Truist Financial Corp Has $10.98 Million Holdings in M&T Bank Co. (NYSE:MTB)

Truist Financial Corp cut its holdings in M&T Bank Co. (NYSE:MTB) by 5.5% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 58,405 shares of the financial services provider’s stock after selling 3,381 shares during the period. Truist Financial Corp’s holdings in M&T Bank were worth $10,981,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of MTB. FMR LLC grew its stake in M&T Bank by 13.9% during the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock worth $2,199,675,000 after buying an additional 1,508,846 shares in the last quarter. State Street Corp grew its stake in M&T Bank by 6.4% during the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after buying an additional 527,854 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in M&T Bank by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock worth $897,216,000 after buying an additional 190,837 shares in the last quarter. Geode Capital Management LLC grew its stake in M&T Bank by 1.6% during the third quarter. Geode Capital Management LLC now owns 4,329,814 shares of the financial services provider’s stock worth $768,824,000 after buying an additional 66,337 shares in the last quarter. Finally, Senvest Management LLC grew its stake in M&T Bank by 12.3% during the third quarter. Senvest Management LLC now owns 882,841 shares of the financial services provider’s stock worth $157,252,000 after buying an additional 96,500 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Stock Performance

Shares of MTB stock opened at $197.63 on Friday. The company has a market cap of $32.79 billion, a price-to-earnings ratio of 13.51, a price-to-earnings-growth ratio of 1.41 and a beta of 0.79. M&T Bank Co. has a 52 week low of $133.03 and a 52 week high of $225.70. The company has a quick ratio of 0.99, a current ratio of 0.93 and a debt-to-equity ratio of 0.47. The firm has a 50 day moving average of $195.20 and a 200-day moving average of $189.64.

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

M&T Bank declared that its Board of Directors has authorized a stock 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 repurchase up to 12.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

M&T Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be given a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 2.73%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s payout ratio is currently 36.91%.

Insider Activity at M&T Bank

In related news, Vice Chairman Gary N. Geisel sold 2,490 shares of M&T Bank stock in a transaction 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 sale, the insider now owns 16,429 shares of the company’s stock, valued at approximately $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 M&T Bank stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total transaction of $468,210.75. Following the completion of the sale, the executive vice president now directly owns 5,141 shares of the company’s stock, valued at approximately $1,134,875.75. The trade was a 29.21 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on MTB shares. Citigroup downgraded shares of M&T Bank from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $220.00 to $230.00 in a research note on Monday, November 25th. Evercore ISI increased their price objective on shares of M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. Wells Fargo & Company increased their target price on shares of M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a report on Friday, November 15th. Finally, Barclays increased their target price on shares of M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price 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.