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

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

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MTB. Sanctuary Advisors LLC boosted its position in shares of M&T Bank by 0.3% during the 4th quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider's stock worth $3,195,000 after acquiring an additional 52 shares in the last quarter. Catalina Capital Group LLC boosted its holdings 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 in the last quarter. Parallel Advisors LLC increased its stake in shares of 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 valued at $660,000 after purchasing an additional 60 shares during the last quarter. Sheaff Brock Investment Advisors LLC increased 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. Finally, Meridian Wealth Management LLC raised its holdings in shares of M&T Bank by 3.8% during the 4th quarter. Meridian Wealth Management LLC now owns 1,786 shares of the financial services provider's stock worth $336,000 after buying an additional 66 shares in the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on MTB shares. Truist Financial decreased their target price on M&T Bank from $236.00 to $225.00 and set a "buy" rating on the stock in a research report on Friday. Citigroup decreased their price target on shares of M&T Bank from $230.00 to $195.00 and set a "neutral" rating on the stock in a report on Monday, March 24th. Compass Point upped their price objective on shares of M&T Bank from $220.00 to $250.00 and gave the stock a "neutral" rating in a research report on Tuesday, December 10th. Wells Fargo & Company cut their target price on shares of M&T Bank from $205.00 to $185.00 and set an "underweight" rating on the stock in a research report on Friday, March 28th. Finally, DA Davidson upped their price target on shares of M&T Bank from $222.00 to $223.00 and gave the stock a "neutral" rating in a report on Friday, January 17th. One research 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. According to MarketBeat, M&T Bank has a consensus rating of "Hold" and an average target price of $215.97.

M&T Bank Stock Down 3.8 %

Shares of MTB traded down $6.23 during trading hours on Friday, reaching $157.13. 2,483,308 shares of the stock traded hands, compared to its average volume of 1,100,707. M&T Bank Co. has a 52 week low of $133.03 and a 52 week high of $225.70. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The stock has a fifty day simple moving average of $186.82 and a 200 day simple moving average of $192.54. The company has a market cap of $25.82 billion, a price-to-earnings ratio of 10.74, a PEG ratio of 1.38 and a beta of 0.58.

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

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 3rd were given a dividend of $1.35 per share. The ex-dividend date was Monday, March 3rd. This represents a $5.40 annualized dividend and a yield of 3.44%. M&T Bank's payout ratio is currently 36.91%.

M&T Bank announced that its board has initiated a share buyback program on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in shares. This repurchase authorization permits the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's board of directors believes its stock is undervalued.

Insider Activity at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total transaction of $299,526.92. Following the completion of the transaction, the executive vice president now directly owns 10,751 shares of the company's stock, valued at $1,852,827.34. This represents a 13.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.53% of the stock is owned by company insiders.

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.