Haverford Trust Co. Sells 2,339 Shares of M&T Bank Co. (NYSE:MTB)

Haverford Trust Co. lowered its stake in shares of M&T Bank Co. (NYSE:MTB) by 19.2% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 9,859 shares of the financial services provider’s stock after selling 2,339 shares during the quarter. Haverford Trust Co.’s holdings in M&T Bank were worth $1,557,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in MTB. Usca Ria LLC bought a new stake in shares of M&T Bank during the third quarter valued at approximately $25,000. North Star Investment Management Corp. bought a new stake in shares of M&T Bank during the third quarter valued at approximately $32,000. Webster Bank N. A. bought a new stake in shares of M&T Bank during the second quarter valued at approximately $43,000. HM Payson & Co. bought a new stake in shares of M&T Bank during the second quarter valued at approximately $51,000. Finally, CSat Investment Advisory L.P. raised its position in shares of M&T Bank by 305.3% during the second quarter. CSat Investment Advisory L.P. now owns 304 shares of the financial services provider’s stock valued at $52,000 after buying an additional 229 shares during the last quarter. Hedge funds and other institutional investors own 81.98% of the company’s stock.

Shares of MTB stock traded up $0.76 on Friday, reaching $167.59. The company’s stock had a trading volume of 545,509 shares, compared to its average volume of 745,258. The stock’s fifty day simple moving average is $156.87 and its 200-day simple moving average is $160.42. M&T Bank Co. has a 1 year low of $133.78 and a 1 year high of $176.11. The company has a current ratio of 1.01, a quick ratio of 1.06 and a debt-to-equity ratio of 0.48. The company has a market capitalization of $22.21 billion, a price-to-earnings ratio of 13.03, a price-to-earnings-growth ratio of 1.35 and a beta of 1.11.

M&T Bank (NYSE:MTB) last posted its earnings results on Thursday, October 17th. The financial services provider reported $3.47 earnings per share for the quarter, missing analysts’ consensus estimates of $3.59 by ($0.12). M&T Bank had a net margin of 28.58% and a return on equity of 13.82%. The business had revenue of $1.56 billion during the quarter, compared to analysts’ expectations of $1.53 billion. During the same period last year, the business posted $3.53 earnings per share. Equities research analysts forecast that M&T Bank Co. will post 13.7 earnings per share for the current year.

Several equities research analysts have recently issued reports on MTB shares. Cfra cut shares of M&T Bank to a “hold” rating and reduced their price objective for the company from $182.00 to $165.00 in a research report on Thursday, October 24th. Keefe, Bruyette & Woods cut shares of M&T Bank from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $168.00 to $160.00 in a research report on Friday, October 18th. Barclays reduced their price objective on shares of M&T Bank from $206.00 to $200.00 and set an “overweight” rating on the stock in a research report on Friday, October 18th. Jefferies Financial Group cut shares of M&T Bank from a “buy” rating to a “hold” rating and reduced their price objective for the company from $185.00 to $167.00 in a research report on Tuesday, October 8th. Finally, Odeon Capital Group started coverage on shares of M&T Bank in a research report on Friday, September 27th. They set a “hold” rating on the stock. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and one has assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $167.62.

In related news, COO Richard S. Gold sold 4,093 shares of the firm’s stock in a transaction on Thursday, November 7th. The shares were sold at an average price of $169.43, for a total value of $693,476.99. Following the completion of the transaction, the chief operating officer now directly owns 38,936 shares of the company’s stock, valued at $6,596,926.48. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Denis J. Salamone sold 15,755 shares of the firm’s stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $167.50, for a total transaction of $2,638,962.50. Following the completion of the transaction, the director now directly owns 90,293 shares of the company’s stock, valued at $15,124,077.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 25,574 shares of company stock valued at $4,245,337. 0.54% of the stock is currently owned by insiders.

M&T Bank Profile

M&T Bank Corporation operates as the holding company for Manufacturers and Traders Trust Company; and Wilmington Trust, National Association that provide banking services. The company's Business Banking segment offers deposits, business loans and leases, and credit cards; and cash management, payroll, and letters of credit services to small businesses and professionals.

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

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