M&T Bank Co. (NYSE:MTB) Stock Position Reduced by Elevatus Welath Management

Elevatus Welath Management decreased its stake in M&T Bank Co. (NYSE:MTB) by 3.4% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,989 shares of the financial services provider’s stock after selling 277 shares during the quarter. M&T Bank makes up about 0.5% of Elevatus Welath Management’s holdings, making the stock its 29th biggest position. Elevatus Welath Management’s holdings in M&T Bank were worth $1,502,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently modified their holdings of the stock. First Trust Advisors LP boosted its position in M&T Bank by 2.1% during the fourth quarter. First Trust Advisors LP now owns 1,605,724 shares of the financial services provider’s stock valued at $301,892,000 after purchasing an additional 33,017 shares during the last quarter. Forum Financial Management LP raised its stake in shares of M&T Bank by 2.2% during the 4th quarter. Forum Financial Management LP now owns 2,873 shares of the financial services provider’s stock worth $540,000 after purchasing an additional 62 shares in the last quarter. Frederick Financial Consultants LLC acquired a new stake in shares of M&T Bank during the 4th quarter valued at about $223,000. CANADA LIFE ASSURANCE Co grew its stake in shares of M&T Bank by 63.3% in the 4th quarter. CANADA LIFE ASSURANCE Co now owns 210,461 shares of the financial services provider’s stock valued at $39,568,000 after buying an additional 81,570 shares in the last quarter. Finally, Canada Pension Plan Investment Board increased its holdings in M&T Bank by 48.2% in the fourth quarter. Canada Pension Plan Investment Board now owns 14,421 shares of the financial services provider’s stock worth $2,711,000 after buying an additional 4,693 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insiders Place Their Bets

In related news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the sale, the executive vice president now directly owns 10,751 shares in the company, valued at $1,852,827.34. This represents a 13.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.53% of the company’s stock.

M&T Bank Trading Up 0.8 %

Shares of MTB opened at $160.09 on Friday. The stock’s 50-day moving average price is $177.25 and its 200 day moving average price is $191.10. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $26.30 billion, a price-to-earnings ratio of 10.94, a P/E/G ratio of 1.38 and a beta of 0.58. M&T Bank Co. has a 12-month low of $139.56 and a 12-month high of $225.70.

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

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

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is 36.17%.

Wall Street Analyst Weigh In

MTB has been the subject of several recent research reports. Robert W. Baird decreased their target price 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. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. Royal Bank of Canada lowered their target price on shares of M&T Bank from $208.00 to $200.00 and set an “outperform” rating on the stock in a research report on Tuesday. Citigroup reduced their price target on M&T Bank from $230.00 to $195.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Finally, Evercore ISI lowered their price objective on M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $208.14.

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.