Rhumbline Advisers Decreases Stock Position in M&T Bank Co. (NYSE:MTB)

Rhumbline Advisers reduced its holdings in shares of M&T Bank Co. (NYSE:MTB) by 1.8% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 299,299 shares of the financial services provider’s stock after selling 5,578 shares during the quarter. Rhumbline Advisers’ holdings in M&T Bank were worth $56,272,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in MTB. Plato Investment Management Ltd boosted its stake in shares of M&T Bank by 2,300.0% during the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock valued at $30,000 after buying an additional 161 shares during the last quarter. Ashton Thomas Securities LLC bought a new position in M&T Bank during the third quarter worth $32,000. Migdal Insurance & Financial Holdings Ltd. lifted its stake in M&T Bank by 329.2% during the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 158 shares during the last quarter. Y.D. More Investments Ltd lifted its stake in M&T Bank by 122.6% during the fourth quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 114 shares during the last quarter. Finally, Capital Performance Advisors LLP bought a new position in M&T Bank during the third quarter worth $44,000. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Price Performance

Shares of MTB opened at $198.75 on Monday. The firm has a market capitalization of $32.98 billion, a price-to-earnings ratio of 13.59, a price-to-earnings-growth ratio of 1.42 and a beta of 0.79. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.93. M&T Bank Co. has a one year low of $133.03 and a one year high of $225.70. The stock’s fifty day moving average is $195.59 and its 200-day moving average is $188.90.

M&T Bank (NYSE:MTB) last released its 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 return on equity of 10.12% and a net margin of 19.24%. During the same quarter last year, the company earned $2.74 EPS. Equities analysts anticipate that M&T Bank Co. will post 16.56 EPS for the current year.

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 shares. This repurchase authorization authorizes the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 2nd were issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date was Monday, December 2nd. M&T Bank’s payout ratio is currently 36.91%.

Insider Buying and Selling

In related news, Vice Chairman Gary N. Geisel sold 2,490 shares of the stock in a transaction on Tuesday, December 3rd. The stock was 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. This trade represents a 13.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Tracy S. Woodrow sold 2,121 shares of the stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total value of $468,210.75. Following the completion of the transaction, the executive vice president now owns 5,141 shares of the company’s stock, valued at $1,134,875.75. This trade represents a 29.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 24,611 shares of company stock valued at $5,354,777 over the last three months. Company insiders own 0.82% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on MTB shares. Citigroup cut M&T Bank from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $220.00 to $230.00 in a research note on Monday, November 25th. Keefe, Bruyette & Woods raised their price objective on M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Truist Financial restated a “buy” rating and set a $236.00 price objective (up from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. Wells Fargo & Company raised their price objective on M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a research note on Friday, November 15th. Finally, The Goldman Sachs Group raised their price objective on M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. One 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. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $221.68.

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