From MarketBeat:

Algebris UK Ltd reduced its position in shares of M&T Bank Co. by 50.8% in the 3rd quarter, bringing its stake to 98,405 shares worth $12,468,000. Other institutional investors also bought stakes in the company, collectively owning 82.86% of M&T Bank. On the stock market, M&T Bank stock increased by 4.9% and traded at $139.39. M&T Bank has a market capitalization of $23.13 billion, and a P/E ratio of 8.83.

During the 3rd quarter, financial services provider M&T Bank announced a net margin of 21.49% and a return on equity of 11.59%. The firm posted revenue of $3.32 billion, outperforming analyst estimates of $2.27 billion. However, earnings per share of $2.74 fell short of the consensus estimate of $3.10. M&T Bank is expected to post 14.15 earnings per share for the current year.

M&T Bank also declared a quarterly dividend of $1.30, yielding 3.73%. Several insider trades took place, including CFO Daryl N. Bible acquiring 5,000 shares and EVP Doris P. Meister selling 1,000 shares. Analysts have given M&T Bank a consensus rating of “Hold” and an average target price of $148.44. M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association, offering retail and commercial banking services in the United States.



Read more: M&T Bank Co. (NYSE:MTB) Holdings Lowered by Algebris UK Ltd