Hartford Investment Management Co. Trims Position in M&T Bank Co. (MTB)
Hartford Investment Management Co. lowered its holdings in M&T Bank Co. (NYSE:MTB) by 7.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 18,124 shares of the financial services provider’s stock after selling 1,439 shares during the quarter. Hartford Investment Management Co.’s holdings in M&T Bank were worth $2,982,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also bought and sold shares of MTB. Amalgamated Bank boosted its holdings in M&T Bank by 5.6% in the 2nd quarter. Amalgamated Bank now owns 18,737 shares of the financial services provider’s stock valued at $3,188,000 after purchasing an additional 999 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of M&T Bank by 1.3% during the 2nd quarter. Nisa Investment Advisors LLC now owns 71,661 shares of the financial services provider’s stock worth $12,193,000 after acquiring an additional 931 shares in the last quarter. Municipal Employees Retirement System of Michigan boosted its stake in shares of M&T Bank by 113.3% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 8,360 shares of the financial services provider’s stock worth $1,422,000 after acquiring an additional 4,440 shares in the last quarter. TIAA FSB boosted its stake in shares of M&T Bank by 5.7% during the 2nd quarter. TIAA FSB now owns 13,910 shares of the financial services provider’s stock worth $2,367,000 after acquiring an additional 753 shares in the last quarter. Finally, Unigestion Holding SA purchased a new stake in shares of M&T Bank during the 2nd quarter worth approximately $22,716,000. 82.46% of the stock is owned by institutional investors and hedge funds.
Shares of M&T Bank stock opened at $169.04 on Monday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.07 and a quick ratio of 1.07. M&T Bank Co. has a 1 year low of $154.33 and a 1 year high of $197.37. The company has a market cap of $23.73 billion, a P/E ratio of 18.08, a P/E/G ratio of 1.07 and a beta of 0.86.
In related news, insider Doris P. Meister sold 800 shares of M&T Bank stock in a transaction that occurred on Friday, November 9th. The stock was sold at an average price of $167.24, for a total transaction of $133,792.00. Following the completion of the transaction, the insider now directly owns 342 shares in the company, valued at approximately $57,196.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Denis J. Salamone sold 25,209 shares of M&T Bank stock in a transaction that occurred on Wednesday, September 5th. The stock was sold at an average price of $179.76, for a total value of $4,531,569.84. The disclosure for this sale can be found here. Insiders have sold a total of 27,873 shares of company stock valued at $4,972,269 over the last 90 days. Insiders own 0.48% of the company’s stock.
Several equities research analysts have recently commented on MTB shares. Keefe, Bruyette & Woods raised M&T Bank from a “market perform” rating to an “outperform” rating and set a $120.00 price target on the stock in a research note on Monday, September 3rd. Morgan Stanley decreased their price target on M&T Bank from $195.00 to $190.00 and set an “equal weight” rating on the stock in a research note on Tuesday, September 18th. Zacks Investment Research lowered M&T Bank from a “buy” rating to a “hold” rating in a research note on Friday, September 21st. Goldman Sachs Group raised M&T Bank from a “neutral” rating to a “buy” rating in a research note on Wednesday, September 26th. Finally, ValuEngine lowered M&T Bank from a “hold” rating to a “sell” rating in a research note on Thursday, September 27th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have issued a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $184.36.
About M&T Bank
M&T Bank Corporation operates as the holding company for Manufacturers and Traders Trust Company; and Wilmington Trust, National Association that provide retail and commercial banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals.
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