Whittier Trust Co. Sells 832 Shares of M&T Bank Co. (NYSE:MTB)

Whittier Trust Co. reduced its stake in M&T Bank Co. (NYSE:MTB) by 27.9% during the 4th quarter, Holdings Channel.com reports. The firm owned 2,146 shares of the financial services provider’s stock after selling 832 shares during the period. Whittier Trust Co.’s holdings in M&T Bank were worth $403,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of the stock. Y.D. More Investments Ltd grew its stake in 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 valued at $39,000 after buying an additional 114 shares during the last quarter. Human Investing LLC acquired a new position in shares of M&T Bank in the fourth quarter valued at approximately $44,000. Sierra Ocean LLC bought a new position in shares of M&T Bank during the fourth quarter worth approximately $44,000. Principal Securities Inc. lifted its holdings in M&T Bank by 47.5% during the 4th quarter. Principal Securities Inc. now owns 410 shares of the financial services provider’s stock worth $77,000 after purchasing an additional 132 shares during the last quarter. Finally, Brooklyn Investment Group bought a new stake in M&T Bank in the 3rd quarter valued at $91,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on MTB. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $223.50 price objective (up previously from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. Truist Financial reaffirmed a “buy” rating and set a $236.00 price target (up from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. Piper Sandler boosted their price objective on shares of M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a report on Wednesday, November 27th. Compass Point raised their target price on shares of M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Finally, DA Davidson boosted their price target 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. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $222.03.

M&T Bank Trading Up 0.7 %

MTB opened at $178.19 on Friday. The company’s 50 day moving average is $190.99 and its 200-day moving average is $192.18. The company has a market cap of $29.27 billion, a P/E ratio of 12.18, a PEG ratio of 1.38 and a beta of 0.74. M&T Bank Co. has a 1-year low of $133.03 and a 1-year 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.

M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating 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 company earned $2.74 EPS. Equities research analysts predict that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be issued a $1.35 dividend. The ex-dividend date is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 3.03%. M&T Bank’s payout ratio is presently 36.91%.

M&T Bank declared that its board has initiated a stock buyback plan on Wednesday, January 22nd that allows the company to buyback $4.00 billion in shares. This buyback authorization allows the financial services provider to reacquire 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 shares are undervalued.

Insider Buying and Selling at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the transaction, the executive vice president now owns 10,751 shares of the company’s stock, valued at $1,852,827.34. This represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate 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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.