Webster Bank N. A. Cuts Position in M&T Bank Co. (NYSE:MTB)

Webster Bank N. A. trimmed its stake in M&T Bank Co. (NYSE:MTB) by 38.0% in the 4th quarter, HoldingsChannel reports. The fund owned 215 shares of the financial services provider’s stock after selling 132 shares during the quarter. Webster Bank N. A.’s holdings in M&T Bank were worth $40,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in MTB. FMR LLC raised its holdings in M&T Bank by 13.9% in the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock worth $2,199,675,000 after purchasing an additional 1,508,846 shares in the last quarter. State Street Corp raised its stake in shares of M&T Bank by 6.4% during the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after acquiring an additional 527,854 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in M&T Bank by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock valued at $897,216,000 after acquiring an additional 190,837 shares during the last quarter. Geode Capital Management LLC boosted its stake in M&T Bank by 1.6% in the third quarter. Geode Capital Management LLC now owns 4,329,814 shares of the financial services provider’s stock valued at $768,824,000 after acquiring an additional 66,337 shares in the last quarter. Finally, Senvest Management LLC grew its holdings in M&T Bank by 12.3% in the third quarter. Senvest Management LLC now owns 882,841 shares of the financial services provider’s stock worth $157,252,000 after purchasing an additional 96,500 shares during the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, Vice Chairman Kevin J. Pearson sold 7,500 shares of the stock in a transaction on Friday, November 1st. The shares were sold at an average price of $195.88, for a total transaction of $1,469,100.00. Following the transaction, the insider now directly owns 40,502 shares of the company’s stock, valued at $7,933,531.76. This trade represents a 15.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Kirk W. Walters sold 1,590 shares of the business’s stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $210.22, for a total transaction of $334,249.80. Following the sale, the director now directly owns 2,108 shares of the company’s stock, valued at $443,143.76. This represents a 43.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 40,487 shares of company stock valued at $8,578,809. Company insiders own 0.82% of the company’s stock.

M&T Bank Trading Up 1.1 %

M&T Bank stock opened at $201.10 on Tuesday. The firm has a market cap of $33.37 billion, a PE ratio of 13.75, a P/E/G ratio of 1.37 and a beta of 0.79. M&T Bank Co. has a 12 month low of $128.31 and a 12 month high of $225.70. The stock’s 50 day simple moving average is $200.79 and its two-hundred day simple moving average is $185.64. The company has a current ratio of 0.93, a quick ratio of 0.99 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, beating the consensus estimate 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 last year, the firm earned $2.74 EPS. Analysts anticipate that M&T Bank Co. will post 16.56 earnings per share for the current year.

M&T Bank announced that its board has approved a stock buyback program on Wednesday, January 22nd that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 2nd were issued a $1.35 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.69%. M&T Bank’s payout ratio is 36.91%.

Analysts Set New Price Targets

MTB has been the subject of several analyst reports. Bank of America increased their price objective on M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a report on Friday, October 18th. Compass Point increased their price target on M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Truist Financial restated a “buy” rating and set a $236.00 price objective (up previously from $233.00) on shares of M&T Bank in a report on Friday, January 17th. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Finally, Evercore ISI upped their price target on shares of M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $221.68.

About M&T Bank

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.