Envestnet Asset Management Inc. Has $43.25 Million Stake in M&T Bank Co. (NYSE:MTB)

Envestnet Asset Management Inc. trimmed its stake in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 5.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 230,021 shares of the financial services provider's stock after selling 12,041 shares during the quarter. Envestnet Asset Management Inc. owned about 0.14% of M&T Bank worth $43,246,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Aviva PLC increased its position in M&T Bank by 43.5% in the fourth quarter. Aviva PLC now owns 45,388 shares of the financial services provider's stock worth $8,533,000 after buying an additional 13,768 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in shares of M&T Bank in the 4th quarter worth about $1,021,000. Resona Asset Management Co. Ltd. bought a new stake in M&T Bank in the 4th quarter valued at about $9,051,000. Integrated Quantitative Investments LLC acquired a new position in M&T Bank during the 4th quarter valued at about $389,000. Finally, Prudential PLC grew its position in M&T Bank by 444.3% in the 4th quarter. Prudential PLC now owns 10,281 shares of the financial services provider's stock worth $1,933,000 after purchasing an additional 8,392 shares during the last quarter. Institutional investors own 84.68% of the company's stock.

M&T Bank Price Performance

NYSE MTB traded up $1.98 on Tuesday, hitting $160.48. 873,157 shares of the company were exchanged, compared to its average volume of 1,116,014. M&T Bank Co. has a 1-year low of $136.18 and a 1-year high of $225.70. The firm has a 50 day moving average of $180.47 and a two-hundred day moving average of $191.77. 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 company has a market cap of $26.37 billion, a P/E ratio of 10.97, a P/E/G ratio of 1.38 and a beta of 0.58.

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M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing the consensus estimate of $3.41 by ($0.03). The company had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.35 billion. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period last year, the company earned $3.09 earnings per share. On average, equities analysts predict that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank declared that its Board of Directors has initiated a share repurchase 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 purchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's board believes its shares are undervalued.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 3rd were issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.36%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank's dividend payout ratio is 36.91%.

Insider Activity at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of the firm'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 owns 10,751 shares of the company's stock, valued at approximately $1,852,827.34. This trade represents a 13.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.53% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on MTB shares. DA Davidson cut their price target on M&T Bank from $205.00 to $189.00 and set a "neutral" rating on the stock in a report on Tuesday. Wells Fargo & Company reduced their price target on M&T Bank from $185.00 to $175.00 and set an "underweight" rating for the company in a research report on Tuesday. Morgan Stanley lowered their price target on M&T Bank from $269.00 to $253.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. JPMorgan Chase & Co. reduced their price objective on shares of M&T Bank from $212.50 to $186.50 and set a "neutral" rating for the company in a report on Thursday, April 3rd. Finally, Truist Financial lowered their target price on shares of M&T Bank from $225.00 to $200.00 and set a "buy" rating on the stock in a research note on Tuesday. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, M&T Bank currently has an average rating of "Hold" and a consensus target price of $208.14.

About M&T Bank

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.