Folger Nolan Fleming Douglas Capital Management Inc. Sells 1,350 Shares of M&T Bank Co. (NYSE:MTB)

31 Oct 2024, 14:30 by Kim Johansen · The Markets Daily

Folger Nolan Fleming Douglas Capital Management Inc. cut its stake in M&T Bank Co. (NYSE:MTB – Free Report) by 10.0% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 12,200 shares of the financial services provider’s stock after selling 1,350 shares during the period. Folger Nolan Fleming Douglas Capital Management Inc.’s holdings in M&T Bank were worth $2,173,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. Hedeker Wealth LLC grew its stake in M&T Bank by 1.6% during the 3rd quarter. Hedeker Wealth LLC now owns 3,519 shares of the financial services provider’s stock valued at $627,000 after purchasing an additional 55 shares during the last quarter. Frank Rimerman Advisors LLC lifted its holdings in M&T Bank by 1.0% in the third quarter. Frank Rimerman Advisors LLC now owns 5,644 shares of the financial services provider’s stock valued at $1,005,000 after acquiring an additional 57 shares during the period. Hexagon Capital Partners LLC increased its holdings in shares of M&T Bank by 54.4% during the 3rd quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 68 shares in the last quarter. Meeder Advisory Services Inc. boosted its holdings in M&T Bank by 3.9% during the first quarter. Meeder Advisory Services Inc. now owns 1,879 shares of the financial services provider’s stock worth $273,000 after buying an additional 70 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV increased its holdings in M&T Bank by 1.5% in the second quarter. Massmutual Trust Co. FSB ADV now owns 4,711 shares of the financial services provider’s stock valued at $713,000 after buying an additional 70 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

M&T Bank Price Performance

Shares of NYSE MTB opened at $197.49 on Thursday. The business’s 50 day moving average price is $178.22 and its two-hundred day moving average price is $161.98. The company has a market cap of $32.95 billion, a PE ratio of 13.35, a price-to-earnings-growth ratio of 2.75 and a beta of 0.75. M&T Bank Co. has a twelve month low of $111.08 and a twelve month high of $200.94. The company has a quick ratio of 1.00, a current ratio of 0.94 and a debt-to-equity ratio of 0.44.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were given a $1.35 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.73%. M&T Bank’s dividend payout ratio (DPR) is currently 36.51%.

Insider Buying and Selling

In other M&T Bank news, CEO Rene F. Jones sold 23,071 shares of the firm’s stock in a transaction on Monday, October 28th. The stock was sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the transaction, the chief executive officer now directly owns 77,226 shares in the company, valued at approximately $14,972,576.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Kirk W. Walters sold 2,471 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $24.60, for a total transaction of $60,786.60. Following the transaction, the director now directly owns 20,414 shares of the company’s stock, valued at approximately $502,184.40. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Rene F. Jones sold 23,071 shares of the company’s stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $193.88, for a total transaction of $4,473,005.48. Following the completion of the sale, the chief executive officer now directly owns 77,226 shares in the company, valued at $14,972,576.88. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 68,234 shares of company stock valued at $12,190,627 over the last 90 days. Company insiders own 0.82% of the company’s stock.

Analyst Upgrades and Downgrades

MTB has been the topic of a number of research reports. Morgan Stanley boosted their target price on M&T Bank from $195.00 to $220.00 and gave the stock an “overweight” rating in a report on Monday, August 5th. Royal Bank of Canada boosted their price objective on shares of M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a report on Friday, October 18th. JPMorgan Chase & Co. upgraded shares of M&T Bank from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $183.00 to $215.00 in a report on Tuesday, September 3rd. Jefferies Financial Group boosted their target price on M&T Bank from $160.00 to $161.00 and gave the company a “hold” rating in a research report on Wednesday, July 3rd. Finally, Wedbush lifted their target price on M&T Bank from $208.00 to $210.00 and gave the company an “outperform” rating in a research report on Tuesday, September 24th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $198.76.

Check Out Our Latest Stock Report on M&T Bank

M&T Bank Company Profile

(Free Report)

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.