Rhumbline Advisers lessened its position in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 1.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 299,299 shares of the financial services provider's stock after selling 5,578 shares during the period. Rhumbline Advisers owned approximately 0.18% of M&T Bank worth $56,272,000 as of its most recent filing with the Securities and Exchange Commission.
Several other large investors have also made changes to their positions in the company. Hedeker Wealth LLC lifted its stake in M&T Bank by 1.6% during the third quarter. Hedeker Wealth LLC now owns 3,519 shares of the financial services provider's stock worth $627,000 after purchasing an additional 55 shares during the last quarter. Catalina Capital Group LLC raised its holdings in shares of M&T Bank by 2.0% during the 4th quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider's stock worth $531,000 after buying an additional 56 shares in the last quarter. Frank Rimerman Advisors LLC lifted its position in shares of M&T Bank by 1.0% during the 3rd quarter. Frank Rimerman Advisors LLC now owns 5,644 shares of the financial services provider's stock worth $1,005,000 after buying an additional 57 shares during the last quarter. Crestwood Advisors Group LLC lifted its position in shares of 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 worth $553,000 after buying an additional 57 shares during the last quarter. Finally, Meitav Investment House Ltd. boosted its stake in 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 valued at $386,000 after buying an additional 69 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.
M&T Bank Stock Down 0.8 %
Shares of NYSE:MTB traded down $1.60 during trading on Thursday, reaching $197.63. 1,240,128 shares of the stock were exchanged, compared to its average volume of 1,191,722. M&T Bank Co. has a 1-year low of $133.03 and a 1-year high of $225.70. The stock has a fifty day moving average of $195.25 and a two-hundred day moving average of $189.58. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.93 and a quick ratio of 0.99. The firm has a market cap of $32.79 billion, a price-to-earnings ratio of 13.51, a price-to-earnings-growth ratio of 1.41 and a beta of 0.79.
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 for the quarter, topping 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 prior year, the business earned $2.74 EPS. Research analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.
M&T Bank Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be paid a dividend of $1.35 per share. The ex-dividend date is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 2.73%. M&T Bank's dividend payout ratio (DPR) is currently 36.91%.
M&T Bank announced that its Board of Directors has initiated a share buyback program on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board believes its stock is undervalued.
Wall Street Analysts Forecast Growth
A number of research analysts have recently commented on MTB shares. Wells Fargo & Company increased their target price on shares of M&T Bank from $190.00 to $205.00 and gave the stock an "underweight" rating in a report on Friday, November 15th. Keefe, Bruyette & Woods increased their price objective on shares of M&T Bank from $205.00 to $221.00 and gave the company a "market perform" rating in a research note on Wednesday, December 4th. The Goldman Sachs Group boosted their target price on shares of M&T Bank from $216.00 to $243.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 26th. Barclays upped their price target on shares of M&T Bank from $228.00 to $235.00 and gave the stock an "equal weight" rating in a report on Monday, January 6th. Finally, Compass Point raised their price objective on M&T Bank from $220.00 to $250.00 and gave the company a "neutral" rating in a report on Tuesday, December 10th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, M&T Bank has a consensus rating of "Hold" and an average target price of $221.68.
Check Out Our Latest Stock Report on MTB
Insiders Place Their Bets
In related news, EVP Tracy S. Woodrow sold 2,121 shares of the company's stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total transaction of $468,210.75. Following the completion of the sale, the executive vice president now owns 5,141 shares in the company, valued at approximately $1,134,875.75. This represents a 29.21 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total value of $537,566.10. Following the completion of the sale, the insider now directly owns 16,429 shares of the company's stock, valued at $3,546,856.81. The trade was a 13.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company's stock.
M&T Bank Company Profile
(
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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