abrdn plc decreased its holdings in M&T Bank Co. (NYSE:MTB - Free Report) by 8.2% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 59,727 shares of the financial services provider's stock after selling 5,318 shares during the quarter. abrdn plc's holdings in M&T Bank were worth $11,251,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Plato Investment Management Ltd raised its position in M&T Bank by 2,300.0% in the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider's stock valued at $30,000 after purchasing an additional 161 shares during the last quarter. Ashton Thomas Securities LLC purchased a new stake in M&T Bank in the 3rd quarter valued at $32,000. Hexagon Capital Partners LLC raised its position in M&T Bank by 54.4% in the 3rd quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 68 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. raised its position in M&T Bank by 329.2% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider's stock valued at $37,000 after purchasing an additional 158 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new stake in M&T Bank in the 3rd quarter valued at $44,000. Hedge funds and other institutional investors own 84.68% of the company's stock.
M&T Bank Trading Up 0.8 %
Shares of MTB traded up $1.55 during mid-day trading on Tuesday, hitting $199.08. The company had a trading volume of 637,423 shares, compared to its average volume of 1,245,616. The stock has a market cap of $33.03 billion, a PE ratio of 13.61, a P/E/G ratio of 1.42 and a beta of 0.79. The company has a quick ratio of 0.99, a current ratio of 0.93 and a debt-to-equity ratio of 0.47. M&T Bank Co. has a 1-year low of $130.84 and a 1-year high of $225.70. 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 - Get Free Report) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating 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 previous year, the business earned $2.74 EPS. Sell-side analysts forecast that M&T Bank Co. will post 16.56 earnings per share for the current year.
M&T Bank Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd were given a dividend of $1.35 per share. The ex-dividend date was Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.71%. M&T Bank's dividend payout ratio (DPR) is 36.91%.
M&T Bank announced that its Board of Directors has initiated a share repurchase program on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.
Wall Street Analyst Weigh In
Several equities analysts have issued reports on the stock. Bank of America boosted their price objective on shares of M&T Bank from $188.00 to $218.00 and gave the company a "buy" rating in a research note on Friday, October 18th. Keefe, Bruyette & Woods raised their target price on shares of M&T Bank from $205.00 to $221.00 and gave the stock a "market perform" rating in a research note on Wednesday, December 4th. The Goldman Sachs Group raised their target price on shares of M&T Bank from $216.00 to $243.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 26th. StockNews.com upgraded shares of M&T Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, February 5th. Finally, Truist Financial restated a "buy" rating and issued a $236.00 target price (up previously from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $221.68.
View Our Latest Stock Analysis on MTB
Insider Buying and Selling at M&T Bank
In related news, Director John P. Barnes sold 20,000 shares of M&T Bank stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $217.45, for a total value of $4,349,000.00. Following the completion of the sale, the director now owns 35,480 shares in the company, valued at approximately $7,715,126. The trade was a 36.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of M&T Bank stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total transaction of $537,566.10. Following the completion of the sale, the insider now owns 16,429 shares of the company's stock, valued at approximately $3,546,856.81. This trade represents a 13.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,611 shares of company stock valued at $5,354,777 over the last ninety days. Corporate insiders own 0.82% of the company's stock.
About M&T Bank
(
Free Report)
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.
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