M&T Bank Co. (NYSE:MTB) Shares Sold by London Co. of Virginia

London Co. of Virginia trimmed its holdings in M&T Bank Co. (NYSE:MTB) by 0.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,186,782 shares of the financial services provider’s stock after selling 6,793 shares during the quarter. London Co. of Virginia owned approximately 0.72% of M&T Bank worth $223,127,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the business. Lighthouse Investment Partners LLC acquired a new position in shares of M&T Bank in the 4th quarter valued at $16,562,000. Investment Management Corp of Ontario increased its stake in M&T Bank by 32.7% in the 4th quarter. Investment Management Corp of Ontario now owns 7,397 shares of the financial services provider’s stock valued at $1,391,000 after buying an additional 1,821 shares during the period. Janus Henderson Group PLC increased its stake in M&T Bank by 32.6% in the 4th quarter. Janus Henderson Group PLC now owns 28,223 shares of the financial services provider’s stock valued at $5,308,000 after buying an additional 6,936 shares during the period. Gotham Asset Management LLC increased its stake in M&T Bank by 43.0% in the 4th quarter. Gotham Asset Management LLC now owns 3,403 shares of the financial services provider’s stock valued at $640,000 after buying an additional 1,023 shares during the period. Finally, Focus Partners Wealth increased its stake in M&T Bank by 379.9% in the 4th quarter. Focus Partners Wealth now owns 18,144 shares of the financial services provider’s stock valued at $3,412,000 after buying an additional 14,363 shares during the period. 84.68% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

MTB has been the topic of several recent research reports. Citigroup dropped 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. JPMorgan Chase & Co. dropped their price objective on shares of M&T Bank from $212.50 to $186.50 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. Wells Fargo & Company dropped their price objective on shares of M&T Bank from $185.00 to $175.00 and set an “underweight” rating on the stock in a research note on Tuesday, April 15th. Barclays dropped their price objective on shares of M&T Bank from $235.00 to $220.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 15th. Finally, Royal Bank of Canada dropped their price objective on shares of M&T Bank from $208.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 15th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $208.24.

M&T Bank Price Performance

M&T Bank stock opened at $177.11 on Monday. M&T Bank Co. has a 52 week low of $139.78 and a 52 week high of $225.70. 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’s 50-day simple moving average is $170.16 and its 200 day simple moving average is $189.56. The firm has a market capitalization of $29.10 billion, a PE ratio of 12.11, a P/E/G ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing the consensus estimate of $3.41 by ($0.03). M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. The business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter in the prior year, the firm earned $3.09 earnings per share. On average, equities research analysts predict that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 3rd were given a $1.35 dividend. The ex-dividend date was Monday, March 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.05%. M&T Bank’s dividend payout ratio is presently 36.17%.

M&T Bank declared that its board has initiated a share buyback plan on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 12.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the company’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the transaction, the executive vice president now directly owns 10,751 shares in the company, valued at approximately $1,852,827.34. This represents a 13.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.53% of the company’s stock.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.