M&T Bank Co. (NYSE:MTB) Shares Sold by Legal & General Group Plc

Legal & General Group Plc lessened its stake in M&T Bank Co. (NYSE:MTB) by 16.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 986,265 shares of the financial services provider’s stock after selling 189,681 shares during the quarter. Legal & General Group Plc owned about 0.59% of M&T Bank worth $185,428,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Sanctuary Advisors LLC raised its stake in shares of M&T Bank by 0.3% in the 4th quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider’s stock valued at $3,195,000 after acquiring an additional 52 shares during the period. Quadrant Capital Group LLC increased its stake in M&T Bank by 5.8% during the 4th quarter. Quadrant Capital Group LLC now owns 971 shares of the financial services provider’s stock worth $183,000 after buying an additional 53 shares during the period. Catalina Capital Group LLC increased its stake in M&T Bank by 2.0% during the 4th quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider’s stock worth $531,000 after buying an additional 56 shares during the period. Parallel Advisors LLC increased its stake in M&T Bank by 1.7% during the 4th quarter. Parallel Advisors LLC now owns 3,512 shares of the financial services provider’s stock worth $660,000 after buying an additional 60 shares during the period. Finally, Sheaff Brock Investment Advisors LLC increased its stake in M&T Bank by 1.2% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 5,188 shares of the financial services provider’s stock worth $975,000 after buying an additional 63 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Up 7.4 %

MTB stock opened at $168.12 on Thursday. M&T Bank Co. has a 52 week low of $133.03 and a 52 week high of $225.70. The company has a market capitalization of $27.62 billion, a price-to-earnings ratio of 11.49, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58. The firm’s 50-day moving average is $182.84 and its two-hundred day moving average is $191.99. 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 released its earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, topping 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 in the prior year, the company posted $2.74 EPS. On average, analysts forecast 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 declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were issued a dividend of $1.35 per share. The ex-dividend date was Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.21%. M&T Bank’s dividend payout ratio is currently 36.91%.

M&T Bank announced that its board has approved a stock buyback program on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts have weighed in on MTB shares. Evercore ISI decreased 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 report on Thursday, March 13th. DA Davidson raised their price objective 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. JPMorgan Chase & Co. decreased their price objective on shares of M&T Bank from $212.50 to $186.50 and set a “neutral” rating for the company in a report on Thursday, April 3rd. Truist Financial decreased their price objective on shares of M&T Bank from $236.00 to $225.00 and set a “buy” rating for the company in a report on Friday, April 4th. Finally, Citigroup decreased their price objective on shares of M&T Bank from $230.00 to $195.00 and set a “neutral” rating for the company in a report on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $215.97.

Insider Activity

In other news, EVP Christopher E. Kay sold 1,738 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total transaction of $299,526.92. Following the sale, the executive vice president now owns 10,751 shares in the company, valued at $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.53% of the stock is owned by company insiders.

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.