Bright Futures Wealth Management LLC. Decreases Stock Position in M&T Bank Co. (NYSE:MTB)

Bright Futures Wealth Management LLC. decreased its stake in M&T Bank Co. (NYSE:MTB - Free Report) by 17.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,573 shares of the financial services provider's stock after selling 2,235 shares during the quarter. M&T Bank makes up 1.9% of Bright Futures Wealth Management LLC.'s holdings, making the stock its 15th largest position. Bright Futures Wealth Management LLC.'s holdings in M&T Bank were worth $2,118,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently modified their holdings of the company. Hennion & Walsh Asset Management Inc. boosted its stake in shares of M&T Bank by 34.7% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider's stock worth $1,473,000 after buying an additional 2,018 shares during the last quarter. Capital Performance Advisors LLP purchased a new stake in shares of M&T Bank in the third quarter worth about $44,000. Flagship Harbor Advisors LLC boosted its position in M&T Bank by 89.8% during the fourth quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider's stock worth $515,000 after purchasing an additional 1,295 shares in the last quarter. Principal Financial Group Inc. boosted its position in M&T Bank by 1.4% during the third quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider's stock worth $35,466,000 after purchasing an additional 2,797 shares in the last quarter. Finally, Summit Trail Advisors LLC purchased a new position in M&T Bank during the fourth quarter worth approximately $290,000. Hedge funds and other institutional investors own 84.68% of the company's stock.

Insiders Place Their Bets

In other news, Director John P. Barnes sold 20,000 shares of the firm's stock in a transaction 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 completion of the transaction, the director now directly owns 35,480 shares in the company, valued at $7,715,126. This trade represents a 36.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the firm's stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total value of $537,566.10. Following the transaction, the insider now owns 16,429 shares of the company's stock, valued at approximately $3,546,856.81. This represents a 13.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,611 shares of company stock valued at $5,354,777 over the last quarter. 0.82% of the stock is owned by insiders.

Wall Street Analyst Weigh In

MTB has been the topic of a number of recent analyst reports. Wells Fargo & Company increased their price target on M&T Bank from $190.00 to $205.00 and gave the stock an "underweight" rating in a research report on Friday, November 15th. Citigroup downgraded M&T Bank from a "buy" rating to a "neutral" rating and increased their price target for the stock from $220.00 to $230.00 in a research report on Monday, November 25th. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $223.50 price target (up previously from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. Compass Point increased their price target 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. Finally, Keefe, Bruyette & Woods increased their target price 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. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $221.68.

M&T Bank Price Performance

Shares of NYSE:MTB traded up $1.69 during midday trading on Tuesday, hitting $200.51. The company had a trading volume of 1,036,114 shares, compared to its average volume of 1,205,462. M&T Bank Co. has a twelve month low of $133.03 and a twelve month high of $225.70. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.93 and a quick ratio of 0.99. The stock has a market cap of $33.27 billion, a price-to-earnings ratio of 13.71, a price-to-earnings-growth ratio of 1.42 and a beta of 0.79. The business's 50-day simple moving average is $195.43 and its 200-day simple moving average is $189.25.

M&T Bank (NYSE:MTB - Get Free Report) last posted its earnings results 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 return on equity of 10.12% and a net margin of 19.24%. During the same quarter in the previous year, the business earned $2.74 earnings per share. On average, research analysts predict that M&T Bank Co. will post 16.56 earnings per share for the current year.

M&T Bank declared that its board has approved a stock repurchase program on Wednesday, January 22nd that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 12.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership believes its stock is undervalued.

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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.