Advisors Asset Management Inc. Trims Holdings in M&T Bank Co. (NYSE:MTB)

Advisors Asset Management Inc. decreased its stake in shares of M&T Bank Co. (NYSE:MTB) by 1.6% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 19,718 shares of the financial services provider’s stock after selling 315 shares during the quarter. Advisors Asset Management Inc.’s holdings in M&T Bank were worth $3,707,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Empowered Funds LLC raised its position in M&T Bank by 9.7% in the third quarter. Empowered Funds LLC now owns 2,767 shares of the financial services provider’s stock valued at $493,000 after purchasing an additional 245 shares during the period. Thrivent Financial for Lutherans raised its position in M&T Bank by 33.3% in the third quarter. Thrivent Financial for Lutherans now owns 87,626 shares of the financial services provider’s stock valued at $15,608,000 after purchasing an additional 21,881 shares during the period. Pathstone Holdings LLC raised its position in M&T Bank by 0.7% in the third quarter. Pathstone Holdings LLC now owns 28,625 shares of the financial services provider’s stock valued at $5,099,000 after purchasing an additional 185 shares during the period. Caprock Group LLC raised its position in M&T Bank by 10.8% in the third quarter. Caprock Group LLC now owns 10,731 shares of the financial services provider’s stock valued at $1,911,000 after purchasing an additional 1,048 shares during the period. Finally, B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in M&T Bank in the third quarter valued at $1,564,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Keefe, Bruyette & Woods lifted their target price on M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Compass Point lifted their target price on M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $223.50 price objective (up previously from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. Barclays boosted their price objective on M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Finally, Piper Sandler boosted their price objective on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a report on Wednesday, November 27th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $222.03.

M&T Bank Trading Down 0.1 %

MTB opened at $176.93 on Friday. M&T Bank Co. has a 12 month low of $133.03 and a 12 month high of $225.70. The stock has a market capitalization of $29.07 billion, a price-to-earnings ratio of 12.09, 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. The business has a fifty day moving average price of $191.19 and a 200 day moving average price of $192.00.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping the consensus estimate 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 in the previous year, the company posted $2.74 earnings per share. Sell-side 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 firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 3rd will be given a dividend of $1.35 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.05%. M&T Bank’s dividend payout ratio is currently 36.91%.

M&T Bank declared that its board has initiated a stock buyback program on Wednesday, January 22nd that allows the company to buyback $4.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Insider Transactions at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. This represents a 13.92 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.53% of the company’s stock.

M&T Bank Company 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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.