Cutler Investment Counsel LLC Lowers Holdings in M&T Bank Co. (NYSE:MTB)

Cutler Investment Counsel LLC decreased its holdings in M&T Bank Co. (NYSE:MTB) by 1.5% in the 4th quarter, according to the company in its most recent Form 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 reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in M&T Bank by 1.3% in the first quarter. Vanguard Group Inc. now owns 48,056,301 shares of the financial services provider’s stock worth $960,645,000 after acquiring an additional 595,930 shares during the last quarter. BlackRock Inc. raised its holdings in M&T Bank by 1.1% during the first 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 raised its holdings in M&T Bank by 0.7% during the first 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. raised its holdings in M&T Bank by 10.4% during the first 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 raised its holdings in M&T Bank by 17,405.3% during the first 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. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Analysts Set New Price Targets

MTB has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods raised their price objective on shares of M&T Bank from $162.00 to $170.00 and gave the stock a “market perform” rating in a report on Tuesday. Wells Fargo & Company lifted their target price on shares of M&T Bank from $145.00 to $150.00 and gave the company an “equal weight” rating in a report on Tuesday. Piper Sandler cut their target price on shares of M&T Bank from $156.00 to $152.00 and set an “overweight” rating on the stock in a report on Friday, January 19th. DA Davidson reaffirmed a “neutral” rating and issued a $159.00 target price on shares of M&T Bank in a report on Tuesday. Finally, Morgan Stanley lifted their target price on shares of M&T Bank from $160.00 to $179.00 and gave the company an “overweight” rating in a report on Wednesday, February 7th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, M&T Bank presently has a consensus rating of “Hold” and a consensus target price of $158.48.

M&T Bank Stock Performance

MTB traded up $3.21 during trading on Friday, hitting $142.51. The stock had a trading volume of 592,266 shares, compared to its average volume of 1,202,634. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.99 and a current ratio of 0.94. The firm has a market capitalization of $23.75 billion, a P/E ratio of 9.42, a PEG ratio of 1.16 and a beta of 0.80. The company’s 50-day moving average price is $139.76 and its 200 day moving average price is $132.81. M&T Bank Co. has a twelve month low of $108.53 and a twelve month high of $148.23.

M&T Bank (NYSE:MTB) last issued its earnings results on Monday, April 15th. The financial services provider reported $3.02 EPS for the quarter, missing the consensus estimate of $3.13 by ($0.11). The company had revenue of $2.26 billion for the quarter, compared to analysts’ expectations of $2.26 billion. M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. During the same quarter in the previous year, the firm posted $4.09 earnings per share. On average, equities research analysts forecast that M&T Bank Co. will post 13.95 EPS for the current fiscal year.

M&T Bank Announces Dividend

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

Insiders Place Their Bets

In related news, EVP Doris P. Meister sold 1,000 shares of the business’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $132.30, for a total value of $132,300.00. Following the sale, the executive vice president now directly owns 7,274 shares in the company, valued at approximately $962,350.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, EVP Doris P. Meister sold 1,000 shares of the business’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $132.30, for a total value of $132,300.00. Following the sale, the executive vice president now directly owns 7,274 shares in the company, valued at approximately $962,350.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Doris P. Meister sold 1,675 shares of the business’s stock in a transaction dated 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 sale, the executive vice president now owns 8,961 shares in the company, valued at $1,235,811.51. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 35,481 shares of company stock worth $5,114,624. Corporate insiders own 0.82% of the company’s stock.

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.