Vinva Investment Management Ltd Sells 8,138 Shares of M&T Bank Co. (NYSE:MTB)

Vinva Investment Management Ltd lowered its holdings in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 81.2% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 1,883 shares of the financial services provider's stock after selling 8,138 shares during the period. Vinva Investment Management Ltd's holdings in M&T Bank were worth $355,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in MTB. Sanctuary Advisors LLC increased its holdings in shares of M&T Bank by 0.3% in the fourth quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider's stock worth $3,195,000 after buying an additional 52 shares during the period. Catalina Capital Group LLC increased its stake in 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 worth $531,000 after purchasing an additional 56 shares during the period. Parallel Advisors LLC increased its stake in M&T Bank by 1.7% in the 4th 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. Sheaff Brock Investment Advisors LLC lifted its position in M&T Bank by 1.2% in the fourth 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. Finally, Meridian Wealth Management LLC boosted its stake in shares of M&T Bank by 3.8% during the fourth 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 period. 84.68% of the stock is owned by institutional investors.

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M&T Bank Stock Down 0.5 %

M&T Bank stock traded down $0.89 during mid-day trading on Wednesday, reaching $182.10. The stock had a trading volume of 787,379 shares, compared to its average volume of 1,415,570. The company has a market capitalization of $29.92 billion, a price-to-earnings ratio of 12.45, a PEG ratio of 1.38 and a beta of 0.74. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. M&T Bank Co. has a one year low of $133.03 and a one year high of $225.70. The company has a 50-day moving average price of $190.58 and a two-hundred day moving average price of $192.56.

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 for the quarter, beating 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 company earned $2.74 earnings per share. On average, analysts expect that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank announced that its Board of Directors has initiated a stock buyback program on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's management 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. Stockholders of record on Monday, March 3rd will be issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date is Monday, March 3rd. M&T Bank's payout ratio is currently 36.91%.

Insider Activity at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of the firm's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total transaction of $299,526.92. Following 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.53% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. Piper Sandler lifted their target price on shares of M&T Bank from $205.00 to $243.00 and gave the stock an "overweight" rating in a research note on Wednesday, November 27th. Morgan Stanley lowered their price objective on shares of M&T Bank from $269.00 to $253.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Keefe, Bruyette & Woods increased their target price on shares of M&T Bank from $205.00 to $221.00 and gave the stock a "market perform" rating in a report on Wednesday, December 4th. StockNews.com upgraded M&T Bank from a "sell" rating to a "hold" rating in a report on Wednesday, February 5th. Finally, Truist Financial reiterated a "buy" rating and issued a $236.00 price objective (up previously from $233.00) on shares of M&T Bank in a report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, M&T Bank currently has a consensus rating of "Hold" and an average target price of $219.97.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.