M&T Bank Co. (NYSE:MTB) Shares Sold by Royal Bank of Canada

Royal Bank of Canada decreased its holdings in shares of M&T Bank Co. (NYSE:MTB) by 8.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 379,755 shares of the financial services provider’s stock after selling 32,965 shares during the quarter. Royal Bank of Canada’s holdings in M&T Bank were worth $71,398,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Flagship Harbor Advisors LLC raised its stake in M&T Bank by 89.8% during the fourth quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider’s stock worth $515,000 after acquiring an additional 1,295 shares during the period. US Bancorp DE increased its stake in shares of M&T Bank by 24.3% in the fourth quarter. US Bancorp DE now owns 8,382 shares of the financial services provider’s stock valued at $1,576,000 after purchasing an additional 1,639 shares during the period. Summit Trail Advisors LLC acquired a new stake in shares of M&T Bank in the fourth quarter valued at approximately $290,000. Valeo Financial Advisors LLC acquired a new stake in shares of M&T Bank in the fourth quarter valued at approximately $297,000. Finally, Van ECK Associates Corp increased its stake in shares of M&T Bank by 1,262.9% in the fourth quarter. Van ECK Associates Corp now owns 22,175 shares of the financial services provider’s stock valued at $4,169,000 after purchasing an additional 20,548 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insider Buying and Selling

In related 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 completion of the sale, the executive vice president now directly owns 10,751 shares in the company, 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 filing with the SEC, which is available at the SEC website. 0.53% of the stock is currently owned by insiders.

M&T Bank Price Performance

NYSE MTB opened at $185.73 on Wednesday. M&T Bank Co. has a 12 month low of $139.78 and a 12 month high of $225.70. 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 $29.81 billion, a PE ratio of 12.70, a P/E/G ratio of 1.38 and a beta of 0.58. The company’s 50 day simple moving average is $171.84 and its 200 day simple moving average is $189.18.

M&T Bank (NYSE:MTB) last issued its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). The business 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 in the previous year, the business posted $3.09 earnings per share. As a group, equities research analysts forecast that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank declared that its board has authorized 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 repurchase up to 12.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Monday, June 2nd will be issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.91%. M&T Bank’s payout ratio is 36.17%.

Analysts Set New Price Targets

Several brokerages have commented on MTB. Deutsche Bank Aktiengesellschaft upgraded shares of M&T Bank from a “hold” rating to a “buy” rating and set a $210.00 price target on the stock in a research note on Thursday, April 24th. Royal Bank of Canada restated an “outperform” rating and issued a $200.00 price target on shares of M&T Bank in a research note on Monday. Robert W. Baird dropped their price target on shares of M&T Bank from $220.00 to $200.00 and set an “outperform” rating on the stock in a research note on Tuesday, April 15th. Truist Financial dropped their price target on shares of 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. Finally, StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, May 14th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, M&T Bank presently has an average rating of “Moderate Buy” and an average target price of $209.33.

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.