JPMorgan Chase & Co. Reduces Stake in M&T Bank Co. (NYSE:MTB)

JPMorgan Chase & Co. reduced its stake in shares of M&T Bank Co. (NYSE:MTB) by 6.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,068,913 shares of the financial services provider’s stock after selling 396,982 shares during the quarter. JPMorgan Chase & Co. owned about 3.66% of M&T Bank worth $1,141,017,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Elo Mutual Pension Insurance Co increased its holdings in shares of M&T Bank by 16.8% in the 4th quarter. Elo Mutual Pension Insurance Co now owns 17,252 shares of the financial services provider’s stock valued at $3,244,000 after acquiring an additional 2,487 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in M&T Bank by 6.2% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 263,641 shares of the financial services provider’s stock worth $50,498,000 after acquiring an additional 15,468 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp increased its holdings in shares of M&T Bank by 54.0% in the 4th quarter. Mitsubishi UFJ Trust & Banking Corp now owns 123,101 shares of the financial services provider’s stock valued at $23,144,000 after purchasing an additional 43,176 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. increased its holdings in M&T Bank by 2.4% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 6,176 shares of the financial services provider’s stock valued at $1,161,000 after buying an additional 142 shares in the last quarter. Finally, Zions Bancorporation N.A. raised its holdings in M&T Bank by 226.5% during the fourth quarter. Zions Bancorporation N.A. now owns 1,332 shares of the financial services provider’s stock worth $250,000 after purchasing an additional 924 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Analyst Ratings Changes

MTB has been the subject of a number of research reports. Citigroup cut their target price on shares of M&T Bank from $230.00 to $195.00 and set a “neutral” rating for the company in a research report on Monday. Keefe, Bruyette & Woods increased their target price on M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Morgan Stanley decreased their price target on shares of M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Compass Point lifted their price objective on M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Finally, Barclays lifted their target price on shares of M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $219.97.

M&T Bank Stock Down 1.4 %

NYSE:MTB opened at $179.64 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. The stock has a 50-day simple moving average of $189.87 and a 200 day simple moving average of $192.40. M&T Bank Co. has a one year low of $133.03 and a one year high of $225.70. The company has a market capitalization of $29.51 billion, a price-to-earnings ratio of 12.28, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period in the prior year, the company posted $2.74 EPS. Sell-side analysts predict that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be paid a $1.35 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 3.01%. M&T Bank’s payout ratio is currently 36.91%.

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

Insider Activity

In related news, EVP Christopher E. Kay sold 1,738 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the completion of the transaction, the executive vice president now owns 10,751 shares in the company, valued at $1,852,827.34. The trade was a 13.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.53% of the company’s stock.

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.