M&T Bank Co. (NYSE:MTB) Shares Sold by Gitterman Wealth Management LLC

Gitterman Wealth Management LLC cut its holdings in shares of M&T Bank Co. (NYSE:MTB) by 20.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,109 shares of the financial services provider’s stock after selling 283 shares during the period. Gitterman Wealth Management LLC’s holdings in M&T Bank were worth $209,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Hennion & Walsh Asset Management Inc. raised its position in M&T Bank by 34.7% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider’s stock worth $1,473,000 after acquiring an additional 2,018 shares during the last quarter. Flagship Harbor Advisors LLC grew its stake in shares of M&T Bank by 89.8% in the fourth quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider’s stock valued at $515,000 after buying an additional 1,295 shares in the last quarter. Summit Trail Advisors LLC purchased a new stake in M&T Bank during the 4th quarter worth $290,000. US Bancorp DE raised its stake in shares of M&T Bank by 24.3% in the 4th quarter. US Bancorp DE now owns 8,382 shares of the financial services provider’s stock valued at $1,576,000 after purchasing an additional 1,639 shares in the last quarter. Finally, Smead Capital Management Inc. boosted its holdings in M&T Bank by 3.5% in the third quarter. Smead Capital Management Inc. now owns 493,817 shares of the financial services provider’s stock worth $87,959,000 after purchasing an additional 16,657 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Morgan Stanley lowered their target price on shares of M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a research note on Thursday. Evercore ISI reduced their price target on M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a research report on Thursday. Truist Financial restated a “buy” rating and issued a $236.00 price objective (up previously from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. DA Davidson upped their price target on M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Finally, StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, M&T Bank has an average rating of “Hold” and an average target price of $222.03.

M&T Bank Stock Up 3.1 %

Shares of M&T Bank stock opened at $175.69 on Friday. M&T Bank Co. has a 52-week low of $133.03 and a 52-week high of $225.70. The company has a market cap of $28.86 billion, a P/E ratio of 12.01, a PEG ratio of 1.38 and a beta of 0.74. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The firm’s 50 day moving average price is $192.44 and its 200-day moving average price is $192.00.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS 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 last year, the firm earned $2.74 EPS. On average, sell-side analysts predict that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be issued a $1.35 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $5.40 annualized dividend and a yield of 3.07%. M&T Bank’s payout ratio is 36.91%.

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

Insider Transactions at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of the company’s 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 sale, the executive vice president now directly owns 10,751 shares in the company, valued at approximately $1,852,827.34. This represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.53% of the company’s stock.

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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.