratio of 13.03, a P/E/G ratio of 1.35 and a beta of 1.11. The stock’s fifty day moving average is $156.87 and its two-hundred day moving average is $160.42. M&T Bank Co. has a 52-week low of $133.78 and a 52-week high of $176.11. The company has a debt-to-equity ratio of 0.48, a current ratio of 1.01 and a quick ratio of 1.06.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, October 17th. The financial services provider reported $3.47 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $3.59 by ($0.12). M&T Bank had a net margin of 28.58% and a return on equity of 13.82%. The company had revenue of $1.56 billion for the quarter, compared to analyst estimates of $1.53 billion. During the same quarter last year, the company earned $3.53 EPS. As a group, equities analysts forecast that M&T Bank Co. will post 13.7 EPS for the current fiscal year.

Several analysts have commented on MTB shares. Jefferies Financial Group lowered shares of M&T Bank from a “buy” rating to a “hold” rating and decreased their price target for the company from $185.00 to $167.00 in a research report on Tuesday, October 8th. Barclays decreased their price target on shares of M&T Bank from $206.00 to $200.00 and set an “overweight” rating for the company in a research report on Friday, October 18th. UBS Group decreased their price target on shares of M&T Bank from $164.00 to $161.00 and set a “neutral” rating for the company in a research report on Monday, October 21st. Piper Jaffray Companies lowered shares of M&T Bank from an “overweight” rating to a “neutral” rating and decreased their price target for the company from $196.00 to $168.00 in a research report on Monday, July 22nd. Finally, Odeon Capital Group started coverage on shares of M&T Bank in a research report on Friday, September 27th. They set a “hold” rating for the company. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and one has assigned a buy rating to the stock. M&T Bank has a consensus rating of “Hold” and an average target price of $167.62.

M&T Bank Company Profile

M&T Bank Corporation operates as the holding company for Manufacturers and Traders Trust Company; and Wilmington Trust, National Association that provide banking services. The company's Business Banking segment offers deposits, business loans and leases, and credit cards; and cash management, payroll, and letters of credit services to small businesses and professionals.

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Institutional Ownership by Quarter for M&T Bank (NYSE:MTB)

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