Thrivent Financial for Lutherans Has $14.77 Million Stock Holdings in M&T Bank Co. (NYSE:MTB)

Thrivent Financial for Lutherans decreased its holdings in M&T Bank Co. (NYSE:MTB - Free Report) by 10.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 78,398 shares of the financial services provider's stock after selling 9,228 shares during the quarter. Thrivent Financial for Lutherans' holdings in M&T Bank were worth $14,769,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of the business. Mystic Asset Management Inc. bought a new position in M&T Bank during the 4th quarter worth $472,000. Dopkins Wealth Management LLC increased its position in shares of M&T Bank by 412.4% in the fourth quarter. Dopkins Wealth Management LLC now owns 5,964 shares of the financial services provider's stock worth $1,121,000 after purchasing an additional 4,800 shares during the period. Signaturefd LLC raised its stake in M&T Bank by 5.0% in the fourth quarter. Signaturefd LLC now owns 1,989 shares of the financial services provider's stock valued at $374,000 after purchasing an additional 94 shares in the last quarter. Parallel Advisors LLC lifted its position in M&T Bank by 1.7% during the fourth quarter. Parallel Advisors LLC now owns 3,512 shares of the financial services provider's stock worth $660,000 after purchasing an additional 60 shares during the period. Finally, SouthState Corp grew its stake in M&T Bank by 4.8% during the fourth quarter. SouthState Corp now owns 6,436 shares of the financial services provider's stock worth $1,210,000 after buying an additional 297 shares in the last quarter. Institutional investors own 84.68% of the company's stock.

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M&T Bank Trading Down 0.5 %

MTB stock traded down $0.89 during trading on Wednesday, hitting $182.10. The company had a trading volume of 787,379 shares, compared to its average volume of 1,047,629. The stock has a market cap of $29.92 billion, a PE ratio of 12.45, a PEG ratio of 1.38 and a beta of 0.74. The business has a 50-day moving average of $190.58 and a 200-day moving average of $192.56. 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 Co. has a one year low of $133.03 and a one year high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, beating 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 last year, the company posted $2.74 EPS. Research 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 of Directors has approved a stock repurchase program on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company's leadership believes its stock is undervalued.

M&T Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be issued 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 2.97%. M&T Bank's payout ratio is currently 36.91%.

Insider Transactions at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the completion of the sale, the executive vice president now owns 10,751 shares of the company's stock, valued at $1,852,827.34. This trade represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 0.53% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. StockNews.com upgraded shares of M&T Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, February 5th. Evercore ISI lowered 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 research report on Thursday, March 13th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $223.50 target price (up previously from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. Piper Sandler boosted their price target on M&T Bank from $205.00 to $243.00 and gave the stock an "overweight" rating in a report on Wednesday, November 27th. Finally, Citigroup reduced their price objective on M&T Bank from $230.00 to $195.00 and set a "neutral" rating on the stock in a research note on Monday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $219.97.

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.