Invenomic Capital Management LP Reduces Stock Position in M&T Bank Co. (NYSE:MTB)

Invenomic Capital Management LP decreased its position in shares of M&T Bank Co. (NYSE:MTB) by 65.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 96,475 shares of the financial services provider’s stock after selling 185,291 shares during the quarter. M&T Bank accounts for about 0.9% of Invenomic Capital Management LP’s holdings, making the stock its 29th biggest position. Invenomic Capital Management LP owned about 0.06% of M&T Bank worth $18,138,000 at the end of the most recent reporting period.

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

Insider Activity

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the business’s stock in a transaction on 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 $1,852,827.34. The trade was a 13.92 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on MTB. Deutsche Bank Aktiengesellschaft raised shares of M&T Bank from a “hold” rating to a “buy” rating and set a $210.00 price objective for the company in a research note on Thursday, April 24th. StockNews.com cut M&T Bank from a “hold” rating to a “sell” rating in a report on Tuesday, May 6th. Barclays decreased their price objective on M&T Bank from $235.00 to $220.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 15th. Robert W. Baird cut their target price on shares of M&T Bank from $220.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, April 15th. Finally, Piper Sandler decreased their price target on shares of M&T Bank from $220.00 to $210.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 15th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, M&T Bank has a consensus rating of “Hold” and an average price target of $208.24.

M&T Bank Stock Down 0.3 %

MTB opened at $177.11 on Friday. M&T Bank Co. has a 1 year low of $139.78 and a 1 year high of $225.70. The firm has a 50 day moving average price of $170.16 and a 200 day moving average price of $189.59. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. The company has a market cap of $29.10 billion, a PE ratio of 12.11, a price-to-earnings-growth 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 earnings per share (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 analyst estimates of $2.35 billion. During the same period in the previous year, the company earned $3.09 EPS. Sell-side analysts expect that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank declared that its board has approved 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 reacquire up to 12.3% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its stock is undervalued.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were given a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 3.05%. The ex-dividend date was Monday, March 3rd. M&T Bank’s payout ratio is 36.17%.

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.