Sei Investments Co. Cuts Stake in M&T Bank Co. (NYSE:MTB)

Sei Investments Co. cut its position in M&T Bank Co. (NYSE:MTB) by 15.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 82,273 shares of the financial services provider’s stock after selling 14,568 shares during the period. Sei Investments Co.’s holdings in M&T Bank were worth $15,467,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MTB. American Century Companies Inc. lifted its position in M&T Bank by 0.9% in the 4th quarter. American Century Companies Inc. now owns 67,987 shares of the financial services provider’s stock valued at $12,782,000 after acquiring an additional 610 shares in the last quarter. Mizuho Securities USA LLC raised its stake in shares of M&T Bank by 45.2% in the fourth quarter. Mizuho Securities USA LLC now owns 15,726 shares of the financial services provider’s stock worth $2,957,000 after purchasing an additional 4,897 shares during the last quarter. Virtu Financial LLC bought a new position in shares of M&T Bank during the fourth quarter valued at $630,000. Northwest & Ethical Investments L.P. boosted its position in shares of M&T Bank by 10.3% during the fourth quarter. Northwest & Ethical Investments L.P. now owns 59,006 shares of the financial services provider’s stock valued at $11,093,000 after buying an additional 5,533 shares during the last quarter. Finally, Magnetar Financial LLC bought a new stake in M&T Bank in the 4th quarter worth about $2,363,000. Institutional investors own 84.68% of the company’s stock.

Analysts Set New Price Targets

MTB has been the topic of a number of recent analyst reports. Compass Point raised their price target on shares of M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. 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, March 24th. Evercore ISI decreased their target price on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. DA Davidson raised their price target on M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Finally, Morgan Stanley lowered their target price on M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. 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 company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $218.79.

Insiders Place Their Bets

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 transaction of $299,526.92. Following the sale, the executive vice president now directly 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 filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.53% of the company’s stock.

M&T Bank Stock Down 2.5 %

NYSE 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. M&T Bank Co. has a 12 month low of $133.03 and a 12 month high of $225.70. The stock’s 50 day moving average is $189.44 and its 200 day moving average is $192.44. The stock has a market cap of $28.78 billion, a PE ratio of 11.98, a P/E/G ratio of 1.38 and a beta of 0.74.

M&T Bank (NYSE:MTB) last posted its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating the consensus estimate 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 quarter in the previous year, the business earned $2.74 earnings per share. Research analysts predict that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date is Monday, March 3rd. M&T Bank’s payout ratio is presently 36.91%.

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

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.