Charter Research & Investment Group Inc. Cuts Stake in M&T Bank Co. (NYSE:MTB)

Charter Research & Investment Group Inc. lowered its stake in shares of M&T Bank Co. (NYSE:MTB) by 1.8% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 9,460 shares of the financial services provider’s stock after selling 169 shares during the period. M&T Bank comprises approximately 1.4% of Charter Research & Investment Group Inc.’s investment portfolio, making the stock its 23rd biggest holding. Charter Research & Investment Group Inc.’s holdings in M&T Bank were worth $1,779,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in MTB. Y.D. More Investments Ltd grew its holdings in 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 purchasing an additional 114 shares during the period. Human Investing LLC bought a new position in shares of M&T Bank during the 4th quarter worth $44,000. Sierra Ocean LLC purchased a new stake in M&T Bank in the 4th quarter worth about $44,000. Loomis Sayles & Co. L P bought a new stake in M&T Bank in the 4th quarter valued at about $52,000. Finally, Principal Securities Inc. lifted its holdings in M&T Bank by 47.5% during the fourth quarter. Principal Securities Inc. now owns 410 shares of the financial services provider’s stock valued at $77,000 after purchasing an additional 132 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.

Insider Buying and Selling

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the transaction, the executive vice president now owns 10,751 shares in the company, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.53% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

MTB has been the topic of several research reports. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $223.50 price target (up previously from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. Wells Fargo & Company lowered 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 report on Friday. Truist Financial reaffirmed a “buy” rating and issued a $236.00 price target (up from $233.00) on shares of M&T Bank in a report on Friday, January 17th. DA Davidson boosted their price objective on M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Finally, Morgan Stanley cut their target price on M&T Bank from $269.00 to $253.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. One research 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, the stock currently has an average rating of “Hold” and a consensus target price of $218.79.

M&T Bank Stock Performance

NYSE:MTB opened at $175.21 on Friday. The company has a market capitalization of $28.78 billion, a price-to-earnings ratio of 11.98, a PEG ratio of 1.38 and a beta of 0.74. The business has a 50 day moving average of $189.44 and a 200 day moving average of $192.62. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. M&T Bank Co. has a 1-year low of $133.03 and a 1-year high of $225.70.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, topping analysts’ consensus estimates 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 period last year, the business posted $2.74 earnings per share. On average, sell-side analysts predict 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 initiated a stock buyback program on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

M&T Bank Announces Dividend

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

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.