ING Groep NV Sells 918 Shares of M&T Bank Co. (NYSE:MTB)

ING Groep NV trimmed its stake in M&T Bank Co. (NYSE:MTB) by 10.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,499 shares of the financial services provider’s stock after selling 918 shares during the quarter. ING Groep NV’s holdings in M&T Bank were worth $1,410,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Sanctuary Advisors LLC lifted its holdings in M&T Bank by 0.3% during the fourth quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider’s stock valued at $3,195,000 after purchasing an additional 52 shares during the last quarter. Hedeker Wealth LLC raised its position in shares of M&T Bank by 1.6% in the third quarter. Hedeker Wealth LLC now owns 3,519 shares of the financial services provider’s stock valued at $627,000 after purchasing an additional 55 shares during the period. Catalina Capital Group LLC lifted its stake in shares of M&T Bank by 2.0% during the 4th quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider’s stock valued at $531,000 after buying an additional 56 shares in the last quarter. Frank Rimerman Advisors LLC lifted its stake in shares of M&T Bank by 1.0% during the 3rd quarter. Frank Rimerman Advisors LLC now owns 5,644 shares of the financial services provider’s stock valued at $1,005,000 after buying an additional 57 shares in the last quarter. Finally, Crestwood Advisors Group LLC boosted its holdings in M&T Bank by 1.9% in the 3rd quarter. Crestwood Advisors Group LLC now owns 3,103 shares of the financial services provider’s stock worth $553,000 after buying an additional 57 shares during the period. 84.68% of the stock is owned by institutional investors.

M&T Bank Trading Down 2.0 %

NYSE MTB opened at $193.48 on Monday. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The stock’s 50-day simple moving average is $195.09 and its two-hundred day simple moving average is $190.29. M&T Bank Co. has a twelve month low of $133.03 and a twelve month high of $225.70. The company has a market capitalization of $31.80 billion, a price-to-earnings ratio of 13.23, a PEG ratio of 1.38 and a beta of 0.79.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating analysts’ consensus estimates of $3.70 by $0.22. 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 $2.74 EPS. 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 of Directors has initiated a stock repurchase program 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 reacquire up to 12.3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 3rd will be issued a $1.35 dividend. The ex-dividend date is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.79%. M&T Bank’s payout ratio is 36.91%.

Insider Activity

In other news, Vice Chairman Gary N. Geisel sold 2,490 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total value of $537,566.10. Following the completion of the sale, the insider now owns 16,429 shares of the company’s stock, valued at approximately $3,546,856.81. The trade was a 13.16 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Tracy S. Woodrow sold 2,121 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total value of $468,210.75. Following the transaction, the executive vice president now owns 5,141 shares in the company, valued at approximately $1,134,875.75. The trade was a 29.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the company. Barclays increased their target price on M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. DA Davidson raised their target price on M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Piper Sandler upped their price target on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research report on Wednesday, November 27th. Finally, Truist Financial restated a “buy” rating and issued a $236.00 price objective (up from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $221.68.

About M&T Bank

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.