Pinnacle Financial Partners Inc Has $426,000 Stock Position in M&T Bank Co. (NYSE:MTB)

Pinnacle Financial Partners Inc trimmed its position in M&T Bank Co. (NYSE:MTBFree Report) by 52.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 3,109 shares of the financial services provider’s stock after selling 3,364 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in M&T Bank were worth $426,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in MTB. Raymond James & Associates increased its position in M&T Bank by 7.0% in the first quarter. Raymond James & Associates now owns 134,655 shares of the financial services provider’s stock worth $2,692,000 after purchasing an additional 8,765 shares during the period. American Century Companies Inc. increased its position in M&T Bank by 112.8% in the first quarter. American Century Companies Inc. now owns 82,957 shares of the financial services provider’s stock worth $1,658,000 after purchasing an additional 43,979 shares during the period. US Bancorp DE increased its position in M&T Bank by 9.4% in the first quarter. US Bancorp DE now owns 15,149 shares of the financial services provider’s stock worth $303,000 after purchasing an additional 1,304 shares during the period. Cambridge Investment Research Advisors Inc. increased its position in M&T Bank by 7.6% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 59,394 shares of the financial services provider’s stock worth $1,187,000 after purchasing an additional 4,175 shares during the period. Finally, AlphaCrest Capital Management LLC acquired a new stake in M&T Bank in the first quarter worth about $306,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, Director Kirk W. Walters sold 28,845 shares of the business’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $145.00, for a total value of $4,182,525.00. Following the sale, the director now owns 6,367 shares in the company, valued at approximately $923,215. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, Director Kirk W. Walters sold 28,845 shares of the company’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $145.00, for a total transaction of $4,182,525.00. Following the sale, the director now owns 6,367 shares in the company, valued at approximately $923,215. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Doris P. Meister sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $132.30, for a total value of $132,300.00. Following the sale, the executive vice president now owns 7,274 shares in the company, valued at approximately $962,350.20. The disclosure for this sale can be found here. In the last quarter, insiders have sold 35,481 shares of company stock worth $5,114,624. Corporate insiders own 0.82% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on MTB. StockNews.com lowered M&T Bank from a “hold” rating to a “sell” rating in a research report on Wednesday, December 27th. Royal Bank of Canada restated an “outperform” rating and set a $160.00 target price on shares of M&T Bank in a research report on Friday, January 19th. DA Davidson restated a “neutral” rating and set a $159.00 target price on shares of M&T Bank in a research report on Wednesday, March 6th. Piper Sandler decreased their target price on M&T Bank from $156.00 to $152.00 and set an “overweight” rating for the company in a research report on Friday, January 19th. Finally, Morgan Stanley boosted their target price on M&T Bank from $160.00 to $179.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 7th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. According to MarketBeat, M&T Bank presently has an average rating of “Hold” and a consensus price target of $150.17.

Check Out Our Latest Report on MTB

M&T Bank Price Performance

Shares of MTB opened at $139.05 on Thursday. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a 50 day simple moving average of $139.46 and a 200 day simple moving average of $131.85. M&T Bank Co. has a 52-week low of $108.53 and a 52-week high of $148.23. The firm has a market capitalization of $23.17 billion, a PE ratio of 8.81, a P/E/G ratio of 1.27 and a beta of 0.80.

M&T Bank (NYSE:MTBGet Free Report) last released its earnings results on Thursday, January 18th. The financial services provider reported $2.74 EPS for the quarter, missing the consensus estimate of $3.10 by ($0.36). The firm had revenue of $3.32 billion during the quarter, compared to the consensus estimate of $2.27 billion. M&T Bank had a net margin of 21.49% and a return on equity of 11.59%. During the same quarter in the previous year, the firm posted $4.57 EPS. Sell-side analysts predict that M&T Bank Co. will post 13.88 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Monday, March 4th were paid a $1.30 dividend. This represents a $5.20 annualized dividend and a yield of 3.74%. The ex-dividend date was Friday, March 1st. M&T Bank’s payout ratio is 32.95%.

About M&T Bank

(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.

Further Reading

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

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