Community Bank N.A. Cuts Holdings in M&T Bank Co. (NYSE:MTB)

Community Bank N.A. trimmed its holdings in shares of M&T Bank Co. (NYSE:MTB) by 18.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,735 shares of the financial services provider’s stock after selling 400 shares during the period. Community Bank N.A.’s holdings in M&T Bank were worth $326,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of MTB. Y.D. More Investments Ltd raised its stake in shares of M&T Bank by 122.6% during the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock worth $39,000 after buying an additional 114 shares in the last quarter. 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. Principal Securities Inc. raised its stake in shares of M&T Bank by 47.5% during the 4th quarter. Principal Securities Inc. now owns 410 shares of the financial services provider’s stock worth $77,000 after buying an additional 132 shares in the last quarter. Finally, Brooklyn Investment Group purchased a new position in shares of M&T Bank during the 3rd quarter worth approximately $91,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Trading Up 0.7 %

Shares of M&T Bank stock opened at $178.19 on Monday. M&T Bank Co. has a fifty-two week low of $133.03 and a fifty-two week high of $225.70. The firm has a market cap of $29.27 billion, a PE ratio of 12.18, a P/E/G ratio of 1.38 and a beta of 0.74. The business’s fifty day moving average is $190.99 and its two-hundred day moving average is $192.35. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, topping the consensus estimate of $3.70 by $0.22. 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 company posted $2.74 EPS. 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 has approved a stock 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 repurchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be given a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 3.03%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is currently 36.91%.

Insider Buying and Selling

In related news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value of $299,526.92. Following the transaction, the executive vice president now directly 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.53% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on MTB shares. Piper Sandler upped their price target on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. The Goldman Sachs Group upped their price target on M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. Compass Point upped their price target on M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. Finally, Citigroup cut M&T Bank from a “buy” rating to a “neutral” rating and upped their price target for the stock from $220.00 to $230.00 in a report on Monday, November 25th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $222.03.

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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.