Gabelli Funds LLC Decreases Stock Position in M&T Bank Co. (NYSE:MTB)

Gabelli Funds LLC cut its stake in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 13.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 50,955 shares of the financial services provider's stock after selling 7,945 shares during the period. Gabelli Funds LLC's holdings in M&T Bank were worth $9,580,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of MTB. Y.D. More Investments Ltd increased its stake in 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 purchased a new position in M&T Bank during the fourth quarter worth about $44,000. Sierra Ocean LLC acquired a new stake in M&T Bank in the fourth quarter valued at about $44,000. Loomis Sayles & Co. L P purchased a new stake in M&T Bank in the 4th quarter valued at approximately $52,000. Finally, Principal Securities Inc. increased its position in M&T Bank by 47.5% during the 4th quarter. Principal Securities Inc. now owns 410 shares of the financial services provider's stock worth $77,000 after purchasing an additional 132 shares during the period. Institutional investors and hedge funds own 84.68% of the company's stock.

M&T Bank Trading Up 2.2 %

NYSE MTB traded up $3.37 during trading hours on Tuesday, hitting $160.14. 309,559 shares of the company's stock were exchanged, compared to its average volume of 1,420,054. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. The firm has a market capitalization of $26.31 billion, a P/E ratio of 10.95, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58. The business's 50 day moving average is $176.44 and its 200-day moving average is $191.21. M&T Bank Co. has a 12-month low of $139.78 and a 12-month high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last released 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). The company had revenue of $2.31 billion during the quarter, compared to analysts' expectations 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 quarter in the previous year, the firm posted $3.09 earnings per share. As a group, analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank announced that its Board of Directors has authorized a share repurchase program on Wednesday, January 22nd that allows the company to buyback $4.00 billion in shares. This buyback authorization allows the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company's management 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. Shareholders of record on Monday, March 3rd were given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank's dividend payout ratio (DPR) is presently 36.17%.

Insiders Place Their Bets

In related news, EVP Christopher E. Kay sold 1,738 shares of the firm's stock in a transaction that occurred on 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 in the company, valued at approximately $1,852,827.34. This trade represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.53% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. JPMorgan Chase & Co. decreased their price target on M&T Bank from $212.50 to $186.50 and set a "neutral" rating on the stock in a research note on Thursday, April 3rd. DA Davidson lowered their price target on shares of M&T Bank from $205.00 to $189.00 and set a "neutral" rating on the stock in a research note on Tuesday, April 15th. Royal Bank of Canada reduced their price objective 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. Citigroup lowered their target price on shares of M&T Bank from $230.00 to $195.00 and set a "neutral" rating on the stock in a research report on Monday, March 24th. Finally, Piper Sandler reduced their price target on shares of M&T Bank from $220.00 to $210.00 and set an "overweight" rating for the company in a research report on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $208.14.

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.