M&T Bank Co. (NYSE:MTB) Position Trimmed by Hunter Perkins Capital Management LLC

Hunter Perkins Capital Management LLC lowered its stake in M&T Bank Co. (NYSE:MTB) by 19.2% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 2,415 shares of the financial services provider’s stock after selling 575 shares during the period. Hunter Perkins Capital Management LLC’s holdings in M&T Bank were worth $454,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. FMR LLC grew its holdings in shares of M&T Bank by 13.9% in the 3rd quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock worth $2,199,675,000 after acquiring an additional 1,508,846 shares during the last quarter. State Street Corp boosted its position in shares of M&T Bank by 6.4% in the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $1,562,725,000 after purchasing an additional 527,854 shares during the period. Zurich Insurance Group Ltd FI purchased a new position in M&T Bank in the 3rd quarter worth about $44,422,000. Charles Schwab Investment Management Inc. raised its holdings in M&T Bank by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock worth $897,216,000 after buying an additional 190,837 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in M&T Bank by 30.8% during the third quarter. The Manufacturers Life Insurance Company now owns 599,995 shares of the financial services provider’s stock valued at $106,871,000 after buying an additional 141,337 shares in the last quarter. Institutional investors own 84.68% of the company’s stock.

Insiders Place Their Bets

In other M&T Bank news, Director Robert E. Sadler, Jr. sold 2,000 shares of the company’s stock in a transaction dated Wednesday, October 30th. The shares were sold at an average price of $198.00, for a total transaction of $396,000.00. Following the completion of the sale, the director now directly owns 29,796 shares in the company, valued at $5,899,608. This represents a 6.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of M&T Bank stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total value of $537,566.10. Following the completion of the transaction, the insider now owns 16,429 shares in the company, valued at $3,546,856.81. The trade was a 13.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 40,487 shares of company stock valued at $8,578,809 over the last 90 days. 0.82% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research firms have recently issued reports on MTB. Compass Point boosted their price target on shares of M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Wolfe Research raised shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 target price on the stock in a research note on Friday, October 4th. Keefe, Bruyette & Woods raised their target price on M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Piper Sandler upped their price target on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research report on Wednesday, November 27th. Finally, Truist Financial restated a “buy” rating and set a $236.00 price objective (up from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $221.68.

M&T Bank Stock Performance

Shares of MTB opened at $198.81 on Monday. The company has a quick ratio of 0.99, a current ratio of 0.93 and a debt-to-equity ratio of 0.47. M&T Bank Co. has a 12 month low of $128.31 and a 12 month high of $225.70. The company’s fifty day moving average is $200.79 and its 200-day moving average is $185.64. The firm has a market cap of $32.99 billion, a price-to-earnings ratio of 13.59, a price-to-earnings-growth ratio of 1.37 and a beta of 0.79.

M&T Bank (NYSE:MTB) last posted its earnings results 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 business earned $2.74 EPS. Equities analysts expect that M&T Bank Co. will post 16.56 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 2nd were issued a $1.35 dividend. The ex-dividend date was Monday, December 2nd. This represents a $5.40 annualized dividend and a yield of 2.72%. M&T Bank’s dividend payout ratio (DPR) is currently 36.91%.

M&T Bank announced that its Board of Directors has initiated a stock repurchase program on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

M&T Bank Company 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.