M&T Bank Co. (NYSE:MTB) Shares Sold by Ruffer LLP

Ruffer LLP lowered its position in M&T Bank Co. (NYSE:MTB - Free Report) by 47.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 72,992 shares of the financial services provider's stock after selling 66,263 shares during the period. Ruffer LLP's holdings in M&T Bank were worth $13,723,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in MTB. Hennion & Walsh Asset Management Inc. increased its holdings in shares of M&T Bank by 34.7% during 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. Capital Performance Advisors LLP acquired a new stake in shares of M&T Bank in the third quarter worth approximately $44,000. Flagship Harbor Advisors LLC raised its holdings in M&T Bank by 89.8% in 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 during the last quarter. Summit Trail Advisors LLC acquired a new position in M&T Bank during the fourth quarter worth $290,000. Finally, Principal Financial Group Inc. grew its stake in shares of M&T Bank by 1.4% in the 3rd quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider's stock valued at $35,466,000 after buying an additional 2,797 shares during the period. Institutional investors and hedge funds own 84.68% of the company's stock.

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M&T Bank Price Performance

NYSE MTB traded down $2.35 during mid-day trading on Tuesday, hitting $171.40. The stock had a trading volume of 1,170,106 shares, compared to its average volume of 1,312,038. The company has a market cap of $28.16 billion, a price-to-earnings ratio of 11.72, a P/E/G ratio of 1.38 and a beta of 0.74. 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 52-week low of $133.03 and a 52-week high of $225.70. The company has a 50 day simple moving average of $193.77 and a 200 day simple moving average of $192.04.

M&T Bank (NYSE:MTB - Get Free Report) last posted its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.70 by $0.22. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same period last year, the company posted $2.74 EPS. Equities analysts forecast that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

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

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders 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 annualized dividend and a dividend yield of 3.15%. M&T Bank's payout ratio is currently 36.91%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on MTB shares. Citigroup cut shares of M&T Bank from a "buy" rating to a "neutral" rating and lifted their price target for the company from $220.00 to $230.00 in a research report on Monday, November 25th. Truist Financial reaffirmed a "buy" rating and issued a $236.00 price target (up from $233.00) on shares of M&T Bank in a report on Friday, January 17th. JPMorgan Chase & Co. reiterated a "neutral" rating and set a $223.50 target price (up previously from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. The Goldman Sachs Group increased their price target 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. Finally, Compass Point lifted their target price on M&T Bank from $220.00 to $250.00 and gave the company a "neutral" rating in a research note on Tuesday, December 10th. 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 company's stock. According to data from MarketBeat, M&T Bank presently has an average rating of "Hold" and a consensus price target of $221.68.

About M&T Bank

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.