Corebridge Financial Inc. Sells 2,167 Shares of M&T Bank Co. (NYSE:MTB)

Corebridge Financial Inc. trimmed its position in M&T Bank Co. (NYSE:MTB) by 5.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 39,290 shares of the financial services provider’s stock after selling 2,167 shares during the quarter. Corebridge Financial Inc.’s holdings in M&T Bank were worth $7,387,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in MTB. State Street Corp raised its holdings in shares of M&T Bank by 6.4% during the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after buying an additional 527,854 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in M&T Bank by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider’s stock worth $994,522,000 after acquiring an additional 252,583 shares in the last quarter. Geode Capital Management LLC raised its stake in M&T Bank by 1.6% during the third quarter. Geode Capital Management LLC now owns 4,329,814 shares of the financial services provider’s stock worth $768,824,000 after acquiring an additional 66,337 shares in the last quarter. Amundi lifted its holdings in shares of M&T Bank by 43.5% in the fourth quarter. Amundi now owns 807,339 shares of the financial services provider’s stock worth $154,315,000 after acquiring an additional 244,709 shares during the last quarter. Finally, Los Angeles Capital Management LLC boosted its stake in shares of M&T Bank by 1.9% in the 4th quarter. Los Angeles Capital Management LLC now owns 604,317 shares of the financial services provider’s stock valued at $113,618,000 after purchasing an additional 11,365 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

MTB has been the subject of several research reports. Truist Financial reissued a “buy” rating and issued a $236.00 price objective (up previously from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. Barclays raised their price objective on M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Evercore ISI lowered their target price 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. Compass Point increased their target price on M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Finally, Citigroup reduced their price target on M&T Bank from $230.00 to $195.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $218.79.

M&T Bank Stock Performance

Shares of MTB opened at $175.21 on Friday. 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 firm’s fifty day simple moving average is $189.44 and its two-hundred day simple moving average is $192.44. M&T Bank Co. has a 12 month low of $133.03 and a 12 month high of $225.70. The stock has a market capitalization of $28.78 billion, a P/E ratio of 11.98, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74.

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 analysts’ consensus estimates 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 in the prior year, the company earned $2.74 earnings per share. As a group, analysts predict that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The business 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 dividend of $1.35 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.08%. M&T Bank’s payout ratio is presently 36.91%.

M&T Bank declared that its board has authorized a share repurchase program on Wednesday, January 22nd that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its shares are undervalued.

Insider Buying and Selling

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction 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 directly owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.53% of the stock is owned by insiders.

M&T Bank Company 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.