Cornerstone Wealth Group LLC Trims Stake in M&T Bank Co. (NYSE:MTB)

Cornerstone Wealth Group LLC trimmed its holdings in shares of M&T Bank Co. (NYSE:MTB) by 0.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 27,917 shares of the financial services provider’s stock after selling 128 shares during the quarter. Cornerstone Wealth Group LLC’s holdings in M&T Bank were worth $5,249,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Blue Trust Inc. raised its holdings in shares of M&T Bank by 12.6% in the fourth quarter. Blue Trust Inc. now owns 2,805 shares of the financial services provider’s stock valued at $500,000 after acquiring an additional 314 shares in the last quarter. Clarendon Private LLC purchased a new position in shares of M&T Bank in the fourth quarter worth $210,000. Flagship Harbor Advisors LLC increased its position in shares of M&T Bank by 89.8% in the 4th quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider’s stock valued at $515,000 after acquiring an additional 1,295 shares during the period. Geneos Wealth Management Inc. purchased a new position in M&T Bank in the 4th quarter worth $259,000. Finally, Sound Income Strategies LLC increased its holdings in shares of M&T Bank by 8.9% in the fourth quarter. Sound Income Strategies LLC now owns 107,900 shares of the financial services provider’s stock valued at $20,286,000 after purchasing an additional 8,853 shares during the period. Institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Up 0.9 %

MTB stock opened at $198.81 on Monday. The stock has a market capitalization of $32.99 billion, a P/E ratio of 13.59, a P/E/G ratio of 1.37 and a beta of 0.79. M&T Bank Co. has a 52 week low of $128.31 and a 52 week high of $225.70. The firm has a 50-day simple moving average of $200.79 and a 200-day simple moving average of $185.41. The company has a quick ratio of 0.99, a current ratio of 0.93 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last announced its earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, beating analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same quarter in the previous year, the company earned $2.74 earnings per share. Equities analysts forecast that M&T Bank Co. will post 16.56 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd were issued a $1.35 dividend. The ex-dividend date was Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.72%. M&T Bank’s payout ratio is currently 36.91%.

M&T Bank declared that its board has approved a stock repurchase program on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

Analyst Ratings Changes

A number of equities research analysts recently commented on the company. Citigroup lowered M&T Bank from a “buy” rating to a “neutral” rating and upped their target price for the company from $220.00 to $230.00 in a research report on Monday, November 25th. Bank of America raised their target price on shares of M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Evercore ISI upped their price target on shares of M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Royal Bank of Canada lifted their price objective on M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $223.50 target price (up from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $221.68.

Insiders Place Their Bets

In other news, Vice Chairman Kevin J. Pearson sold 7,500 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $195.88, for a total transaction of $1,469,100.00. Following the transaction, the insider now directly owns 40,502 shares in the company, valued at $7,933,531.76. The trade was a 15.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Robert E. Sadler, Jr. sold 2,000 shares of M&T Bank stock in a transaction that occurred on Wednesday, October 30th. The stock was sold at an average price of $198.00, for a total value of $396,000.00. Following the transaction, the director now owns 29,796 shares in the company, valued at approximately $5,899,608. The trade was a 6.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 40,487 shares of company stock valued at $8,578,809 in the last 90 days. 0.82% of the stock is owned by insiders.

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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.