Truist Financial Corp trimmed its holdings in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 5.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 58,405 shares of the financial services provider's stock after selling 3,381 shares during the period. Truist Financial Corp's holdings in M&T Bank were worth $10,981,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also recently added to or reduced their stakes in the business. Plato Investment Management Ltd boosted its position 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 buying an additional 161 shares during the last quarter. Ashton Thomas Securities LLC purchased a new position in M&T Bank in the 3rd quarter valued at about $32,000. Migdal Insurance & Financial Holdings Ltd. boosted its position 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 buying an additional 158 shares during the last quarter. Y.D. More Investments Ltd boosted its position 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 during the last quarter. Finally, Capital Performance Advisors LLP acquired a new stake in shares of M&T Bank in the 3rd quarter valued at about $44,000. 84.68% of the stock is owned by hedge funds and other institutional investors.
Insider Activity at M&T Bank
In related news, Vice Chairman Gary N. Geisel sold 2,490 shares of M&T Bank stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total value of $537,566.10. Following the completion of the sale, the insider now owns 16,429 shares of the company's stock, valued at approximately $3,546,856.81. The trade was a 13.16 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Tracy S. Woodrow sold 2,121 shares of M&T Bank stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total transaction of $468,210.75. Following the completion of the sale, the executive vice president now directly owns 5,141 shares of the company's stock, valued at approximately $1,134,875.75. The trade was a 29.21 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is owned by company insiders.
M&T Bank Trading Down 2.0 %
NYSE MTB traded down $3.97 on Friday, hitting $193.48. 1,753,063 shares of the stock were exchanged, compared to its average volume of 1,208,231. M&T Bank Co. has a 52-week low of $133.03 and a 52-week high of $225.70. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.93 and a quick ratio of 0.99. The company has a market capitalization of $32.10 billion, a price-to-earnings ratio of 13.23, a P/E/G ratio of 1.40 and a beta of 0.79. The company's 50-day moving average price is $195.20 and its two-hundred day moving average price is $189.64.
M&T Bank (NYSE:MTB - Get Free Report) last issued 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 net margin of 19.24% and a return on equity of 10.12%. During the same quarter last year, the company posted $2.74 earnings per share. Research analysts predict that M&T Bank Co. will post 16.57 EPS for the current year.
M&T Bank declared that its board has authorized a share buyback 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 generally an indication that the company's board of directors believes its shares are undervalued.
M&T Bank Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.79%. The ex-dividend date is Monday, March 3rd. M&T Bank's payout ratio is presently 36.91%.
Analyst Ratings Changes
A number of equities research analysts have recently issued reports on the stock. Citigroup lowered shares of M&T Bank from a "buy" rating to a "neutral" rating and upped their target price for the company from $220.00 to $230.00 in a research note on Monday, November 25th. Compass Point raised their price target on shares of M&T Bank from $220.00 to $250.00 and gave the company a "neutral" rating in a research note on Tuesday, December 10th. The Goldman Sachs Group raised their price target on shares of M&T Bank from $216.00 to $243.00 and gave the company a "neutral" rating in a research note on Tuesday, November 26th. Wells Fargo & Company raised their price target on shares of M&T Bank from $190.00 to $205.00 and gave the company an "underweight" rating in a research note on Friday, November 15th. Finally, JPMorgan Chase & Co. restated a "neutral" rating and issued a $223.50 price target (up previously from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. One research 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. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $221.68.
Check Out Our Latest Report on M&T Bank
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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