M&T Bank Corporation $MTB Stock Acquired by Citizens & Northern Corp

Citizens & Northern Corp boosted its holdings in M&T Bank Corporation (NYSE:MTB) by 65.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,028 shares of the financial services provider’s stock after purchasing an additional 2,386 shares during the quarter. Citizens & Northern Corp’s holdings in M&T Bank were worth $1,312,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Bank of New York Mellon Corp purchased a new position in M&T Bank during the 2nd quarter worth $330,978,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in M&T Bank by 2.6% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,060,517 shares of the financial services provider’s stock valued at $252,414,000 after purchasing an additional 26,486 shares during the period. Davis Asset Management L.P. purchased a new stake in shares of M&T Bank in the second quarter valued at about $97,584,000. Hsbc Holdings PLC raised its holdings in shares of M&T Bank by 18.9% in the second quarter. Hsbc Holdings PLC now owns 396,157 shares of the financial services provider’s stock valued at $94,364,000 after buying an additional 62,877 shares during the last quarter. Finally, Amundi raised its holdings in shares of M&T Bank by 7.7% in the second quarter. Amundi now owns 388,916 shares of the financial services provider’s stock valued at $92,566,000 after buying an additional 27,795 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insider Transactions at M&T Bank

In related news, CEO René Jones sold 19,396 shares of the stock in a transaction dated Monday, September 14th. The shares were sold at an average price of $239.35, for a total value of $4,642,432.60. Following the sale, the chief executive officer directly owned 103,831 shares of the company’s stock, valued at approximately $24,851,949.85. This represents a 15.74% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Rudina Seseri sold 623 shares of the firm’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $241.04, for a total transaction of $150,167.92. Following the transaction, the director owned 3,649 shares of the company’s stock, valued at $879,554.96. This trade represents a 14.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.44% of the stock is currently owned by corporate insiders.

M&T Bank Stock Performance

MTB opened at $219.87 on Friday. The stock has a market cap of $31.54 billion, a P/E ratio of 11.48, a P/E/G ratio of 1.27 and a beta of 0.64. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.96 and a quick ratio of 0.96. The stock’s 50 day simple moving average is $223.24 and its 200 day simple moving average is $225.39. M&T Bank Corporation has a 1-year low of $179.75 and a 1-year high of $255.95.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Friday, October 16th. The financial services provider reported $5.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.93 by $0.15. M&T Bank had a return on equity of 11.86% and a net margin of 22.63%. The firm had revenue of $2.54 billion during the quarter, compared to analysts’ expectations of $2.53 billion. During the same period in the previous year, the firm posted $4.82 earnings per share. As a group, equities analysts anticipate that M&T Bank Corporation will post 19.48 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 1st were given a $1.50 dividend. The ex-dividend date was Tuesday, September 1st. This represents a $6.00 annualized dividend and a dividend yield of 2.7%. M&T Bank’s payout ratio is currently 31.32%.

Wall Street Analyst Weigh In

MTB has been the topic of a number of research reports. Citigroup raised their price target on M&T Bank from $225.00 to $230.00 and gave the stock a “neutral” rating in a report on Wednesday, October 21st. Raymond James Financial initiated coverage on M&T Bank in a research note on Tuesday, October 6th. They set an “outperform” rating and a $250.00 price objective for the company. Wolfe Research cut M&T Bank from a “peer perform” rating to an “underperform” rating and set a $198.00 price objective for the company. in a research report on Tuesday, October 27th. Deutsche Bank downgraded M&T Bank from a “buy” rating to a “hold” rating and set a $250.00 target price on the stock. in a research note on Thursday, July 23rd. Finally, UBS Group dropped their target price on M&T Bank from $255.00 to $238.00 and set a “neutral” rating on the stock in a report on Monday, October 5th. Eight analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, M&T Bank currently has a consensus rating of “Hold” and an average target price of $244.89.

M&T Bank Company Profile

M&T Bank Corporation is a regional financial holding company headquartered in Buffalo, New York. Founded in 1856 as Manufacturers and Traders Bank, the company operates primarily through M&T Bank and its wealth-management subsidiary, Wilmington Trust. M&T provides retail and commercial banking services, including checking and savings accounts, loans, mortgages, credit cards, and cash-management services. Through Wilmington Trust and other businesses, it also offers wealth management, trust, investment, and related financial services.