Wellington Management Group LLP Sells 2,560,086 Shares of M&T Bank Co. (NYSE:MTB)

Wellington Management Group LLP trimmed its holdings in M&T Bank Co. (NYSE:MTB - Free Report) by 25.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,433,750 shares of the financial services provider's stock after selling 2,560,086 shares during the quarter. Wellington Management Group LLP owned about 4.52% of M&T Bank worth $1,397,619,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the business. Townsquare Capital LLC acquired a new stake in M&T Bank in the third quarter worth about $230,000. Glenmede Trust Co. NA raised its position in shares of M&T Bank by 2.8% during the 3rd quarter. Glenmede Trust Co. NA now owns 8,873 shares of the financial services provider's stock worth $1,580,000 after buying an additional 238 shares in the last quarter. Fiduciary Trust Co lifted its stake in shares of M&T Bank by 20.9% in the 3rd quarter. Fiduciary Trust Co now owns 3,207 shares of the financial services provider's stock worth $571,000 after acquiring an additional 554 shares during the period. Public Sector Pension Investment Board boosted its holdings in shares of M&T Bank by 2.8% in the third quarter. Public Sector Pension Investment Board now owns 29,095 shares of the financial services provider's stock valued at $5,182,000 after acquiring an additional 800 shares in the last quarter. Finally, Atlantic Union Bankshares Corp bought a new position in shares of M&T Bank in the third quarter valued at approximately $219,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have weighed in on MTB. Citigroup cut their target price on M&T Bank from $230.00 to $195.00 and set a "neutral" rating for the company in a research report on Monday, March 24th. StockNews.com upgraded M&T Bank from a "sell" rating to a "hold" rating in a report on Wednesday, February 5th. Truist Financial reaffirmed a "buy" rating and set a $236.00 target price (up from $233.00) on shares of M&T Bank in a report on Friday, January 17th. Morgan Stanley cut their price target on shares of M&T Bank from $269.00 to $253.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Finally, DA Davidson raised their price objective on shares of M&T Bank from $222.00 to $223.00 and gave the company a "neutral" rating in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, M&T Bank has a consensus rating of "Hold" and an average price target of $218.79.

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Insider Activity

In related news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank 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 completion of the sale, the executive vice president now owns 10,751 shares of the company's stock, valued at approximately $1,852,827.34. This trade represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.53% of the stock is currently owned by corporate insiders.

M&T Bank Stock Up 2.0 %

NYSE:MTB traded up $3.56 during trading hours on Wednesday, hitting $179.93. 822,111 shares of the company's stock traded hands, compared to its average volume of 1,090,414. The stock's fifty day moving average price is $188.64 and its two-hundred day moving average price is $192.95. The firm has a market cap of $29.56 billion, a P/E ratio of 12.30, a P/E/G ratio of 1.38 and a beta of 0.58. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. M&T Bank Co. has a twelve month low of $133.03 and a twelve month high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping 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 period last year, the business earned $2.74 earnings per share. On average, research analysts expect that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date was Monday, March 3rd. M&T Bank's dividend payout ratio (DPR) is currently 36.91%.

M&T Bank announced that its board has initiated a stock repurchase plan on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's management believes its shares are undervalued.

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