M&T Bank Co. (NYSE:MTB) Holdings Cut by Callodine Capital Management LP

Callodine Capital Management LP lessened its holdings in M&T Bank Co. (NYSE:MTB - Free Report) by 48.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 41,271 shares of the financial services provider's stock after selling 38,729 shares during the quarter. M&T Bank makes up about 1.6% of Callodine Capital Management LP's investment portfolio, making the stock its 23rd largest holding. Callodine Capital Management LP's holdings in M&T Bank were worth $7,759,000 as of its most recent SEC filing.

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

Wall Street Analyst Weigh In

A number of research firms recently issued reports on MTB. DA Davidson reduced their price objective on M&T Bank from $205.00 to $189.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. StockNews.com raised shares of M&T Bank from a "sell" rating to a "hold" rating in a report on Wednesday, February 5th. Evercore ISI dropped their price objective on shares of M&T Bank from $234.00 to $205.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. Royal Bank of Canada reduced their target price on shares of M&T Bank from $208.00 to $200.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Finally, Barclays dropped their price target on shares of M&T Bank from $235.00 to $220.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 15th. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $208.14.

Insider Transactions at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of the 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 in the company, valued at $1,852,827.34. This represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.53% of the stock is currently owned by insiders.

M&T Bank Price Performance

MTB stock traded up $4.63 on Wednesday, hitting $166.63. 510,911 shares of the company's stock traded hands, compared to its average volume of 1,113,971. The stock has a market cap of $27.38 billion, a price-to-earnings ratio of 11.39, a P/E/G ratio of 1.38 and a beta of 0.58. M&T Bank Co. has a 1-year low of $139.78 and a 1-year high of $225.70. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The stock has a fifty day moving average of $175.73 and a 200-day moving average of $191.00.

M&T Bank (NYSE:MTB - Get Free Report) last issued its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.41 by ($0.03). M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. The company had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the previous year, the firm earned $3.09 earnings per share. On average, analysts forecast that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were issued a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 3.24%. The ex-dividend date was Monday, March 3rd. M&T Bank's payout ratio is 36.17%.

M&T Bank declared that its board has authorized a stock buyback plan on Wednesday, January 22nd that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.

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.