Marshall Wace LLP Sells 364,025 Shares of M&T Bank Co. (NYSE:MTB)

Marshall Wace LLP reduced its stake in shares of M&T Bank Co. (NYSE:MTB) by 37.1% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 618,138 shares of the financial services provider’s stock after selling 364,025 shares during the quarter. Marshall Wace LLP owned approximately 0.37% of M&T Bank worth $116,216,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Y.D. More Investments Ltd increased its position in shares of M&T Bank by 122.6% during the fourth 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 period. Human Investing LLC purchased a new position in shares of M&T Bank during the 4th quarter worth approximately $44,000. Sierra Ocean LLC purchased a new position in shares of M&T Bank during the 4th quarter worth approximately $44,000. Loomis Sayles & Co. L P purchased a new position in shares of M&T Bank in the 4th quarter valued at approximately $52,000. Finally, Principal Securities Inc. lifted its stake in shares of M&T Bank by 47.5% in the 4th quarter. Principal Securities Inc. now owns 410 shares of the financial services provider’s stock valued at $77,000 after purchasing an additional 132 shares during the period. 84.68% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Christopher E. Kay sold 1,738 shares of the firm’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 value of $299,526.92. Following the transaction, the executive vice president now owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. This trade represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.53% of the company’s stock.

M&T Bank Price Performance

Shares of NYSE:MTB opened at $158.84 on Thursday. The business has a 50-day simple moving average of $178.78 and a two-hundred day simple moving average of $191.32. 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 firm has a market cap of $26.10 billion, a price-to-earnings ratio of 10.86, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58. M&T Bank Co. has a fifty-two week low of $137.76 and a fifty-two week high of $225.70.

M&T Bank (NYSE:MTB) last issued its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.41 by ($0.03). The company had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.35 billion. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same quarter in the prior year, the business posted $3.09 EPS. On average, analysts expect that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank’s dividend payout ratio is 36.91%.

M&T Bank declared that its Board of Directors has authorized a stock buyback program on Wednesday, January 22nd that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 12.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities analysts have issued reports on MTB shares. Royal Bank of Canada decreased their price objective on M&T Bank from $208.00 to $200.00 and set an “outperform” rating for the company in a report on Tuesday. Robert W. Baird lowered their price target on shares of M&T Bank from $220.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday. DA Davidson cut their price objective on shares of M&T Bank from $205.00 to $189.00 and set a “neutral” rating on the stock in a report on Tuesday. Barclays lowered their target price on shares of M&T Bank from $235.00 to $220.00 and set an “equal weight” rating for the company in a report on Tuesday. Finally, Truist Financial cut their price target on M&T Bank from $225.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $208.14.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.