Dana Investment Advisors Inc. Lowers Position in M&T Bank Co. (NYSE:MTB)

Dana Investment Advisors Inc. lessened its position in M&T Bank Co. (NYSE:MTB) by 11.3% in the fourth quarter, HoldingsChannel reports. The firm owned 12,460 shares of the financial services provider’s stock after selling 1,583 shares during the quarter. Dana Investment Advisors Inc.’s holdings in M&T Bank were worth $2,343,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in MTB. Plato Investment Management Ltd raised its stake in M&T Bank by 2,300.0% during the third quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock valued at $30,000 after buying an additional 161 shares during the last quarter. Ashton Thomas Securities LLC purchased a new position in M&T Bank during the third quarter valued at $32,000. Migdal Insurance & Financial Holdings Ltd. raised its stake in M&T Bank by 329.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock valued at $37,000 after buying an additional 158 shares during the last quarter. Y.D. More Investments Ltd raised its stake 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 buying an additional 114 shares during the last quarter. Finally, Capital Performance Advisors LLP purchased a new position in M&T Bank during the third quarter valued at $44,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Performance

Shares of MTB opened at $178.62 on Friday. 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 one year low of $133.03 and a one year high of $225.70. The firm has a market capitalization of $29.35 billion, a P/E ratio of 12.21, a PEG ratio of 1.38 and a beta of 0.79. The business has a fifty day moving average of $194.07 and a 200 day moving average of $191.56.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, topping 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 period last year, the company earned $2.74 earnings per share. As a group, sell-side analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank announced that its board has initiated a stock 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 buy up to 12.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 3.02%. The ex-dividend date is Monday, March 3rd. M&T Bank’s dividend payout ratio is presently 36.91%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on MTB shares. Compass Point lifted their price objective on M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. DA Davidson lifted 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. Wells Fargo & Company boosted their price target on M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a research note on Friday, November 15th. Piper Sandler boosted their price target on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 27th. Finally, The Goldman Sachs Group boosted their price target on M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. One 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 company’s stock. Based on data from MarketBeat.com, M&T Bank presently has an average rating of “Hold” and a consensus price target of $221.68.

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