Massachusetts Financial Services Co. MA Sells 27,324 Shares of M&T Bank Co. (NYSE:MTB)

Massachusetts Financial Services Co. MA trimmed its position in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 1.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,688,687 shares of the financial services provider's stock after selling 27,324 shares during the period. Massachusetts Financial Services Co. MA owned 1.02% of M&T Bank worth $317,490,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. State Street Corp grew its stake in M&T Bank by 6.4% in the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider's stock valued at $1,562,725,000 after buying an additional 527,854 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in M&T Bank by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider's stock worth $994,522,000 after purchasing an additional 252,583 shares in the last quarter. Geode Capital Management LLC boosted its holdings in M&T Bank by 0.9% in the 4th quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider's stock valued at $819,768,000 after purchasing an additional 40,948 shares during the period. Norges Bank purchased a new position in shares of M&T Bank during the 4th quarter valued at $317,690,000. Finally, Amundi increased its holdings 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 purchasing an additional 244,709 shares during the period. 84.68% of the stock is currently owned by institutional investors.

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Insider Buying and Selling at M&T Bank

In related 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 value of $299,526.92. Following the transaction, the executive vice president now directly owns 10,751 shares of the company's stock, valued at approximately $1,852,827.34. This trade represents a 13.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.53% of the stock is owned by corporate insiders.

M&T Bank Stock Down 0.1 %

MTB traded down $0.13 during trading on Monday, hitting $156.89. 700,336 shares of the company's stock traded hands, compared to its average volume of 1,100,551. The stock has a market capitalization of $25.78 billion, a price-to-earnings ratio of 10.67, a PEG ratio of 1.38 and a beta of 0.58. The company's 50 day simple moving average is $186.82 and its two-hundred day simple moving average is $192.80. M&T Bank Co. has a 12-month low of $133.03 and a 12-month 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.

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 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 in the prior year, the business posted $2.74 earnings per share. Analysts predict that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank announced that its board has initiated a stock 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 reacquire up to 12.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's management believes its stock is undervalued.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors 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 3.44%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank's dividend payout ratio (DPR) is presently 36.91%.

Analyst Ratings Changes

A number of brokerages have weighed in on MTB. Citigroup decreased their target price on 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 lifted 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 report on Monday, January 6th. JPMorgan Chase & Co. lowered their price target on M&T Bank from $212.50 to $186.50 and set a "neutral" rating on the stock in a research report on Thursday. Truist Financial reduced their price target on shares of M&T Bank from $236.00 to $225.00 and set a "buy" rating on the stock in a research report on Friday. Finally, Evercore ISI lowered their price target on shares of M&T Bank from $234.00 to $205.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus target price of $215.97.

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.