Legal & General Group Plc Sells 189,681 Shares of M&T Bank Co. (NYSE:MTB)

Legal & General Group Plc cut its stake in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 16.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 986,265 shares of the financial services provider's stock after selling 189,681 shares during the period. Legal & General Group Plc owned about 0.59% of M&T Bank worth $185,428,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. EP Wealth Advisors LLC purchased a new stake in M&T Bank in the 3rd quarter worth approximately $1,148,000. MML Investors Services LLC boosted its position in shares of M&T Bank by 13.4% in the third quarter. MML Investors Services LLC now owns 6,852 shares of the financial services provider's stock worth $1,220,000 after purchasing an additional 809 shares during the period. Y Intercept Hong Kong Ltd purchased a new stake in shares of M&T Bank in the third quarter worth $332,000. Nomura Asset Management Co. Ltd. raised its position in shares of M&T Bank by 6.1% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 50,275 shares of the financial services provider's stock valued at $8,955,000 after purchasing an additional 2,883 shares during the period. Finally, Barclays PLC lifted its stake in shares of M&T Bank by 11.9% during the 3rd quarter. Barclays PLC now owns 578,266 shares of the financial services provider's stock valued at $102,999,000 after buying an additional 61,375 shares in the last quarter. Institutional investors own 84.68% of the company's stock.

M&T Bank Trading Up 2.0 %

NYSE MTB traded up $3.17 on Tuesday, hitting $161.67. 499,637 shares of the stock were exchanged, compared to its average volume of 1,114,594. M&T Bank Co. has a 52-week low of $136.18 and a 52-week high of $225.70. The firm has a market capitalization of $26.56 billion, a P/E ratio of 11.05, a P/E/G ratio of 1.38 and a beta of 0.58. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. The stock has a fifty day moving average price of $180.47 and a two-hundred day moving average price of $191.77.

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M&T Bank (NYSE:MTB - Get Free Report) last released its earnings results on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing analysts' consensus estimates of $3.41 by ($0.03). M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. The business had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the prior year, the company posted $3.09 EPS. Research analysts forecast that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank announced that its board has authorized a share 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 shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its shares are undervalued.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 3rd were issued a dividend of $1.35 per share. The ex-dividend date was Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 3.34%. M&T Bank's payout ratio is 36.91%.

Insider Buying and Selling at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction that occurred 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 owns 10,751 shares of the company's stock, valued at $1,852,827.34. This represents a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.53% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on MTB shares. Truist Financial decreased their price target on M&T Bank from $225.00 to $200.00 and set a "buy" rating on the stock in a report on Tuesday. Robert W. Baird dropped their price target on M&T Bank from $220.00 to $200.00 and set an "outperform" rating for the company in a research note on Tuesday. Evercore ISI cut their price objective on shares of M&T Bank from $234.00 to $205.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Royal Bank of Canada lowered their target price on shares of M&T Bank from $208.00 to $200.00 and set an "outperform" rating on the stock in a report on Tuesday. Finally, Wells Fargo & Company reduced their price target on shares of M&T Bank from $185.00 to $175.00 and set an "underweight" rating on the stock in a report on Tuesday. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $208.14.

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.