Benjamin Edwards Inc. Sells 281 Shares of M&T Bank Co. (NYSE:MTB)

Benjamin Edwards Inc. reduced its stake in M&T Bank Co. (NYSE:MTB) by 4.7% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 5,745 shares of the financial services provider’s stock after selling 281 shares during the quarter. Benjamin Edwards Inc.’s holdings in M&T Bank were worth $1,081,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Barclays PLC lifted its position in shares of M&T Bank by 11.9% during the 3rd quarter. Barclays PLC now owns 578,266 shares of the financial services provider’s stock valued at $102,999,000 after buying an additional 61,375 shares in the last quarter. Franklin Resources Inc. lifted its holdings in M&T Bank by 45.5% during the third quarter. Franklin Resources Inc. now owns 21,481 shares of the financial services provider’s stock valued at $3,986,000 after purchasing an additional 6,717 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of M&T Bank by 1.4% in the third quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock worth $35,466,000 after purchasing an additional 2,797 shares during the period. Nordea Investment Management AB increased its stake in shares of M&T Bank by 7.1% in the fourth quarter. Nordea Investment Management AB now owns 14,036 shares of the financial services provider’s stock worth $2,643,000 after purchasing an additional 927 shares in the last quarter. Finally, Fulton Bank N.A. raised its position in shares of M&T Bank by 6.5% during the 4th quarter. Fulton Bank N.A. now owns 3,667 shares of the financial services provider’s stock valued at $689,000 after purchasing an additional 225 shares during the period. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Stock Performance

M&T Bank stock opened at $177.56 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. The firm has a market capitalization of $29.17 billion, a P/E ratio of 12.14, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58. M&T Bank Co. has a 1-year low of $139.78 and a 1-year high of $225.70. The company’s 50-day moving average is $170.25 and its 200 day moving average is $189.74.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the prior year, the business posted $3.09 earnings per share. Research analysts forecast that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 3rd were paid a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.04%. The ex-dividend date was Monday, March 3rd. M&T Bank’s dividend payout ratio is presently 36.17%.

M&T Bank declared that its board has approved a stock repurchase program on Wednesday, January 22nd that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 12.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s leadership believes its stock is undervalued.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on the company. Royal Bank of Canada cut their price target on M&T Bank from $208.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, April 15th. Truist Financial decreased their target price on M&T Bank from $225.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. Wells Fargo & Company dropped their price target on M&T Bank from $185.00 to $175.00 and set an “underweight” rating for the company in a research note on Tuesday, April 15th. Deutsche Bank Aktiengesellschaft upgraded shares of M&T Bank from a “hold” rating to a “buy” rating and set a $210.00 price objective on the stock in a research report on Thursday, April 24th. Finally, Robert W. Baird dropped their target price 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, April 15th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $208.24.

Insider Activity at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total transaction of $299,526.92. Following the transaction, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. This trade represents a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.53% of the stock is currently owned by company insiders.

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.