M&T Bank Co. (NYSE:MTB) Shares Sold by Advisors Asset Management Inc.

Advisors Asset Management Inc. cut its position in M&T Bank Co. (NYSE:MTB) by 1.6% in the fourth quarter, Holdings Channel reports. The firm owned 19,718 shares of the financial services provider’s stock after selling 315 shares during the period. Advisors Asset Management Inc.’s holdings in M&T Bank were worth $3,707,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the company. Sanctuary Advisors LLC boosted its position in shares of M&T Bank by 0.3% in the 4th quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider’s stock valued at $3,195,000 after purchasing an additional 52 shares during the period. Catalina Capital Group LLC lifted its position in M&T Bank by 2.0% during the 4th quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider’s stock worth $531,000 after acquiring an additional 56 shares during the period. Parallel Advisors LLC lifted its position in M&T Bank by 1.7% during the 4th quarter. Parallel Advisors LLC now owns 3,512 shares of the financial services provider’s stock worth $660,000 after acquiring an additional 60 shares during the period. Sheaff Brock Investment Advisors LLC lifted its position in M&T Bank by 1.2% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 5,188 shares of the financial services provider’s stock worth $975,000 after acquiring an additional 63 shares during the period. Finally, Meridian Wealth Management LLC lifted its position in M&T Bank by 3.8% during the 4th quarter. Meridian Wealth Management LLC now owns 1,786 shares of the financial services provider’s stock worth $336,000 after acquiring an additional 66 shares during the period. 84.68% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

MTB has been the subject of a number of recent research reports. Compass Point increased their price objective on M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Truist Financial reaffirmed a “buy” rating and set a $236.00 price objective (up from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. Keefe, Bruyette & Woods raised their price target 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, The Goldman Sachs Group raised their price target on M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $222.03.

M&T Bank Stock Performance

M&T Bank stock opened at $176.93 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. The stock has a fifty day moving average of $191.19 and a two-hundred day moving average of $192.00. The company has a market capitalization of $29.07 billion, a price-to-earnings ratio of 12.09, a PEG ratio of 1.38 and a beta of 0.74. M&T Bank Co. has a fifty-two week low of $133.03 and a fifty-two week high of $225.70.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, topping 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 quarter in the prior year, the business earned $2.74 earnings per share. On average, analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

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 3.05%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s payout ratio is 36.91%.

M&T Bank announced that its Board of Directors has approved a share buyback plan on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in shares. This repurchase authorization allows the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the sale, the executive vice president now owns 10,751 shares of the company’s stock, valued at $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.53% of the stock is currently owned by company insiders.

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.