Handelsbanken Fonder AB lowered its stake in M&T Bank Corporation (NYSE:MTB – Free Report) by 8.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,394 shares of the financial services provider’s stock after selling 2,651 shares during the period. Handelsbanken Fonder AB’s holdings in M&T Bank were worth $5,721,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Canoe Financial LP raised its holdings in shares of M&T Bank by 50.5% during the fourth quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider’s stock worth $131,515,000 after purchasing an additional 219,065 shares during the last quarter. RNC Capital Management LLC raised its holdings in shares of M&T Bank by 1.0% during the fourth quarter. RNC Capital Management LLC now owns 365,052 shares of the financial services provider’s stock worth $73,551,000 after purchasing an additional 3,618 shares during the last quarter. Munich Reinsurance Co Stock Corp in Munich raised its holdings in shares of M&T Bank by 37.1% during the fourth 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 purchasing an additional 95,025 shares during the last quarter. LSV Asset Management raised its holdings in shares of M&T Bank by 19.9% during the third quarter. LSV Asset Management now owns 342,400 shares of the financial services provider’s stock worth $67,665,000 after purchasing an additional 56,750 shares during the last quarter. Finally, Cooke & Bieler LP raised its holdings in shares of M&T Bank by 1.4% during the third quarter. Cooke & Bieler LP now owns 323,410 shares of the financial services provider’s stock worth $63,912,000 after purchasing an additional 4,480 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.
Insider Buying and Selling at M&T Bank
In related news, EVP Christopher E. Kay sold 3,105 shares of the firm’s stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $216.50, for a total transaction of $672,232.50. Following the sale, the executive vice president owned 6,753 shares in the company, valued at approximately $1,462,024.50. This trade represents a 31.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Michael A. Wisler sold 8,237 shares of the firm’s stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $223.48, for a total transaction of $1,840,804.76. Following the sale, the executive vice president owned 4,643 shares in the company, valued at approximately $1,037,617.64. This represents a 63.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.44% of the stock is currently owned by company insiders.
M&T Bank Stock Up 0.5%
M&T Bank (NYSE:MTB – Get Free Report) last released 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. The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.43 billion. M&T Bank had a net margin of 22.07% and a return on equity of 11.35%. During the same quarter last year, the business earned $3.32 earnings per share. On average, research analysts forecast that M&T Bank Corporation will post 18.69 EPS for the current year.
M&T Bank announced that its board has approved a share repurchase program on Tuesday, March 31st that authorizes the company to buyback $5.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 16.7% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.
M&T Bank Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 1st will be given a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.8%. The ex-dividend date is Monday, June 1st. M&T Bank’s dividend payout ratio (DPR) is currently 33.59%.
Wall Street Analysts Forecast Growth
Several brokerages recently issued reports on MTB. Jefferies Financial Group raised their target price on shares of M&T Bank from $255.00 to $265.00 and gave the stock a “buy” rating in a report on Thursday, April 16th. Argus raised their target price on shares of M&T Bank from $230.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, April 17th. UBS Group set a $235.00 target price on shares of M&T Bank in a report on Thursday, April 16th. Cantor Fitzgerald reduced their target price on shares of M&T Bank from $255.00 to $253.00 and set an “overweight” rating for the company in a report on Friday, April 17th. Finally, Piper Sandler raised their target price on shares of M&T Bank from $235.00 to $240.00 and gave the stock an “overweight” rating in a report on Thursday, April 16th. Eight research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $235.32.
Read Our Latest Research Report on M&T Bank
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.
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