Tredje AP fonden Reduces Stock Holdings in M&T Bank Co. (NYSE:MTB)

Tredje AP fonden cut its position in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 50.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 8,063 shares of the financial services provider's stock after selling 8,062 shares during the period. Tredje AP fonden's holdings in M&T Bank were worth $1,516,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sanctuary Advisors LLC boosted its stake in M&T Bank by 0.3% during the fourth quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider's stock valued at $3,195,000 after buying an additional 52 shares during the last quarter. Catalina Capital Group LLC lifted its stake in shares of M&T Bank by 2.0% in the 4th quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider's stock valued at $531,000 after purchasing an additional 56 shares during the last quarter. Sheaff Brock Investment Advisors LLC lifted its stake in shares of M&T Bank by 1.2% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 5,188 shares of the financial services provider's stock valued at $975,000 after purchasing an additional 63 shares during the last quarter. Meridian Wealth Management LLC lifted its stake in shares of M&T Bank by 3.8% in the 4th quarter. Meridian Wealth Management LLC now owns 1,786 shares of the financial services provider's stock valued at $336,000 after purchasing an additional 66 shares during the last quarter. Finally, Pitcairn Co. lifted its stake in shares of M&T Bank by 0.8% in the 3rd quarter. Pitcairn Co. now owns 9,362 shares of the financial services provider's stock valued at $1,668,000 after purchasing an additional 70 shares during the last quarter. 84.68% of the stock is owned by institutional investors.

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Insider Activity

In related news, EVP Christopher E. Kay sold 1,738 shares of the business's stock in a transaction 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 transaction, the executive vice president now directly owns 10,751 shares in the company, valued at $1,852,827.34. The trade was a 13.92 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.53% of the company's stock.

M&T Bank Stock Up 1.3 %

Shares of NYSE:MTB traded up $2.27 on Wednesday, reaching $177.10. The company had a trading volume of 880,212 shares, compared to its average volume of 1,018,751. M&T Bank Co. has a 52-week low of $133.03 and a 52-week high of $225.70. The firm's 50 day simple moving average is $191.75 and its 200-day simple moving average is $192.21. The firm has a market capitalization of $29.10 billion, a PE ratio of 12.11, a PEG ratio of 1.38 and a beta of 0.74. 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 (NYSE:MTB - Get Free Report) last announced its quarterly 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 in the prior year, the firm posted $2.74 EPS. As a group, analysts expect that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank declared that its Board of Directors has authorized a stock buyback program on Wednesday, January 22nd that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 12.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 3rd will be issued a $1.35 dividend. The ex-dividend date is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.05%. M&T Bank's dividend payout ratio is presently 36.91%.

Wall Street Analyst Weigh In

MTB has been the subject of several analyst reports. The Goldman Sachs Group raised their price objective on M&T Bank from $216.00 to $243.00 and gave the company a "neutral" rating in a research note on Tuesday, November 26th. Barclays raised their price objective on M&T Bank from $228.00 to $235.00 and gave the company an "equal weight" rating in a research note on Monday, January 6th. StockNews.com raised M&T Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, February 5th. Compass Point raised their price target on M&T Bank from $220.00 to $250.00 and gave the stock a "neutral" rating in a research note on Tuesday, December 10th. Finally, Truist Financial reissued a "buy" rating and set a $236.00 price target (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 given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $222.03.

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