M&T Bank Co. (NYSE:MTB) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. decreased its position in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 5.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 39,290 shares of the financial services provider's stock after selling 2,167 shares during the quarter. Corebridge Financial Inc.'s holdings in M&T Bank were worth $7,387,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Sanctuary Advisors LLC lifted its stake in M&T Bank by 0.3% during the 4th quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider's stock valued at $3,195,000 after acquiring an additional 52 shares during the period. Catalina Capital Group LLC lifted its position in 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 valued at $531,000 after purchasing an additional 56 shares during the period. Parallel Advisors LLC boosted its holdings in M&T Bank by 1.7% in the fourth quarter. Parallel Advisors LLC now owns 3,512 shares of the financial services provider's stock valued at $660,000 after purchasing an additional 60 shares during the last quarter. Sheaff Brock Investment Advisors LLC grew its position in M&T Bank by 1.2% during 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 during the period. Finally, Meridian Wealth Management LLC grew its position in M&T Bank by 3.8% during the 4th quarter. Meridian Wealth Management LLC now owns 1,786 shares of the financial services provider's stock worth $336,000 after purchasing an additional 66 shares during the period. Hedge funds and other institutional investors own 84.68% of the company's stock.

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Analyst Ratings Changes

Several brokerages recently weighed in on MTB. DA Davidson lifted their price target 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. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $223.50 price objective (up previously from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. StockNews.com upgraded shares of M&T Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, February 5th. Truist Financial reaffirmed a "buy" rating and issued a $236.00 price objective (up previously from $233.00) on shares of M&T Bank in a report on Friday, January 17th. Finally, Keefe, Bruyette & Woods increased 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. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $218.79.

M&T Bank Price Performance

Shares of M&T Bank stock traded up $1.44 during trading hours on Wednesday, reaching $177.81. 225,782 shares of the company's stock were exchanged, compared to its average volume of 1,371,099. The business has a fifty day moving average of $188.64 and a two-hundred day moving average of $192.95. The company has a market capitalization of $29.21 billion, a P/E ratio of 12.15, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74. 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 1 year low of $133.03 and a 1 year 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 (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 firm posted $2.74 earnings per share. As a group, research analysts predict that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were issued a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.04%. M&T Bank's dividend payout ratio is presently 36.91%.

M&T Bank announced that its board has approved a share buyback plan on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are 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 dated 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 in the company, valued at $1,852,827.34. The trade was a 13.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.53% of the company's stock.

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.