Covestor Ltd Reduces Stake in M&T Bank Co. (NYSE:MTB)

Covestor Ltd cut its holdings in shares of M&T Bank Co. (NYSE:MTB) by 43.1% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 199 shares of the financial services provider’s stock after selling 151 shares during the period. Covestor Ltd’s holdings in M&T Bank were worth $38,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Argent Trust Co increased its position in M&T Bank by 28.9% during the 4th quarter. Argent Trust Co now owns 1,956 shares of the financial services provider’s stock valued at $368,000 after purchasing an additional 439 shares during the period. Treasurer of the State of North Carolina boosted its stake in shares of M&T Bank by 0.4% during the 4th quarter. Treasurer of the State of North Carolina now owns 75,012 shares of the financial services provider’s stock valued at $14,103,000 after purchasing an additional 330 shares in the last quarter. Scotia Capital Inc. purchased a new position in shares of M&T Bank during the fourth quarter valued at about $1,356,000. Cutler Capital Management LLC raised its stake in M&T Bank by 4.8% in the fourth quarter. Cutler Capital Management LLC now owns 3,179 shares of the financial services provider’s stock worth $598,000 after buying an additional 145 shares in the last quarter. Finally, DRW Securities LLC purchased a new stake in M&T Bank in the fourth quarter worth about $252,000. Institutional investors own 84.68% of the company’s stock.

Insider Activity at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of the 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 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 filing with the Securities & Exchange Commission, which is available through this link. 0.53% of the stock is owned by insiders.

M&T Bank Stock Performance

Shares of MTB opened at $159.47 on Wednesday. M&T Bank Co. has a 12 month low of $136.18 and a 12 month high of $225.70. The business’s fifty day simple moving average is $179.62 and its two-hundred day simple moving average is $191.54. 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 company has a market cap of $26.20 billion, a price-to-earnings ratio of 10.90, a P/E/G ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing the consensus estimate of $3.41 by ($0.03). M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. The business had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the previous year, the business posted $3.09 earnings per share. Research analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

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

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were issued a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.39%. M&T Bank’s payout ratio is 36.91%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on MTB shares. DA Davidson reduced their target price on M&T Bank from $205.00 to $189.00 and set a “neutral” rating on the stock in a report on Tuesday. Barclays lowered their price objective on M&T Bank from $235.00 to $220.00 and set an “equal weight” rating for the company in a research report on Tuesday. Evercore ISI reduced their target price on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Morgan Stanley lowered 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 research report on Thursday, March 13th. Finally, Piper Sandler cut their price objective on shares of M&T Bank from $220.00 to $210.00 and set an “overweight” rating on the stock in a report on Tuesday. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $208.14.

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.