Callodine Capital Management LP Has $7.76 Million Holdings in M&T Bank Co. (NYSE:MTB)

Callodine Capital Management LP decreased its position in M&T Bank Co. (NYSE:MTB) by 48.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 41,271 shares of the financial services provider’s stock after selling 38,729 shares during the quarter. M&T Bank comprises approximately 1.6% of Callodine Capital Management LP’s investment portfolio, making the stock its 23rd biggest position. Callodine Capital Management LP’s holdings in M&T Bank were worth $7,759,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the company. Y.D. More Investments Ltd grew its holdings in M&T Bank by 122.6% in the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock valued at $39,000 after buying an additional 114 shares in the last quarter. Human Investing LLC acquired a new position in shares of M&T Bank in the fourth quarter valued at about $44,000. Sierra Ocean LLC bought a new position in M&T Bank during the fourth quarter worth about $44,000. Loomis Sayles & Co. L P acquired a new stake in M&T Bank in the 4th quarter worth about $52,000. Finally, Principal Securities Inc. boosted its holdings in M&T Bank by 47.5% in the 4th quarter. Principal Securities Inc. now owns 410 shares of the financial services provider’s stock valued at $77,000 after purchasing an additional 132 shares during the period. Institutional investors own 84.68% of the company’s stock.

M&T Bank Trading Up 0.8 %

Shares of MTB stock opened at $160.09 on Friday. M&T Bank Co. has a twelve month low of $138.38 and a twelve month high of $225.70. The stock’s fifty day simple moving average is $178.03 and its 200 day simple moving average is $191.19. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $26.30 billion, a P/E ratio of 10.94, a P/E/G ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB) last released its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing the consensus estimate of $3.41 by ($0.03). The firm had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.35 billion. 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 firm posted $3.09 earnings per share. As a group, sell-side analysts predict that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 3.37%. The ex-dividend date was Monday, March 3rd. M&T Bank’s payout ratio is currently 36.17%.

M&T Bank announced that its Board of Directors has authorized a stock repurchase 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 shares through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. Robert W. Baird dropped their price target on shares of M&T Bank from $220.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday. JPMorgan Chase & Co. dropped their price objective on M&T Bank from $212.50 to $186.50 and set a “neutral” rating for the company in a report on Thursday, April 3rd. Royal Bank of Canada reduced their target price on M&T Bank from $208.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday. Barclays dropped their price target on M&T Bank from $235.00 to $220.00 and set an “equal weight” rating for the company in a research note on Tuesday. Finally, Citigroup reduced their price objective on shares of M&T Bank from $230.00 to $195.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, M&T Bank currently has a consensus rating of “Hold” and an average target price of $208.14.

Insider Transactions at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of the firm’s stock in a transaction 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 completion of the transaction, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at $1,852,827.34. This trade represents a 13.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.53% of the stock is owned by company insiders.

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.