Brandywine Global Investment Management LLC Reduces Stock Holdings in M&T Bank Co. (NYSE:MTB)

Brandywine Global Investment Management LLC lowered its position in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 7.5% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 71,260 shares of the financial services provider's stock after selling 5,768 shares during the quarter. Brandywine Global Investment Management LLC's holdings in M&T Bank were worth $13,398,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Y.D. More Investments Ltd grew its stake in shares of M&T Bank by 122.6% during the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider's stock worth $39,000 after purchasing an additional 114 shares during the period. Human Investing LLC purchased a new stake in M&T Bank during the 4th quarter valued at about $44,000. Sierra Ocean LLC acquired a new stake in shares of M&T Bank in the fourth quarter valued at approximately $44,000. Loomis Sayles & Co. L P purchased a new stake in shares of M&T Bank in the fourth quarter valued at about $52,000. Finally, Principal Securities Inc. lifted its holdings in M&T Bank by 47.5% in the fourth quarter. Principal Securities Inc. now owns 410 shares of the financial services provider's stock valued at $77,000 after acquiring an additional 132 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on MTB shares. Evercore ISI decreased their target price on M&T Bank from $234.00 to $205.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. StockNews.com upgraded shares of M&T Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, February 5th. Truist Financial reiterated a "buy" rating and issued a $236.00 price objective (up previously from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. Citigroup reduced their price objective on M&T Bank from $230.00 to $195.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. Finally, Barclays raised their price objective on shares of M&T Bank from $228.00 to $235.00 and gave the company an "equal weight" rating in a research report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, M&T Bank currently has an average rating of "Hold" and a consensus target price of $218.79.

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M&T Bank Trading Up 2.0 %

MTB stock traded up $3.56 during midday trading on Wednesday, reaching $179.93. The company's stock had a trading volume of 822,111 shares, compared to its average volume of 1,090,414. The stock has a market cap of $29.56 billion, a PE ratio of 12.30, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58. The business's 50-day simple moving average is $188.64 and its 200-day simple moving average is $192.95. 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 Co. has a 52 week low of $133.03 and a 52 week high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating 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 period in the previous year, the business posted $2.74 earnings per share. As a group, sell-side analysts expect that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were paid a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.00%. M&T Bank's payout ratio is presently 36.91%.

M&T Bank announced that its board has authorized a share buyback program on Wednesday, January 22nd that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.

Insider Activity

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the business's stock in a transaction that occurred 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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.53% of the stock is currently owned by insiders.

M&T Bank 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.