Manning & Napier Advisors LLC Trims Stock Holdings in M&T Bank Co. (NYSE:MTB)

Manning & Napier Advisors LLC trimmed its holdings in M&T Bank Co. (NYSE:MTB - Free Report) by 28.7% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,720 shares of the financial services provider's stock after selling 8,729 shares during the quarter. Manning & Napier Advisors LLC's holdings in M&T Bank were worth $4,084,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of the business. Hedeker Wealth LLC lifted its stake in shares of M&T Bank by 1.6% in the third quarter. Hedeker Wealth LLC now owns 3,519 shares of the financial services provider's stock worth $627,000 after buying an additional 55 shares in the last quarter. Frank Rimerman Advisors LLC lifted its position in M&T Bank by 1.0% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 5,644 shares of the financial services provider's stock valued at $1,005,000 after acquiring an additional 57 shares in the last quarter. Crestwood Advisors Group LLC boosted its stake in M&T Bank by 1.9% during the 3rd quarter. Crestwood Advisors Group LLC now owns 3,103 shares of the financial services provider's stock valued at $553,000 after purchasing an additional 57 shares during the last quarter. Hexagon Capital Partners LLC boosted its stake in M&T Bank by 54.4% during the 3rd quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 68 shares during the last quarter. Finally, Meitav Investment House Ltd. raised its stake in shares of M&T Bank by 3.1% in the third quarter. Meitav Investment House Ltd. now owns 2,270 shares of the financial services provider's stock worth $386,000 after purchasing an additional 69 shares during the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Kirk W. Walters sold 1,590 shares of the business's stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $210.22, for a total value of $334,249.80. Following the sale, the director now owns 2,108 shares in the company, valued at approximately $443,143.76. The trade was a 43.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director John P. Barnes sold 20,000 shares of the company's stock in a transaction on Thursday, November 21st. The shares were 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 in the company, valued at approximately $7,715,126. The trade was a 36.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 38,487 shares of company stock worth $8,182,809 over the last 90 days. Corporate insiders own 0.82% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Compass Point lifted their price objective on M&T Bank from $220.00 to $250.00 and gave the stock a "neutral" rating in a report on Tuesday, December 10th. Bank of America boosted their price objective on shares of M&T Bank from $188.00 to $218.00 and gave the company a "buy" rating in a report on Friday, October 18th. Wells Fargo & Company lifted their target price on shares of M&T Bank from $190.00 to $205.00 and gave the stock an "underweight" rating in a research report on Friday, November 15th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $223.50 price target (up from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. Finally, Royal Bank of Canada upped their price objective on M&T Bank from $190.00 to $208.00 and gave the company an "outperform" rating in a research report on Friday, October 18th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, M&T Bank presently has a consensus rating of "Hold" and a consensus price target of $221.68.

M&T Bank Price Performance

Shares of NYSE:MTB traded up $2.63 during trading on Thursday, hitting $202.99. 286,831 shares of the company's stock were exchanged, compared to its average volume of 1,333,446. The business's 50-day simple moving average is $199.97 and its 200 day simple moving average is $186.38. The company has a market cap of $33.68 billion, a price-to-earnings ratio of 13.86, a PEG ratio of 1.37 and a beta of 0.79. M&T Bank Co. has a 52-week low of $128.31 and a 52-week high of $225.70. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.93 and a quick ratio of 0.99.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.70 by $0.22. 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 company earned $2.74 EPS. As a group, equities analysts predict that M&T Bank Co. will post 16.56 EPS for the current year.

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

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 2.66%. The ex-dividend date of this dividend was Monday, December 2nd. M&T Bank's dividend payout ratio (DPR) is presently 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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.