Financial Counselors Inc. Trims Stock Holdings in M&T Bank Co. (NYSE:MTB)

Financial Counselors Inc. reduced its position in M&T Bank Co. (NYSE:MTB) by 8.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,802 shares of the financial services provider’s stock after selling 177 shares during the quarter. Financial Counselors Inc.’s holdings in M&T Bank were worth $339,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of MTB. Y.D. More Investments Ltd boosted its stake in M&T Bank by 122.6% during the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 114 shares during the period. Human Investing LLC purchased a new stake in shares of M&T Bank in the fourth quarter valued at about $44,000. Sierra Ocean LLC acquired a new stake in shares of M&T Bank during the fourth quarter worth about $44,000. Principal Securities Inc. grew its holdings in shares of M&T Bank by 47.5% during the fourth quarter. Principal Securities Inc. now owns 410 shares of the financial services provider’s stock worth $77,000 after buying an additional 132 shares during the last quarter. Finally, Kentucky Trust Co acquired a new position in M&T Bank in the 4th quarter valued at about $92,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on MTB shares. DA Davidson increased their price objective on M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $223.50 price objective (up from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. Evercore ISI cut their price objective on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. Finally, Keefe, Bruyette & Woods increased their price target on shares of M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $218.79.

Insider Buying and Selling

In related news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the completion of the sale, the executive vice president now owns 10,751 shares in the company, valued at approximately $1,852,827.34. This trade represents a 13.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.53% of the company’s stock.

M&T Bank Stock Down 2.5 %

MTB opened at $175.21 on Friday. 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 $28.78 billion, a price-to-earnings ratio of 11.98, a PEG ratio of 1.38 and a beta of 0.74. M&T Bank Co. has a one year low of $133.03 and a one year high of $225.70. The business’s fifty day moving average is $189.44 and its two-hundred day moving average is $192.44.

M&T Bank (NYSE:MTB) last released 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 period last year, the firm posted $2.74 EPS. Analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 3rd will be paid a dividend of $1.35 per share. The ex-dividend date is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.08%. M&T Bank’s dividend payout ratio (DPR) is 36.91%.

M&T Bank announced that its Board of Directors has approved a share repurchase program on Wednesday, January 22nd that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 12.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors 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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.