Vestcor Inc Sells 659 Shares of M&T Bank Co. (NYSE:MTB)

Vestcor Inc trimmed its position in M&T Bank Co. (NYSE:MTB) by 19.4% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 2,739 shares of the financial services provider’s stock after selling 659 shares during the period. Vestcor Inc’s holdings in M&T Bank were worth $515,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Essential Planning LLC. bought a new position in shares of M&T Bank during the 4th quarter valued at approximately $9,459,000. HighTower Advisors LLC lifted its stake in shares of M&T Bank by 1.9% during the 4th quarter. HighTower Advisors LLC now owns 53,479 shares of the financial services provider’s stock valued at $10,055,000 after buying an additional 972 shares in the last quarter. Moors & Cabot Inc. lifted its stake in shares of M&T Bank by 1.6% during the 4th quarter. Moors & Cabot Inc. now owns 7,551 shares of the financial services provider’s stock valued at $1,420,000 after buying an additional 122 shares in the last quarter. AGF Management Ltd. lifted its stake in M&T Bank by 34.0% in the 4th quarter. AGF Management Ltd. now owns 168,789 shares of the financial services provider’s stock worth $31,734,000 after purchasing an additional 42,781 shares in the last quarter. Finally, Citizens Financial Group Inc. RI lifted its stake in M&T Bank by 13.5% in the 4th quarter. Citizens Financial Group Inc. RI now owns 2,149 shares of the financial services provider’s stock worth $404,000 after purchasing an additional 255 shares in the last quarter. 84.68% of the stock is owned by institutional investors.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the business’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 owns 10,751 shares in the company, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on MTB. The Goldman Sachs Group increased their target price on shares of M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Evercore ISI lowered their target price on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a research note on Thursday. Truist Financial reiterated a “buy” rating and issued a $236.00 target price (up from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. Citigroup cut shares of M&T Bank from a “buy” rating to a “neutral” rating and increased their target price for the stock from $220.00 to $230.00 in a research note on Monday, November 25th. Finally, Barclays increased their target price on shares of M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a research note on Monday, January 6th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $222.03.

M&T Bank Price Performance

Shares of NYSE:MTB opened at $175.69 on Monday. The stock has a market cap of $28.86 billion, a PE ratio of 12.01, a PEG ratio of 1.38 and a beta of 0.74. The company’s fifty day moving average is $192.44 and its 200 day moving average is $192.15. M&T Bank Co. has a 52 week low of $133.03 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.

M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, topping analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period in the previous year, the firm posted $2.74 EPS. Research analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank declared that its board has initiated a share repurchase 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 buy up to 12.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.07%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s payout ratio is 36.91%.

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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.