Evergreen Wealth Solutions LLC Has $884,000 Stake in M&T Bank Co. (NYSE:MTB)

Evergreen Wealth Solutions LLC lowered its holdings in shares of M&T Bank Co. (NYSE:MTB) by 7.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 4,703 shares of the financial services provider’s stock after selling 368 shares during the quarter. Evergreen Wealth Solutions LLC’s holdings in M&T Bank were worth $884,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Hennion & Walsh Asset Management Inc. raised its stake in M&T Bank by 34.7% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider’s stock worth $1,473,000 after acquiring an additional 2,018 shares in the last quarter. Flagship Harbor Advisors LLC grew its holdings in shares of M&T Bank by 89.8% in 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 in the last quarter. Summit Trail Advisors LLC bought a new position in M&T Bank during the 4th quarter valued at about $290,000. Finally, Valeo Financial Advisors LLC acquired a new position in M&T Bank in the fourth quarter valued at about $297,000. Institutional investors own 84.68% of the company’s stock.

M&T Bank Price Performance

MTB opened at $169.87 on Wednesday. The company has a fifty day moving average price of $172.65 and a two-hundred day moving average price of $190.60. The firm has a market capitalization of $27.91 billion, a PE ratio of 11.61, a P/E/G ratio of 1.38 and a beta of 0.58. M&T Bank Co. has a 52 week low of $139.78 and a 52 week high of $225.70. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). The company had revenue of $2.31 billion for the quarter, compared to analyst estimates 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 period last year, the firm earned $3.09 earnings per share. As a group, analysts anticipate 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 repurchase plan on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares repurchase plans are often a sign 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. Stockholders of record on Monday, March 3rd were paid a $1.35 dividend. The ex-dividend date was Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.18%. M&T Bank’s dividend payout ratio (DPR) is presently 36.17%.

Insider Activity at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the company’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 completion of the sale, the executive vice president now owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. This represents a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.53% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on MTB shares. Truist Financial dropped their price objective on shares of M&T Bank from $225.00 to $200.00 and set a “buy” rating for the company in a report on Tuesday, April 15th. Evercore ISI dropped their price target on M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a report on Thursday, March 13th. Piper Sandler reduced their price objective on M&T Bank from $220.00 to $210.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 15th. Morgan Stanley decreased their target price on M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Finally, Wells Fargo & Company cut their price target on M&T Bank from $185.00 to $175.00 and set an “underweight” rating for the company in a report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $208.24.

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.