M&T Bank Corp Reduces Holdings in M&T Bank Co. (NYSE:MTB)

M&T Bank Corp trimmed its position in shares of M&T Bank Co. (NYSE:MTB) by 12.3% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,489,161 shares of the financial services provider’s stock after selling 208,179 shares during the quarter. M&T Bank makes up approximately 0.9% of M&T Bank Corp’s investment portfolio, making the stock its 20th largest position. M&T Bank Corp owned about 0.90% of M&T Bank worth $279,977,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the company. Plato Investment Management Ltd boosted its stake in M&T Bank by 2,300.0% during the third quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock worth $30,000 after buying an additional 161 shares during the last quarter. Ashton Thomas Securities LLC acquired a new position in M&T Bank during the third quarter worth $32,000. Migdal Insurance & Financial Holdings Ltd. boosted its stake in M&T Bank by 329.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock worth $37,000 after buying an additional 158 shares during the last quarter. Y.D. More Investments Ltd lifted its stake in shares of M&T Bank by 122.6% in the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 114 shares during the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in shares of M&T Bank in the 3rd quarter valued at $44,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Stock Performance

NYSE MTB opened at $181.36 on Wednesday. M&T Bank Co. has a 1-year low of $133.03 and a 1-year high of $225.70. The company has a market capitalization of $29.80 billion, a P/E ratio of 12.40, a PEG ratio of 1.38 and a beta of 0.79. The business has a 50 day moving average price of $194.82 and a 200 day moving average price of $191.66. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating the consensus estimate of $3.70 by $0.22. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same period in the prior year, the company posted $2.74 earnings per share. Sell-side analysts expect that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank declared that its board has authorized a stock repurchase program on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.98%. The ex-dividend date is Monday, March 3rd. M&T Bank’s payout ratio is 36.91%.

Analysts Set New Price Targets

MTB has been the topic of several recent analyst reports. Wells Fargo & Company upped their price target on M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a research note on Friday, November 15th. Barclays upped their price target on M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. Truist Financial reiterated a “buy” rating and issued a $236.00 price objective (up previously from $233.00) on shares of M&T Bank in a report on Friday, January 17th. Keefe, Bruyette & Woods boosted their price objective 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, Piper Sandler boosted their price objective on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a report on Wednesday, November 27th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $221.68.

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.