ING Groep NV Decreases Stake in M&T Bank Co. (NYSE:MTB)

ING Groep NV reduced its position in shares of M&T Bank Co. (NYSE:MTB) by 59.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 8,417 shares of the financial services provider’s stock after selling 12,220 shares during the period. ING Groep NV’s holdings in M&T Bank were worth $1,499,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of MTB. Plato Investment Management Ltd boosted its stake in shares of M&T Bank by 2,300.0% during the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 161 shares in the last quarter. Ashton Thomas Securities LLC purchased a new position in shares of M&T Bank in the 3rd quarter worth about $32,000. Hexagon Capital Partners LLC raised its holdings in M&T Bank by 54.4% in the third quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock worth $34,000 after buying an additional 68 shares during the last quarter. Oakworth Capital Inc. bought a new position in M&T Bank in the 2nd quarter valued at approximately $35,000. Finally, Migdal Insurance & Financial Holdings Ltd. lifted its holdings in shares of M&T Bank by 329.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock valued at $37,000 after purchasing an additional 158 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insider Activity

In other news, Director Denis J. Salamone sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $172.03, for a total value of $1,720,300.00. Following the sale, the director now directly owns 44,902 shares in the company, valued at approximately $7,724,491.06. This trade represents a 18.21 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Robert E. Sadler, Jr. sold 2,000 shares of the stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $198.00, for a total transaction of $396,000.00. Following the sale, the director now directly owns 29,796 shares of the company’s stock, valued at $5,899,608. The trade was a 6.29 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 70,383 shares of company stock worth $13,576,801. 0.82% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on MTB. Morgan Stanley raised their target price on shares of M&T Bank from $195.00 to $220.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Wolfe Research raised shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 target price for the company in a report on Friday, October 4th. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a report on Friday, October 18th. JPMorgan Chase & Co. upgraded shares of M&T Bank from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $183.00 to $215.00 in a research report on Tuesday, September 3rd. Finally, Wells Fargo & Company raised their price target on M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a report on Friday. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $199.65.

M&T Bank Trading Up 0.7 %

NYSE MTB opened at $214.74 on Monday. The company’s 50-day moving average price is $187.11 and its 200-day moving average price is $167.36. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.44. M&T Bank Co. has a 12 month low of $123.37 and a 12 month high of $216.84. The stock has a market cap of $35.63 billion, a PE ratio of 15.89, a PEG ratio of 3.02 and a beta of 0.74.

M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.60 by $0.48. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. The business had revenue of $2.33 billion during the quarter, compared to analysts’ expectations of $2.30 billion. Equities research analysts forecast that M&T Bank Co. will post 14.56 earnings per share for the current year.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were issued a dividend of $1.35 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 2.51%. M&T Bank’s dividend payout ratio is currently 39.97%.

M&T Bank Company Profile

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.