First Eagle Investment Management LLC reduced its position in shares of M&T Bank Corp. (NYSE:MTB) by 11.0% during the third quarter, Holdings Channel reports. The institutional investor owned 51,736 shares of the company’s stock after selling 6,390 shares during the period. First Eagle Investment Management LLC’s holdings in M&T Bank Corp. were worth $6,007,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wetherby Asset Management Inc. increased its position in M&T Bank Corp. by 0.6% in the second quarter. Wetherby Asset Management Inc. now owns 1,984 shares of the company’s stock worth $234,000 after buying an additional 12 shares during the period. Canandaigua National Bank & Trust Co. increased its position in M&T Bank Corp. by 0.7% in the third quarter. Canandaigua National Bank & Trust Co. now owns 1,763 shares of the company’s stock worth $205,000 after buying an additional 13 shares during the period. Alpha Windward LLC increased its position in M&T Bank Corp. by 1.1% in the third quarter. Alpha Windward LLC now owns 1,592 shares of the company’s stock worth $185,000 after buying an additional 17 shares during the period. LVW Advisors LLC increased its position in M&T Bank Corp. by 0.6% in the second quarter. LVW Advisors LLC now owns 3,298 shares of the company’s stock worth $413,000 after buying an additional 20 shares during the period. Finally, First Allied Advisory Services Inc. increased its position in M&T Bank Corp. by 0.4% in the second quarter. First Allied Advisory Services Inc. now owns 6,480 shares of the company’s stock worth $767,000 after buying an additional 24 shares during the period. 76.96% of the stock is currently owned by institutional investors.

Institutional Ownership by Quarter for M&T Bank Corp. (NYSE:MTB)

Shares of M&T Bank Corp. (NYSE:MTB) traded up 2.75% during midday trading on Wednesday, hitting $143.94. The company had a trading volume of 1,245,145 shares. M&T Bank Corp. has a 1-year low of $100.08 and a 1-year high of $144.38. The stock has a 50 day moving average price of $126.70 and a 200 day moving average price of $119.04. The firm has a market capitalization of $22.32 billion, a P/E ratio of 19.31 and a beta of 0.70.

M&T Bank Corp. (NYSE:MTB) last announced its quarterly earnings data on Wednesday, October 19th. The company reported $2.13 earnings per share for the quarter, topping analysts’ consensus estimates of $2.04 by $0.09. M&T Bank Corp. had a net margin of 22.32% and a return on equity of 8.59%. During the same period last year, the company posted $1.93 earnings per share. On average, equities analysts anticipate that M&T Bank Corp. will post $7.89 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 30th. Investors of record on Friday, December 2nd will be issued a $0.70 dividend. The ex-dividend date is Wednesday, November 30th. This represents a $2.80 dividend on an annualized basis and a yield of 1.99%. M&T Bank Corp.’s payout ratio is currently 37.53%.

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A number of research analysts recently weighed in on the company. Wedbush upped their price target on M&T Bank Corp. from $128.00 to $134.00 and gave the stock a “neutral” rating in a research note on Wednesday. Zacks Investment Research raised M&T Bank Corp. from a “sell” rating to a “hold” rating in a report on Tuesday, September 20th. Robert W. Baird reissued an “underperform” rating on shares of M&T Bank Corp. in a report on Thursday, August 4th. Sanford C. Bernstein reissued a “market perform” rating on shares of M&T Bank Corp. in a report on Saturday, November 19th. Finally, Barclays PLC reissued a “buy” rating on shares of M&T Bank Corp. in a report on Friday, August 12th. Two equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $121.56.

In other M&T Bank Corp. news, President Mark J. Czarnecki sold 93,543 shares of M&T Bank Corp. stock in a transaction that occurred on Wednesday, November 2nd. The shares were sold at an average price of $121.51, for a total value of $11,366,409.93. Following the completion of the sale, the president now owns 57,385 shares of the company’s stock, valued at approximately $6,972,851.35. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Darren J. King sold 8,762 shares of M&T Bank Corp. stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $123.01, for a total transaction of $1,077,813.62. Following the completion of the sale, the chief financial officer now directly owns 17,983 shares of the company’s stock, valued at approximately $2,212,088.83. The disclosure for this sale can be found here. 3.63% of the stock is currently owned by corporate insiders.

M&T Bank Corp. Company Profile

M&T Bank Corporation (M&T) is a bank holding company. The Company, through its subsidiaries, M&T Bank and Wilmington Trust, National Association (Wilmington Trust, N.A.), offer a range of retail and commercial banking, trust and wealth management, and investment services to their customers. M&T’s segments include Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking and Retail Banking.

5 Day Chart for NYSE:MTB

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