Manning & Napier Advisors LLC Reduces Holdings in M&T Bank Corporation $MTB

Manning & Napier Advisors LLC decreased its position in shares of M&T Bank Corporation (NYSE:MTB) by 96.9% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 449 shares of the financial services provider’s stock after selling 13,854 shares during the period. Manning & Napier Advisors LLC’s holdings in M&T Bank were worth $90,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MTB. Canoe Financial LP increased its stake in M&T Bank by 50.5% during the 4th quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider’s stock worth $131,515,000 after buying an additional 219,065 shares during the period. Miller Howard Investments Inc. NY purchased a new stake in M&T Bank during the 4th quarter worth $42,817,000. Danske Bank A S purchased a new stake in M&T Bank during the 3rd quarter worth $29,612,000. Russell Investments Group Ltd. increased its stake in M&T Bank by 94.9% during the 3rd quarter. Russell Investments Group Ltd. now owns 292,839 shares of the financial services provider’s stock worth $57,879,000 after buying an additional 142,593 shares during the period. Finally, Munich Reinsurance Co Stock Corp in Munich increased its stake in M&T Bank by 37.1% during the 4th quarter. Munich Reinsurance Co Stock Corp in Munich now owns 351,076 shares of the financial services provider’s stock worth $71,462,000 after buying an additional 95,025 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insider Activity at M&T Bank

In other news, EVP Michael A. Wisler sold 8,237 shares of M&T Bank stock in a transaction dated Thursday, February 26th. The shares were sold at an average price of $223.48, for a total value of $1,840,804.76. Following the completion of the transaction, the executive vice president directly owned 4,643 shares of the company’s stock, valued at approximately $1,037,617.64. The trade was a 63.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.44% of the company’s stock.

M&T Bank Price Performance

MTB opened at $212.22 on Monday. The company has a 50-day moving average of $211.82 and a 200-day moving average of $206.88. The company has a market capitalization of $31.08 billion, a P/E ratio of 11.88, a PEG ratio of 1.08 and a beta of 0.59. M&T Bank Corporation has a 1-year low of $174.76 and a 1-year high of $239.00. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.94 and a current ratio of 0.94.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.18 EPS for the quarter, beating the consensus estimate of $4.02 by $0.16. M&T Bank had a net margin of 22.07% and a return on equity of 11.35%. The business had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same period in the previous year, the business posted $3.32 EPS. Equities analysts expect that M&T Bank Corporation will post 18.69 EPS for the current fiscal year.

M&T Bank declared that its board has approved a stock buyback plan on Tuesday, March 31st that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to repurchase up to 16.7% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 1st will be issued a $1.50 dividend. The ex-dividend date of this dividend is Monday, June 1st. This represents a $6.00 annualized dividend and a dividend yield of 2.8%. M&T Bank’s payout ratio is 33.59%.

Analyst Upgrades and Downgrades

MTB has been the topic of several analyst reports. Argus lifted their price target on shares of M&T Bank from $230.00 to $245.00 and gave the stock a “buy” rating in a research note on Friday, April 17th. Jefferies Financial Group boosted their target price on shares of M&T Bank from $255.00 to $265.00 and gave the stock a “buy” rating in a research report on Thursday, April 16th. DA Davidson boosted their target price on shares of M&T Bank from $233.00 to $235.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. Morgan Stanley dropped their target price on shares of M&T Bank from $271.00 to $245.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 31st. Finally, JPMorgan Chase & Co. dropped their target price on shares of M&T Bank from $231.50 to $227.00 and set a “neutral” rating for the company in a research report on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $235.32.

M&T Bank Company Profile

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.