PDT Partners LLC Sells 1,198 Shares of M&T Bank Co. (NYSE:MTB)

PDT Partners LLC lessened its position in M&T Bank Co. (NYSE:MTB) by 2.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 43,094 shares of the financial services provider’s stock after selling 1,198 shares during the quarter. M&T Bank makes up about 0.7% of PDT Partners LLC’s portfolio, making the stock its 5th biggest position. PDT Partners LLC’s holdings in M&T Bank were worth $8,102,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of MTB. Hennion & Walsh Asset Management Inc. increased its position in shares of M&T Bank by 34.7% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider’s stock worth $1,473,000 after purchasing an additional 2,018 shares during the last quarter. Flagship Harbor Advisors LLC increased its position in shares of M&T Bank by 89.8% during the 4th quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider’s stock worth $515,000 after purchasing an additional 1,295 shares during the last quarter. US Bancorp DE increased its position in shares of M&T Bank by 24.3% during the 4th quarter. US Bancorp DE now owns 8,382 shares of the financial services provider’s stock worth $1,576,000 after purchasing an additional 1,639 shares during the last quarter. Summit Trail Advisors LLC acquired a new position in shares of M&T Bank during the 4th quarter worth approximately $290,000. Finally, Valeo Financial Advisors LLC acquired a new position in shares of M&T Bank during the 4th quarter worth approximately $297,000. Institutional investors and hedge funds own 84.68% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have weighed in on MTB shares. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. Morgan Stanley reduced their target price on M&T Bank from $269.00 to $253.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Piper Sandler reduced their target price on M&T Bank from $220.00 to $210.00 and set an “overweight” rating for the company in a research note on Tuesday, April 15th. JPMorgan Chase & Co. reduced their target price on M&T Bank from $212.50 to $186.50 and set a “neutral” rating for the company in a research note on Thursday, April 3rd. Finally, Truist Financial reduced their target price on M&T Bank from $225.00 to $200.00 and set a “buy” rating for the company in a research note on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat, M&T Bank currently has a consensus rating of “Hold” and a consensus target price of $208.24.

Insider Activity

In related news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank 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 directly owns 10,751 shares in the company, valued at $1,852,827.34. This trade represents a 13.92 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.53% of the stock is currently owned by corporate insiders.

M&T Bank Trading Up 0.8 %

MTB opened at $168.72 on Tuesday. The company’s 50 day moving average is $173.21 and its 200-day moving average is $190.75. M&T Bank Co. has a 1-year low of $139.78 and a 1-year high of $225.70. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The company has a market cap of $27.72 billion, a P/E ratio of 11.53, a PEG ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB) last posted its quarterly 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 company had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the previous year, the business posted $3.09 earnings per share. Equities research analysts predict that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were paid a $1.35 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.20%. M&T Bank’s payout ratio is currently 36.17%.

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

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.