RNC Capital Management LLC Sells 12,555 Shares of M&T Bank Co. (NYSE:MTB)

RNC Capital Management LLC reduced its position in M&T Bank Co. (NYSE:MTB - Free Report) by 3.3% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 362,643 shares of the financial services provider's stock after selling 12,555 shares during the period. M&T Bank comprises 3.6% of RNC Capital Management LLC's holdings, making the stock its 2nd largest position. RNC Capital Management LLC owned about 0.22% of M&T Bank worth $68,181,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of MTB. Plato Investment Management Ltd raised its holdings in M&T Bank by 2,300.0% in the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 161 shares during the period. Ashton Thomas Securities LLC bought a new position in shares of M&T Bank during the third quarter worth approximately $32,000. Hexagon Capital Partners LLC lifted its holdings in M&T Bank by 54.4% during the 3rd quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider's stock worth $34,000 after purchasing an additional 68 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. boosted its stake in M&T Bank by 329.2% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider's stock valued at $37,000 after purchasing an additional 158 shares during the period. Finally, Y.D. More Investments Ltd grew its holdings in M&T Bank by 122.6% in the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider's stock valued at $39,000 after buying an additional 114 shares in the last quarter. Institutional investors own 84.68% of the company's stock.

Wall Street Analyst Weigh In

MTB has been the topic of several research reports. Bank of America upped their price target on shares of M&T Bank from $188.00 to $218.00 and gave the company a "buy" rating in a research note on Friday, October 18th. Barclays raised their price target on M&T Bank from $228.00 to $235.00 and gave the stock an "equal weight" rating in a research report on Monday, January 6th. Citigroup cut shares of M&T Bank from a "buy" rating to a "neutral" rating and upped their price objective for the stock from $220.00 to $230.00 in a research report on Monday, November 25th. 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 report on Friday, January 17th. Finally, DA Davidson upped their price target on shares of M&T Bank from $222.00 to $223.00 and gave the stock a "neutral" rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $221.68.

M&T Bank Trading Down 1.1 %

M&T Bank stock traded down $2.18 during trading hours on Monday, hitting $198.20. The stock had a trading volume of 376,479 shares, compared to its average volume of 1,259,330. The stock has a market cap of $32.89 billion, a price-to-earnings ratio of 13.56, a P/E/G ratio of 1.42 and a beta of 0.79. The company has a quick ratio of 0.99, a current ratio of 0.93 and a debt-to-equity ratio of 0.47. The business's 50 day simple moving average is $197.10 and its 200-day simple moving average is $188.15. M&T Bank Co. has a one year low of $130.84 and a one year high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last posted its earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS 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 firm posted $2.74 EPS. On average, equities analysts predict that M&T Bank Co. will post 16.56 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 2nd were paid a $1.35 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $5.40 annualized dividend and a dividend yield of 2.72%. M&T Bank's dividend payout ratio is 36.91%.

M&T Bank declared that its Board of Directors has authorized a share repurchase program on Wednesday, January 22nd that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Insider Activity at M&T Bank

In other news, Director John P. Barnes sold 20,000 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $217.45, for a total value of $4,349,000.00. Following the completion of the sale, the director now owns 35,480 shares of the company's stock, valued at approximately $7,715,126. This represents a 36.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the firm's stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total value of $537,566.10. Following the transaction, the insider now owns 16,429 shares of the company's stock, valued at $3,546,856.81. This trade represents a 13.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,397 shares of company stock worth $6,379,459 over the last three months. Company insiders own 0.82% of the company's stock.

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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.