Brandywine Global Investment Management LLC Sells 5,768 Shares of M&T Bank Co. (NYSE:MTB)

Brandywine Global Investment Management LLC lessened its holdings in shares of M&T Bank Co. (NYSE:MTB) by 7.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 71,260 shares of the financial services provider’s stock after selling 5,768 shares during the quarter. Brandywine Global Investment Management LLC’s holdings in M&T Bank were worth $13,398,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Townsquare Capital LLC purchased a new position in M&T Bank in the 3rd quarter worth approximately $230,000. Glenmede Trust Co. NA lifted its holdings in shares of M&T Bank by 2.8% during the 3rd quarter. Glenmede Trust Co. NA now owns 8,873 shares of the financial services provider’s stock worth $1,580,000 after acquiring an additional 238 shares during the last quarter. Fiduciary Trust Co grew its position in M&T Bank by 20.9% in the third quarter. Fiduciary Trust Co now owns 3,207 shares of the financial services provider’s stock worth $571,000 after acquiring an additional 554 shares in the last quarter. Public Sector Pension Investment Board increased its stake in M&T Bank by 2.8% in the third quarter. Public Sector Pension Investment Board now owns 29,095 shares of the financial services provider’s stock valued at $5,182,000 after acquiring an additional 800 shares during the last quarter. Finally, Atlantic Union Bankshares Corp purchased a new stake in M&T Bank during the third quarter valued at about $219,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Down 2.5 %

Shares of NYSE MTB opened at $175.21 on Monday. The firm has a fifty day simple moving average of $189.44 and a two-hundred day simple moving average of $192.80. M&T Bank Co. has a 12 month low of $133.03 and a 12 month 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 $28.78 billion, a PE ratio of 11.98, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating 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 business posted $2.74 EPS. Equities analysts expect that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 3.08%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s dividend payout ratio is currently 36.91%.

M&T Bank announced that its Board of Directors has approved a share repurchase program on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on MTB. Keefe, Bruyette & Woods upped their price objective on M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. DA Davidson increased their price target on shares of M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Citigroup cut their price objective on shares of M&T Bank from $230.00 to $195.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Wells Fargo & Company decreased their target price on shares of M&T Bank from $205.00 to $185.00 and set an “underweight” rating on the stock in a research report on Friday. Finally, StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $218.79.

Insider Activity

In related news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction dated Wednesday, March 12th. The shares were 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 $1,852,827.34. This trade represents a 13.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Company 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.