Wilmington Savings Fund Society FSB Trims Stock Position in M&T Bank Co. (NYSE:MTB)

Wilmington Savings Fund Society FSB decreased its position in shares of M&T Bank Co. (NYSE:MTB) by 2.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 13,521 shares of the financial services provider’s stock after selling 380 shares during the quarter. Wilmington Savings Fund Society FSB’s holdings in M&T Bank were worth $2,542,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Hennion & Walsh Asset Management Inc. grew its stake in M&T Bank by 34.7% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider’s stock worth $1,473,000 after buying an additional 2,018 shares during the last quarter. Capital Performance Advisors LLP acquired a new stake in shares of M&T Bank in the third quarter valued at approximately $44,000. Flagship Harbor Advisors LLC boosted its holdings in shares of M&T Bank by 89.8% in the fourth quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider’s stock valued at $515,000 after acquiring an additional 1,295 shares during the period. Principal Financial Group Inc. increased its holdings in shares of M&T Bank by 1.4% in the 3rd quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock valued at $35,466,000 after acquiring an additional 2,797 shares during the period. Finally, Smead Capital Management Inc. increased its holdings in shares of M&T Bank by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 493,817 shares of the financial services provider’s stock valued at $87,959,000 after acquiring an additional 16,657 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Trading Down 0.7 %

M&T Bank stock opened at $200.59 on Friday. The stock has a 50-day moving average price of $197.10 and a 200 day moving average price of $187.93. M&T Bank Co. has a 52 week low of $129.36 and a 52 week high of $225.70. The stock has a market cap of $33.28 billion, a PE ratio of 13.71, a P/E/G ratio of 1.42 and a beta of 0.79. The company has a current ratio of 0.93, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last issued its quarterly 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 quarter in the prior year, the firm earned $2.74 earnings per share. Equities research analysts predict that M&T Bank Co. will post 16.56 earnings per share for the current fiscal year.

M&T Bank announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase 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.

M&T Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd were issued a $1.35 dividend. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $5.40 annualized dividend and a yield of 2.69%. M&T Bank’s dividend payout ratio (DPR) is presently 36.91%.

Insiders Place Their Bets

In related news, EVP Michael J. Todaro sold 4,786 shares of the firm’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $214.10, for a total value of $1,024,682.60. Following the sale, the executive vice president now directly owns 2,787 shares of the company’s stock, valued at approximately $596,696.70. This trade represents a 63.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John P. Barnes sold 20,000 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $217.45, for a total value of $4,349,000.00. Following the completion of the transaction, the director now directly owns 35,480 shares in the company, valued at $7,715,126. This trade represents a 36.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 29,397 shares of company stock valued at $6,379,459 in the last quarter. 0.82% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Keefe, Bruyette & Woods raised their price objective on shares of M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Truist Financial reissued a “buy” rating and issued a $236.00 price objective (up from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. Compass Point lifted their target price on shares of M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Bank of America increased their price objective on M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Finally, The Goldman Sachs Group boosted their price target on M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $221.68.

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