Essex Financial Services Inc. Decreases Stock Position in M&T Bank Co. (NYSE:MTB)

Essex Financial Services Inc. trimmed its holdings in M&T Bank Co. (NYSE:MTB) by 13.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,002 shares of the financial services provider’s stock after selling 1,413 shares during the period. Essex Financial Services Inc.’s holdings in M&T Bank were worth $1,692,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in MTB. Plato Investment Management Ltd increased its stake in shares of M&T Bank by 2,300.0% during the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock worth $30,000 after purchasing an additional 161 shares in the last quarter. Ashton Thomas Securities LLC purchased a new stake in M&T Bank in the 3rd quarter valued at approximately $32,000. Migdal Insurance & Financial Holdings Ltd. grew its holdings in M&T Bank by 329.2% during the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock valued at $37,000 after buying an additional 158 shares during the last quarter. Y.D. More Investments Ltd increased its position in M&T Bank by 122.6% during the fourth quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock worth $39,000 after buying an additional 114 shares in the last quarter. Finally, Capital Performance Advisors LLP acquired a new position in shares of M&T Bank in the third quarter worth $44,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Stock Performance

NYSE MTB opened at $199.08 on Wednesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.93 and a quick ratio of 0.99. M&T Bank Co. has a 1-year low of $130.84 and a 1-year high of $225.70. The firm has a market capitalization of $33.03 billion, a P/E ratio of 13.61, a P/E/G ratio of 1.42 and a beta of 0.79. The business’s 50-day simple moving average is $196.74 and its 200-day simple moving average is $188.32.

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 (EPS) for the quarter, topping 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 in the prior year, the company earned $2.74 earnings per share. Equities analysts predict that M&T Bank Co. will post 16.56 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.71%. The ex-dividend date was Monday, December 2nd. M&T Bank’s dividend payout ratio is presently 36.91%.

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

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. The Goldman Sachs Group increased their price objective on M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Wells Fargo & Company raised their price target 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. Piper Sandler boosted their price objective on shares of M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research report on Wednesday, November 27th. Evercore ISI raised their target price on shares of M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Finally, Royal Bank of Canada lifted their target price on shares of M&T Bank from $190.00 to $208.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. 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. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $221.68.

Insider Transactions at M&T Bank

In related news, Director John P. Barnes sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $217.45, for a total transaction of $4,349,000.00. Following the transaction, the director now directly owns 35,480 shares of the company’s stock, valued at approximately $7,715,126. The trade was a 36.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Tracy S. Woodrow sold 2,121 shares of the stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total transaction of $468,210.75. Following the completion of the sale, the executive vice president now directly owns 5,141 shares of the company’s stock, valued at $1,134,875.75. This trade represents a 29.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,611 shares of company stock valued at $5,354,777 over the last quarter. Company insiders own 0.82% of the company’s stock.

M&T Bank Company 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.