M&T Bank Co. (NYSE:MTB) Stake Lessened by Keynote Financial Services LLC

Keynote Financial Services LLC lessened its stake in M&T Bank Co. (NYSE:MTB) by 2.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 10,350 shares of the financial services provider’s stock after selling 313 shares during the quarter. M&T Bank makes up approximately 1.5% of Keynote Financial Services LLC’s holdings, making the stock its 13th biggest holding. Keynote Financial Services LLC’s holdings in M&T Bank were worth $1,946,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Jacobi Capital Management LLC lifted its holdings in M&T Bank by 15.9% during the 4th quarter. Jacobi Capital Management LLC now owns 8,049 shares of the financial services provider’s stock worth $1,513,000 after buying an additional 1,105 shares during the last quarter. Metis Global Partners LLC raised its position in shares of M&T Bank by 4.4% during the 4th quarter. Metis Global Partners LLC now owns 7,121 shares of the financial services provider’s stock valued at $1,339,000 after acquiring an additional 299 shares in the last quarter. US Bancorp DE lifted its stake in M&T Bank by 24.3% during the fourth quarter. US Bancorp DE now owns 8,382 shares of the financial services provider’s stock worth $1,576,000 after purchasing an additional 1,639 shares during the last quarter. Fisher Asset Management LLC lifted its stake in M&T Bank by 33.8% during the fourth quarter. Fisher Asset Management LLC now owns 21,387 shares of the financial services provider’s stock worth $4,021,000 after purchasing an additional 5,408 shares during the last quarter. Finally, Sage Investment Counsel LLC acquired a new position in M&T Bank in the fourth quarter worth $345,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have weighed in on MTB shares. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. Wells Fargo & Company increased their price objective on shares of M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a research note on Friday, November 15th. Compass Point raised their target price on shares of M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Keefe, Bruyette & Woods upped their target price on M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Finally, JPMorgan Chase & Co. reissued a “neutral” rating and issued a $223.50 price target (up previously from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, M&T Bank presently has an average rating of “Hold” and a consensus price target of $221.68.

M&T Bank Price Performance

Shares of NYSE MTB opened at $191.68 on Friday. The stock has a market cap of $31.50 billion, a P/E ratio of 13.10, a P/E/G ratio of 1.38 and a beta of 0.79. The firm’s 50-day simple moving average is $195.03 and its 200 day simple moving average is $191.13. M&T Bank Co. has a fifty-two week low of $133.03 and a fifty-two week high of $225.70. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, topping analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same quarter in the prior year, the business posted $2.74 EPS. Equities analysts expect that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.82%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s payout ratio is currently 36.91%.

M&T Bank declared that its board has authorized a stock buyback plan on Wednesday, January 22nd that allows the company to buyback $4.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, Vice Chairman Gary N. Geisel sold 2,490 shares of the company’s stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total value of $537,566.10. Following the completion of the sale, the insider now owns 16,429 shares in the company, valued at $3,546,856.81. This represents a 13.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.82% of the stock is owned by insiders.

M&T Bank Profile

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management and investment services. It operates through the following segments: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.