RNC Capital Management LLC Trims Stock Holdings in M&T Bank Co. (NYSE:MTB)

RNC Capital Management LLC reduced its holdings in M&T Bank Co. (NYSE:MTB) by 3.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 362,643 shares of the financial services provider’s stock after selling 12,555 shares during the quarter. M&T Bank makes up 3.6% of RNC Capital Management LLC’s portfolio, making the stock its 2nd biggest position. RNC Capital Management LLC owned approximately 0.22% of M&T Bank worth $68,181,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the business. Hedeker Wealth LLC lifted its position in M&T Bank by 1.6% in the 3rd quarter. Hedeker Wealth LLC now owns 3,519 shares of the financial services provider’s stock valued at $627,000 after purchasing an additional 55 shares during the last quarter. Catalina Capital Group LLC lifted its position in M&T Bank by 2.0% in the 4th quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider’s stock valued at $531,000 after purchasing an additional 56 shares during the last quarter. Frank Rimerman Advisors LLC lifted its position in M&T Bank by 1.0% in the 3rd quarter. Frank Rimerman Advisors LLC now owns 5,644 shares of the financial services provider’s stock valued at $1,005,000 after purchasing an additional 57 shares during the last quarter. Crestwood Advisors Group LLC lifted its position in M&T Bank by 1.9% in the 3rd quarter. Crestwood Advisors Group LLC now owns 3,103 shares of the financial services provider’s stock valued at $553,000 after purchasing an additional 57 shares during the last quarter. Finally, Hexagon Capital Partners LLC increased its stake in M&T Bank by 54.4% during the 3rd quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after buying an additional 68 shares during the period. 84.68% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on MTB. Keefe, Bruyette & Woods raised their target price on shares of M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. The Goldman Sachs Group raised their target price on shares of M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $223.50 target price (up previously from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Citigroup cut shares of M&T Bank from a “buy” rating to a “neutral” rating and raised their target price for the company from $220.00 to $230.00 in a research note on Monday, November 25th. Finally, Bank of America lifted their price objective on shares of M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $221.68.

M&T Bank Stock Performance

M&T Bank stock opened at $201.98 on Friday. M&T Bank Co. has a fifty-two week low of $128.31 and a fifty-two week high of $225.70. The company has a market cap of $33.51 billion, a P/E ratio of 13.81, a price-to-earnings-growth ratio of 1.41 and a beta of 0.79. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.93 and a quick ratio of 0.99. The firm’s 50 day simple moving average is $197.86 and its 200-day simple moving average is $187.62.

M&T Bank (NYSE:MTB) last posted its quarterly 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 previous year, the company earned $2.74 earnings per share. As a group, equities research analysts predict that M&T Bank Co. will post 16.56 EPS for the current year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 2.67%. The ex-dividend date was Monday, December 2nd. M&T Bank’s dividend payout ratio is currently 36.91%.

M&T Bank announced that its Board of Directors has initiated a stock buyback plan on Wednesday, January 22nd that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

Insider Transactions at M&T Bank

In other news, Director John P. Barnes sold 20,000 shares of M&T Bank stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $217.45, for a total transaction of $4,349,000.00. Following the completion of the sale, the director now directly owns 35,480 shares in the company, valued at $7,715,126. The trade was a 36.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of M&T Bank stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total value of $537,566.10. Following the sale, the insider now owns 16,429 shares of the company’s stock, valued at approximately $3,546,856.81. This represents a 13.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 29,397 shares of company stock valued at $6,379,459. 0.82% of the stock is owned by insiders.

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.