M&T Bank Co. (NYSE:MTB) Shares Sold by Smith Moore & CO.

Smith Moore & CO. cut its stake in M&T Bank Co. (NYSE:MTB) by 6.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,350 shares of the financial services provider’s stock after selling 94 shares during the quarter. Smith Moore & CO.’s holdings in M&T Bank were worth $254,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of 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 valued at $1,562,725,000 after buying an additional 527,854 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of 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 valued at $994,522,000 after purchasing an additional 252,583 shares during the period. Geode Capital Management LLC lifted its position in shares of M&T Bank by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider’s stock worth $819,768,000 after purchasing an additional 40,948 shares in the last quarter. Norges Bank purchased a new position in shares of M&T Bank in the fourth quarter valued at $317,690,000. Finally, Amundi grew its holdings in M&T Bank by 43.5% during the 4th quarter. Amundi now owns 807,339 shares of the financial services provider’s stock valued at $154,315,000 after purchasing an additional 244,709 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Stock Down 3.8 %

NYSE:MTB opened at $157.13 on Friday. The firm has a market capitalization of $25.82 billion, a PE ratio of 10.74, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58. M&T Bank Co. has a 52 week low of $133.03 and a 52 week high of $225.70. 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 stock has a 50 day moving average of $186.82 and a 200-day moving average of $192.67.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 EPS 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 quarter in the prior year, the company posted $2.74 earnings per share. Analysts predict that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, January 22nd that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 3.44%. The ex-dividend date was Monday, March 3rd. M&T Bank’s payout ratio is 36.91%.

Insiders Place Their Bets

In other news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank 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 sale, the executive vice president now 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 filing with the SEC, which is accessible through the SEC website. 0.53% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on MTB shares. Truist Financial decreased their price objective on shares of M&T Bank from $236.00 to $225.00 and set a “buy” rating for the company in a research report on Friday. Compass Point increased their price target on M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Evercore ISI dropped their price objective on M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. DA Davidson upped their target price on M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Finally, StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, M&T Bank has an average rating of “Hold” and an average target price of $215.97.

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.