Sumitomo Mitsui Trust Group Inc. decreased its position in M&T Bank Co. (NYSE:MTB - Free Report) by 9.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 425,147 shares of the financial services provider's stock after selling 42,654 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.26% of M&T Bank worth $79,932,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently bought and sold shares of the company. FMR LLC raised its stake in shares of M&T Bank by 13.9% during the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider's stock worth $2,199,675,000 after acquiring an additional 1,508,846 shares in the last quarter. State Street Corp lifted its stake in M&T Bank by 6.4% in the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider's stock worth $1,562,725,000 after purchasing an additional 527,854 shares during the last quarter. Zurich Insurance Group Ltd FI bought a new stake in shares of M&T Bank in the 3rd quarter valued at about $44,422,000. Charles Schwab Investment Management Inc. boosted its holdings in M&T Bank by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider's stock valued at $897,216,000 after acquiring an additional 190,837 shares during the period. Finally, The Manufacturers Life Insurance Company grew its position in M&T Bank by 30.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 599,995 shares of the financial services provider's stock worth $106,871,000 after acquiring an additional 141,337 shares during the last quarter. Institutional investors own 84.68% of the company's stock.
M&T Bank Stock Down 0.3 %
Shares of NYSE MTB traded down $0.53 during mid-day trading on Thursday, hitting $197.06. 803,737 shares of the stock traded hands, compared to its average volume of 1,211,587. The stock has a fifty day moving average price of $196.15 and a 200-day moving average price of $188.55. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.93. The company has a market cap of $32.70 billion, a price-to-earnings ratio of 13.47, a PEG ratio of 1.42 and a beta of 0.79. M&T Bank Co. has a 52 week low of $133.03 and a 52 week high of $225.70.
M&T Bank (NYSE:MTB - Get Free Report) last released its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, topping analysts' consensus estimates 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 period in the prior year, the firm posted $2.74 EPS. Research analysts anticipate that M&T Bank Co. will post 16.56 EPS for the current year.
M&T Bank declared that its board has initiated a stock repurchase plan on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's management believes its stock is undervalued.
M&T Bank Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.74%. The ex-dividend date was Monday, December 2nd. M&T Bank's dividend payout ratio is 36.91%.
Insider Activity
In other news, EVP Tracy S. Woodrow sold 2,121 shares of M&T Bank stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total value of $468,210.75. Following the completion of the transaction, the executive vice president now owns 5,141 shares of the company's stock, valued at $1,134,875.75. The trade was a 29.21 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the company's stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total transaction of $537,566.10. Following the completion of the transaction, the insider now owns 16,429 shares in the company, valued at approximately $3,546,856.81. The trade was a 13.16 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 24,611 shares of company stock worth $5,354,777. Insiders own 0.82% of the company's stock.
Analyst Upgrades and Downgrades
A number of analysts have recently weighed in on the company. StockNews.com raised M&T Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, February 5th. Piper Sandler increased their price target on shares of M&T Bank from $205.00 to $243.00 and gave the company an "overweight" rating in a research report on Wednesday, November 27th. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $223.50 price target (up previously from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. Evercore ISI upped their price objective on shares of M&T Bank from $210.00 to $232.00 and gave the company an "outperform" rating in a research note on Wednesday, October 30th. Finally, Truist Financial reissued a "buy" rating and issued a $236.00 target price (up from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $221.68.
View Our Latest Stock Analysis on MTB
About M&T Bank
(
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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