LSV Asset Management Sells 466,170 Shares of M&T Bank Co. (NYSE:MTB)

LSV Asset Management cut its position in M&T Bank Co. (NYSE:MTB - Free Report) by 51.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 447,750 shares of the financial services provider's stock after selling 466,170 shares during the period. LSV Asset Management owned approximately 0.27% of M&T Bank worth $84,181,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MTB. FMR LLC raised its stake in shares of M&T Bank by 14.3% in the fourth quarter. FMR LLC now owns 14,110,412 shares of the financial services provider's stock worth $2,652,899,000 after purchasing an additional 1,761,014 shares during the last quarter. Norges Bank bought a new position in M&T Bank during the 4th quarter valued at about $317,690,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of M&T Bank by 5.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider's stock valued at $994,522,000 after acquiring an additional 252,583 shares during the last quarter. Amundi grew its stake in shares of M&T Bank by 43.5% in the fourth quarter. Amundi now owns 807,339 shares of the financial services provider's stock worth $154,315,000 after acquiring an additional 244,709 shares during the period. Finally, LGT Capital Partners LTD. purchased a new position in shares of M&T Bank during the fourth quarter valued at approximately $34,803,000. Institutional investors own 84.68% of the company's stock.

Insider Transactions at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value of $299,526.92. Following the sale, the executive vice president now owns 10,751 shares in the company, valued at $1,852,827.34. This trade represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.53% of the company's stock.

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Analysts Set New Price Targets

MTB has been the topic of a number of research reports. Morgan Stanley dropped their price target on M&T Bank from $269.00 to $253.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Robert W. Baird reduced their price target on shares of M&T Bank from $220.00 to $200.00 and set an "outperform" rating for the company in a research report on Tuesday. Citigroup dropped their price target on shares of M&T Bank from $230.00 to $195.00 and set a "neutral" rating on the stock in a research note on Monday, March 24th. Barclays decreased their price objective on M&T Bank from $235.00 to $220.00 and set an "equal weight" rating on the stock in a research note on Tuesday. Finally, Truist Financial reduced their target price on shares of M&T Bank from $225.00 to $200.00 and set a "buy" rating for the company in a report on Tuesday. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $208.14.

M&T Bank Trading Up 0.6 %

MTB traded up $0.97 on Tuesday, hitting $159.47. The company had a trading volume of 1,400,646 shares, compared to its average volume of 1,117,995. The business's fifty day simple moving average is $180.47 and its 200 day simple moving average is $191.77. 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 12-month low of $136.18 and a 12-month high of $225.70. The company has a market cap of $26.20 billion, a PE ratio of 10.90, a PEG ratio of 1.38 and a beta of 0.58.

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 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 in the prior year, the firm posted $3.09 EPS. Equities research analysts expect that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank declared that its board has approved a stock buyback program on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its stock is undervalued.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were paid a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.39%. The ex-dividend date was Monday, March 3rd. M&T Bank's payout ratio is currently 36.91%.

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.