Bright Futures Wealth Management LLC. Has $2.12 Million Position in M&T Bank Co. (NYSE:MTB)

Bright Futures Wealth Management LLC. reduced its holdings in M&T Bank Co. (NYSE:MTB) by 17.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 10,573 shares of the financial services provider’s stock after selling 2,235 shares during the quarter. M&T Bank comprises 1.9% of Bright Futures Wealth Management LLC.’s portfolio, making the stock its 15th biggest holding. Bright Futures Wealth Management LLC.’s holdings in M&T Bank were worth $2,118,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Hennion & Walsh Asset Management Inc. grew its position in M&T Bank by 34.7% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider’s stock worth $1,473,000 after buying an additional 2,018 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in M&T Bank during the third quarter worth about $44,000. Flagship Harbor Advisors LLC grew its position in M&T Bank by 89.8% during the fourth quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider’s stock worth $515,000 after buying an additional 1,295 shares in the last quarter. Principal Financial Group Inc. grew its position in M&T Bank by 1.4% during the third quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock worth $35,466,000 after buying an additional 2,797 shares in the last quarter. Finally, Smead Capital Management Inc. grew its position in M&T Bank by 3.5% during the third quarter. Smead Capital Management Inc. now owns 493,817 shares of the financial services provider’s stock worth $87,959,000 after buying an additional 16,657 shares in the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

M&T Bank Stock Performance

NYSE:MTB opened at $197.06 on Friday. M&T Bank Co. has a 1 year low of $133.03 and a 1 year high of $225.70. The firm has a 50 day moving average of $196.15 and a 200-day moving average of $188.55. The company has a current ratio of 0.93, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The stock has a market capitalization of $32.70 billion, a P/E ratio of 13.47, a price-to-earnings-growth ratio of 1.42 and a beta of 0.79.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data 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 net margin of 19.24% and a return on equity of 10.12%. During the same period in the previous year, the firm posted $2.74 earnings per share. As a group, sell-side analysts anticipate that M&T Bank Co. will post 16.56 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 2nd were given a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 2.74%. The ex-dividend date was Monday, December 2nd. M&T Bank’s dividend payout ratio (DPR) is presently 36.91%.

M&T Bank declared that its board has authorized a share buyback 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 reacquire up to 12.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on MTB shares. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. Bank of America lifted their price objective on M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a report on Friday, October 18th. Wells Fargo & Company lifted their price objective on M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a report on Friday, November 15th. Keefe, Bruyette & Woods lifted their price objective on M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Finally, Citigroup downgraded M&T Bank from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $220.00 to $230.00 in a report on Monday, November 25th. One equities research 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. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $221.68.

Insider Buying and Selling

In related news, Vice Chairman Gary N. Geisel sold 2,490 shares of the business’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total value of $537,566.10. Following the completion of the transaction, the insider now owns 16,429 shares in the company, valued at $3,546,856.81. The trade was a 13.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director John P. Barnes sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $217.45, for a total transaction of $4,349,000.00. Following the completion of the transaction, the director now owns 35,480 shares of the company’s stock, valued at $7,715,126. This trade represents a 36.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,611 shares of company stock worth $5,354,777 in the last quarter. Insiders own 0.82% of the company’s stock.

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