Bank of Montreal Can Cuts Stock Holdings in M&T Bank Co. (NYSE:MTB)

Bank of Montreal Can lowered its holdings in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 4.6% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 403,702 shares of the financial services provider's stock after selling 19,279 shares during the period. Bank of Montreal Can owned about 0.24% of M&T Bank worth $75,900,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Sanctuary Advisors LLC lifted its holdings in M&T Bank by 0.3% during the fourth quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider's stock worth $3,195,000 after acquiring an additional 52 shares during the period. Quadrant Capital Group LLC increased its stake in M&T Bank by 5.8% in the 4th quarter. Quadrant Capital Group LLC now owns 971 shares of the financial services provider's stock worth $183,000 after purchasing an additional 53 shares during the period. Catalina Capital Group LLC boosted its holdings in shares of M&T Bank by 2.0% during the fourth quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider's stock worth $531,000 after purchasing an additional 56 shares during the period. Parallel Advisors LLC increased its stake in shares of M&T Bank by 1.7% during the fourth quarter. Parallel Advisors LLC now owns 3,512 shares of the financial services provider's stock valued at $660,000 after buying an additional 60 shares during the period. Finally, Sheaff Brock Investment Advisors LLC raised its holdings in M&T Bank by 1.2% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 5,188 shares of the financial services provider's stock worth $975,000 after purchasing an additional 63 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

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Insider Activity at M&T Bank

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

M&T Bank Stock Up 0.4 %

Shares of NYSE:MTB traded up $0.65 during midday trading on Monday, reaching $158.60. The company's stock had a trading volume of 514,981 shares, compared to its average volume of 1,111,881. The firm has a market capitalization of $26.06 billion, a P/E ratio of 10.84, a PEG ratio of 1.38 and a beta of 0.58. The firm has a 50 day moving average of $181.27 and a 200-day moving average of $191.88. M&T Bank Co. has a 12-month low of $136.18 and a 12-month high of $225.70. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (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 in the previous year, the company earned $2.74 EPS. On average, research analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank declared that its Board of Directors has initiated a share buyback program on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 12.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's board of directors believes its stock is undervalued.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were paid a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.40%. The ex-dividend date was Monday, March 3rd. M&T Bank's payout ratio is currently 36.91%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on MTB. Morgan Stanley lowered their target price on shares of M&T Bank from $269.00 to $253.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. DA Davidson lifted their price objective on M&T Bank from $222.00 to $223.00 and gave the company a "neutral" rating in a research report on Friday, January 17th. Barclays boosted their price target on shares of M&T Bank from $228.00 to $235.00 and gave the stock an "equal weight" rating in a research note on Monday, January 6th. Evercore ISI decreased their price target on M&T Bank from $234.00 to $205.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. Finally, Truist Financial reduced their target price on shares of M&T Bank from $236.00 to $225.00 and set a "buy" rating on the stock in a research report on Friday, April 4th. One investment 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's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $215.97.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.