Wells Fargo & Company MN Reduces Stock Position in M&T Bank Co. (NYSE:MTB)

Wells Fargo & Company MN reduced its stake in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 14.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 478,996 shares of the financial services provider's stock after selling 79,963 shares during the quarter. Wells Fargo & Company MN owned approximately 0.29% of M&T Bank worth $90,056,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the stock. Y.D. More Investments Ltd raised its stake in M&T Bank by 122.6% in the fourth quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider's stock worth $39,000 after buying an additional 114 shares in the last quarter. Human Investing LLC bought a new stake in shares of M&T Bank during the fourth quarter valued at approximately $44,000. Sierra Ocean LLC purchased a new stake in M&T Bank in the fourth quarter worth $44,000. Loomis Sayles & Co. L P bought a new position in M&T Bank in the fourth quarter worth $52,000. Finally, Principal Securities Inc. boosted its holdings in shares of M&T Bank by 47.5% during the 4th quarter. Principal Securities Inc. now owns 410 shares of the financial services provider's stock valued at $77,000 after buying an additional 132 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors.

M&T Bank Price Performance

M&T Bank stock traded down $0.03 during mid-day trading on Friday, hitting $157.82. The stock had a trading volume of 1,548,671 shares, compared to its average volume of 1,113,973. M&T Bank Co. has a one year low of $136.18 and a one year 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 firm has a market capitalization of $25.93 billion, a P/E ratio of 10.79, a P/E/G ratio of 1.38 and a beta of 0.58. The firm's 50 day moving average is $181.27 and its 200 day moving average is $191.88.

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

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 3.42%. The ex-dividend date was Monday, March 3rd. M&T Bank's payout ratio is currently 36.91%.

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

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. JPMorgan Chase & Co. lowered their price target on shares of M&T Bank from $212.50 to $186.50 and set a "neutral" rating for the company in a research report on Thursday, April 3rd. StockNews.com raised M&T Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, February 5th. Truist Financial dropped their target price on M&T Bank from $236.00 to $225.00 and set a "buy" rating on the stock in a report on Friday, April 4th. Morgan Stanley decreased their target price 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, Citigroup cut 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. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $215.97.

Insider Transactions at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value of $299,526.92. Following the sale, the executive vice president now directly owns 10,751 shares of the company's stock, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.53% of the company's stock.

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.