M&T Bank Co. (NYSE:MTB) Short Interest Down 23.1% in October

M&T Bank Co. (NYSE:MTB) saw a large decrease in short interest in October. As of October 31st, there was short interest totalling 3,370,000 shares, a decrease of 23.1% from the October 15th total of 4,380,000 shares. Based on an average daily volume of 1,080,000 shares, the short-interest ratio is currently 3.1 days.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on MTB. Wells Fargo & Company lifted their price objective on M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a research report on Friday. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Wedbush raised their price objective on shares of M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Barclays upped their target price on M&T Bank from $170.00 to $228.00 and gave the stock an “equal weight” rating in a report on Friday, October 18th. Finally, DA Davidson raised their target price on M&T Bank from $192.00 to $207.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. One equities 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’s stock. According to data from MarketBeat, M&T Bank presently has an average rating of “Hold” and a consensus target price of $199.65.

M&T Bank Stock Performance

Shares of NYSE MTB traded up $1.47 during trading on Friday, reaching $214.74. 849,133 shares of the company traded hands, compared to its average volume of 1,167,415. The firm has a 50 day simple moving average of $187.11 and a 200-day simple moving average of $167.21. M&T Bank has a 52-week low of $123.37 and a 52-week high of $216.84. The stock has a market capitalization of $35.63 billion, a PE ratio of 15.89, a P/E/G ratio of 3.02 and a beta of 0.74. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.44.

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

M&T Bank Announces Dividend

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

Insider Activity

In related news, EVP John R. Taylor sold 1,436 shares of the firm’s stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $195.03, for a total transaction of $280,063.08. Following the transaction, the executive vice president now directly owns 5,618 shares in the company, valued at $1,095,678.54. This trade represents a 20.36 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Robert E. Sadler, Jr. sold 2,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 30th. The shares were sold at an average price of $198.00, for a total value of $396,000.00. Following the completion of the sale, the director now 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 90 days, insiders sold 72,854 shares of company stock valued at $13,637,588. Corporate insiders own 0.82% of the company’s stock.

Institutional Trading of M&T Bank

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Plato Investment Management Ltd increased its holdings in shares of M&T Bank by 2,300.0% in the third quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 161 shares during the last quarter. Ashton Thomas Securities LLC bought a new position in shares of M&T Bank during the 3rd quarter valued at approximately $32,000. Hexagon Capital Partners LLC grew its holdings in shares of 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 valued at $34,000 after purchasing an additional 68 shares in the last quarter. Oakworth Capital Inc. bought a new stake in M&T Bank in the second quarter worth $35,000. Finally, Migdal Insurance & Financial Holdings Ltd. raised its stake in 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. 84.68% of the stock is owned by hedge funds and other institutional investors.

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.