JPMorgan Chase & Co. Cuts Stock Position in M&T Bank Co. (NYSE:MTB)

JPMorgan Chase & Co. lowered its position in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 6.1% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 6,068,913 shares of the financial services provider's stock after selling 396,982 shares during the period. JPMorgan Chase & Co. owned about 3.66% of M&T Bank worth $1,141,017,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Y.D. More Investments Ltd boosted its holdings in M&T Bank by 122.6% in the fourth quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider's stock valued at $39,000 after acquiring an additional 114 shares in the last quarter. Human Investing LLC purchased a new position in shares of M&T Bank during the fourth quarter valued at about $44,000. Sierra Ocean LLC purchased a new position in shares of M&T Bank during the 4th quarter worth approximately $44,000. Principal Securities Inc. raised its position in shares of M&T Bank by 47.5% in the 4th quarter. Principal Securities Inc. now owns 410 shares of the financial services provider's stock worth $77,000 after acquiring an additional 132 shares in the last quarter. Finally, Kentucky Trust Co purchased a new position in shares of M&T Bank in the 4th quarter valued at approximately $92,000. Institutional investors own 84.68% of the company's stock.

M&T Bank Trading Down 1.2 %

Shares of MTB stock traded down $2.19 on Tuesday, reaching $176.56. 279,312 shares of the company's stock were exchanged, compared to its average volume of 1,087,077. The company's fifty day simple moving average is $189.08 and its 200 day simple moving average is $192.90. M&T Bank Co. has a 52 week low of $133.03 and a 52 week 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 market capitalization of $29.01 billion, a PE ratio of 12.06, a P/E/G ratio of 1.38 and a beta of 0.74.

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M&T Bank (NYSE:MTB - Get Free Report) last released its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share 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 prior year, the business earned $2.74 earnings per share. As a group, analysts forecast that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders 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 dividend yield of 3.06%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank's dividend payout ratio (DPR) is presently 36.91%.

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

Analyst Ratings Changes

A number of analysts have recently commented on MTB shares. JPMorgan Chase & Co. restated a "neutral" rating and set a $223.50 target price (up previously from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. Barclays raised their target price on shares of M&T Bank from $228.00 to $235.00 and gave the company an "equal weight" rating in a research note on Monday, January 6th. Keefe, Bruyette & Woods boosted their price target on M&T Bank from $205.00 to $221.00 and gave the stock a "market perform" rating in a research report on Wednesday, December 4th. StockNews.com upgraded M&T Bank from a "sell" rating to a "hold" rating in a report on Wednesday, February 5th. Finally, DA Davidson upped their price objective 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. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $218.79.

Insider Activity

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the firm's stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction 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. This trade represents 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. 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.