Sterling Capital Management LLC Reduces Stock Holdings in M&T Bank Co. (NYSE:MTB)

Sterling Capital Management LLC lowered its stake in M&T Bank Co. (NYSE:MTB - Free Report) by 60.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 26,010 shares of the financial services provider's stock after selling 39,110 shares during the quarter. Sterling Capital Management LLC's holdings in M&T Bank were worth $4,890,000 as of its most recent filing with the SEC.

Other large investors also recently added to or reduced their stakes in the company. Hennion & Walsh Asset Management Inc. lifted its holdings in M&T Bank by 34.7% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider's stock valued at $1,473,000 after purchasing an additional 2,018 shares in the last quarter. Flagship Harbor Advisors LLC grew its stake in M&T Bank by 89.8% during the 4th quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider's stock valued at $515,000 after acquiring an additional 1,295 shares in the last quarter. US Bancorp DE lifted its stake in M&T Bank by 24.3% in the 4th quarter. US Bancorp DE now owns 8,382 shares of the financial services provider's stock worth $1,576,000 after purchasing an additional 1,639 shares in the last quarter. Summit Trail Advisors LLC acquired a new position in shares of M&T Bank during the 4th quarter worth approximately $290,000. Finally, Valeo Financial Advisors LLC purchased a new stake in shares of M&T Bank in the fourth quarter valued at approximately $297,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MTB. Evercore ISI cut their target price on 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. Royal Bank of Canada decreased 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. Robert W. Baird cut 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 report on Tuesday. Piper Sandler lowered their price objective on M&T Bank from $220.00 to $210.00 and set an "overweight" rating for the company in a research report on Tuesday. Finally, Citigroup reduced their target price on M&T Bank from $230.00 to $195.00 and set a "neutral" rating on the stock in a research report on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, M&T Bank has an average rating of "Hold" and a consensus target price of $208.14.

Insider Activity at M&T Bank

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

M&T Bank Stock Up 0.8 %

M&T Bank stock traded up $1.19 during mid-day trading on Friday, reaching $160.09. 1,105,142 shares of the company's stock were exchanged, compared to its average volume of 1,111,701. 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 twelve month low of $138.38 and a twelve month high of $225.70. The company has a market cap of $26.30 billion, a P/E ratio of 10.94, a P/E/G ratio of 1.38 and a beta of 0.58. The company has a fifty day moving average of $178.03 and a 200-day moving average of $191.19.

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 (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 company had revenue of $2.31 billion during the quarter, compared to analysts' expectations of $2.35 billion. During the same quarter last year, the business posted $3.09 earnings per share. Sell-side analysts expect that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 3rd were paid 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 dividend yield of 3.37%. M&T Bank's payout ratio is 36.17%.

M&T Bank announced that its Board of Directors has initiated a share buyback 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 purchase up to 12.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company's board of directors believes its shares are undervalued.

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.