OMERS ADMINISTRATION Corp Trims Stock Position in M&T Bank Co. (NYSE:MTB)

OMERS ADMINISTRATION Corp trimmed its holdings in shares of M&T Bank Co. (NYSE:MTB) by 21.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,321 shares of the financial services provider’s stock after selling 3,944 shares during the period. OMERS ADMINISTRATION Corp’s holdings in M&T Bank were worth $2,692,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of MTB. Banque Transatlantique SA purchased a new position in M&T Bank during the fourth quarter worth $38,000. Y.D. More Investments Ltd boosted its stake in shares of M&T Bank by 122.6% during the fourth quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 114 shares during the last quarter. Human Investing LLC purchased a new stake in M&T Bank during the 4th quarter worth about $44,000. Sierra Ocean LLC acquired a new position in M&T Bank in the 4th quarter valued at about $44,000. Finally, Loomis Sayles & Co. L P purchased a new position in M&T Bank in the 4th quarter valued at about $52,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction 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 owns 10,751 shares of the company’s stock, valued at $1,852,827.34. The trade was a 13.92% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on MTB. 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 report on Thursday, March 13th. Barclays cut their price target on M&T Bank from $235.00 to $220.00 and set an “equal weight” rating for the company in a report on Tuesday, April 15th. Royal Bank of Canada decreased their price objective on M&T Bank from $208.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday, April 15th. Piper Sandler dropped their target price on M&T Bank from $220.00 to $210.00 and set an “overweight” rating for the company in a research note on Tuesday, April 15th. Finally, Evercore ISI reduced their target price on 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. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $208.24.

M&T Bank Stock Performance

NYSE:MTB opened at $185.39 on Thursday. The firm’s fifty day simple moving average is $170.63 and its 200 day simple moving average is $189.45. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. M&T Bank Co. has a twelve month low of $139.78 and a twelve month high of $225.70. The firm has a market capitalization of $29.76 billion, a price-to-earnings ratio of 12.67, a PEG ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). The company had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.35 billion. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same quarter in the prior year, the firm earned $3.09 EPS. As a group, equities research analysts expect that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank announced that its Board of Directors has authorized a stock repurchase plan 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 stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

M&T Bank Dividend Announcement

The company also recently announced 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. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.91%. M&T Bank’s payout ratio is currently 36.17%.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.