Kingswood Wealth Advisors LLC lessened its holdings in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 41.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,988 shares of the financial services provider's stock after selling 1,428 shares during the period. Kingswood Wealth Advisors LLC's holdings in M&T Bank were worth $374,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently modified their holdings of MTB. FMR LLC raised its stake in M&T Bank by 13.9% during the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider's stock valued at $2,199,675,000 after buying an additional 1,508,846 shares during the last quarter. State Street Corp increased its holdings in shares of M&T Bank by 6.4% during the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider's stock valued at $1,562,725,000 after acquiring an additional 527,854 shares in the last quarter. Zurich Insurance Group Ltd FI purchased a new position in shares of M&T Bank in the 3rd quarter worth about $44,422,000. Charles Schwab Investment Management Inc. boosted its stake in M&T Bank by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider's stock worth $897,216,000 after purchasing an additional 190,837 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in M&T Bank by 30.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 599,995 shares of the financial services provider's stock valued at $106,871,000 after purchasing an additional 141,337 shares during the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.
M&T Bank Stock Performance
MTB stock traded down $1.08 during midday trading on Friday, reaching $200.91. 1,691,498 shares of the company's stock traded hands, compared to its average volume of 1,380,995. The company has a current ratio of 0.93, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. M&T Bank Co. has a 52-week low of $128.31 and a 52-week high of $225.70. The stock has a market cap of $33.33 billion, a P/E ratio of 13.73, a PEG ratio of 1.40 and a beta of 0.79. The stock's 50-day moving average is $199.69 and its 200 day moving average is $186.49.
M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 EPS 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 period last year, the business posted $2.74 earnings per share. As a group, analysts anticipate that M&T Bank Co. will post 16.56 EPS for the current year.
M&T Bank declared that its board has authorized a stock buyback program on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.
M&T Bank Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd were paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.69%. The ex-dividend date was Monday, December 2nd. M&T Bank's dividend payout ratio (DPR) is currently 36.91%.
Insider Activity
In other M&T Bank news, Director John P. Barnes sold 20,000 shares of the firm's stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $217.45, for a total transaction of $4,349,000.00. Following the sale, the director now directly owns 35,480 shares of the company's stock, valued at $7,715,126. This trade represents a 36.05 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the company's stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total value of $537,566.10. Following the completion of the transaction, the insider now directly owns 16,429 shares of the company's stock, valued at approximately $3,546,856.81. This trade represents a 13.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 30,987 shares of company stock valued at $6,713,709 in the last ninety days. Corporate insiders own 0.82% of the company's stock.
Analyst Upgrades and Downgrades
Several brokerages have issued reports on MTB. Compass Point lifted their target price on shares of M&T Bank from $220.00 to $250.00 and gave the stock a "neutral" rating in a report on Tuesday, December 10th. 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. Keefe, Bruyette & Woods lifted their target price on M&T Bank from $205.00 to $221.00 and gave the stock a "market perform" rating in a report on Wednesday, December 4th. Piper Sandler upped their price target on M&T Bank from $205.00 to $243.00 and gave the company an "overweight" rating in a report on Wednesday, November 27th. Finally, The Goldman Sachs Group lifted their price objective on M&T Bank from $216.00 to $243.00 and gave the stock a "neutral" rating in a report on Tuesday, November 26th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, M&T Bank has a consensus rating of "Hold" and a consensus price target of $221.68.
Read Our Latest Research Report on M&T Bank
M&T Bank Company Profile
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Free Report)
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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.
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