Korea Investment CORP Sells 100 Shares of M&T Bank Co. (NYSE:MTB)

Korea Investment CORP decreased its holdings in M&T Bank Co. (NYSE:MTB) by 0.7% in the fourth quarter, Holdings Channel reports. The fund owned 13,905 shares of the financial services provider’s stock after selling 100 shares during the quarter. Korea Investment CORP’s holdings in M&T Bank were worth $2,614,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in MTB. State Street Corp lifted its position in M&T Bank by 6.4% in the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after buying an additional 527,854 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of M&T Bank by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider’s stock worth $994,522,000 after acquiring an additional 252,583 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of M&T Bank by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,329,814 shares of the financial services provider’s stock worth $768,824,000 after purchasing an additional 66,337 shares during the period. Amundi boosted its stake in shares of M&T Bank by 43.5% during the 4th quarter. Amundi now owns 807,339 shares of the financial services provider’s stock worth $154,315,000 after purchasing an additional 244,709 shares during the period. Finally, Los Angeles Capital Management LLC grew its holdings in M&T Bank by 1.9% during the 4th quarter. Los Angeles Capital Management LLC now owns 604,317 shares of the financial services provider’s stock valued at $113,618,000 after purchasing an additional 11,365 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Price Performance

MTB opened at $176.31 on Wednesday. The business’s 50-day moving average is $188.64 and its two-hundred day moving average is $192.95. The firm has a market capitalization of $28.97 billion, a PE ratio of 12.05, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74. 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 posted 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 net margin of 19.24% and a return on equity of 10.12%. During the same quarter in the prior year, the company earned $2.74 earnings per share. Research analysts anticipate 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 authorized a share 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 a sign that the company’s board of directors believes its shares are undervalued.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.06%. The ex-dividend date was Monday, March 3rd. M&T Bank’s dividend payout ratio is presently 36.91%.

Insider Transactions at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction that occurred 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 approximately $1,852,827.34. This represents a 13.92 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on MTB. Keefe, Bruyette & Woods boosted their target price on M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Citigroup cut their price objective on M&T Bank from $230.00 to $195.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. Compass Point boosted their target price on shares of 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 upped their price target on shares of M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Finally, Truist Financial reiterated a “buy” rating and set a $236.00 price objective (up previously from $233.00) on shares of M&T Bank in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $218.79.

About M&T Bank

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.