Royal Bank of Canada Lowers Stock Position in M&T Bank Co. (NYSE:MTB)

Royal Bank of Canada cut its stake in shares of M&T Bank Co. (NYSE:MTB) by 8.0% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 379,755 shares of the financial services provider’s stock after selling 32,965 shares during the period. Royal Bank of Canada owned 0.23% of M&T Bank worth $71,398,000 as of its most recent SEC filing.

Several other institutional investors also recently made changes to their positions in the stock. ProShare Advisors LLC grew its stake in shares of M&T Bank by 6.5% during the 4th quarter. ProShare Advisors LLC now owns 42,587 shares of the financial services provider’s stock valued at $8,007,000 after buying an additional 2,597 shares during the period. Quantinno Capital Management LP grew its stake in shares of M&T Bank by 24.2% during the 4th quarter. Quantinno Capital Management LP now owns 38,296 shares of the financial services provider’s stock valued at $7,200,000 after buying an additional 7,471 shares during the period. Mufg Securities Americas Inc. purchased a new stake in shares of M&T Bank during the 4th quarter valued at $517,000. Man Group plc grew its stake in shares of M&T Bank by 8.5% during the 4th quarter. Man Group plc now owns 41,464 shares of the financial services provider’s stock valued at $7,796,000 after buying an additional 3,242 shares during the period. Finally, Nissay Asset Management Corp Japan ADV grew its stake in shares of M&T Bank by 1.6% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 20,386 shares of the financial services provider’s stock valued at $3,858,000 after buying an additional 313 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. TD Cowen assumed coverage on shares of M&T Bank in a research note on Thursday, May 15th. They set a “buy” rating and a $230.00 price objective for the company. Deutsche Bank Aktiengesellschaft raised shares of M&T Bank from a “hold” rating to a “buy” rating and set a $210.00 price target for the company in a research report on Thursday, April 24th. DA Davidson decreased their price target on shares of M&T Bank from $205.00 to $189.00 and set a “neutral” rating for the company in a research report on Tuesday, April 15th. Barclays decreased their price target on shares of M&T Bank from $235.00 to $220.00 and set an “equal weight” rating for the company in a research report on Tuesday, April 15th. Finally, Piper Sandler decreased their price target on shares of M&T Bank from $220.00 to $210.00 and set an “overweight” rating for the company in a research report on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and twelve have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $209.33.

M&T Bank Stock Performance

NYSE:MTB opened at $185.73 on Wednesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. The firm has a 50-day moving average of $171.84 and a two-hundred day moving average of $189.18. The stock has a market cap of $29.81 billion, a P/E ratio of 12.70, a PEG ratio of 1.38 and a beta of 0.58. M&T Bank Co. has a 1-year low of $139.78 and a 1-year high of $225.70.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data 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). The firm had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.35 billion. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period in the previous year, the company earned $3.09 earnings per share. On average, research analysts expect that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Monday, June 2nd will be paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.91%. M&T Bank’s dividend payout ratio (DPR) is presently 36.17%.

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

Insider Activity

In other news, EVP Christopher E. Kay sold 1,738 shares of the company’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the sale, the executive vice president now owns 10,751 shares in the company, valued at approximately $1,852,827.34. This represents a 13.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.53% of the company’s stock.

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.