M&T Bank Co. (NYSE:MTB) Shares Sold by SlateStone Wealth LLC

SlateStone Wealth LLC trimmed its position in shares of M&T Bank Co. (NYSE:MTB) by 6.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 13,623 shares of the financial services provider’s stock after selling 878 shares during the period. SlateStone Wealth LLC’s holdings in M&T Bank were worth $2,561,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. GWN Securities Inc. acquired a new position in M&T Bank during the fourth quarter worth $773,000. Glenview Trust co increased its position in shares of M&T Bank by 7.1% during the fourth quarter. Glenview Trust co now owns 4,336 shares of the financial services provider’s stock worth $815,000 after acquiring an additional 286 shares during the period. Catalyst Funds Management Pty Ltd purchased a new stake in shares of M&T Bank during the fourth quarter worth $207,000. Picton Mahoney Asset Management increased its position in shares of M&T Bank by 156.4% during the fourth quarter. Picton Mahoney Asset Management now owns 64,528 shares of the financial services provider’s stock worth $12,132,000 after acquiring an additional 39,359 shares during the period. Finally, Wellington Shields & Co. LLC increased its position in shares of M&T Bank by 5.2% during the fourth quarter. Wellington Shields & Co. LLC now owns 1,966 shares of the financial services provider’s stock worth $370,000 after acquiring an additional 98 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Price Performance

MTB stock opened at $175.69 on Friday. The firm has a 50 day moving average of $192.44 and a 200-day moving average of $192.00. M&T Bank Co. has a 12-month low of $133.03 and a 12-month high of $225.70. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The company has a market cap of $28.86 billion, a price-to-earnings ratio of 12.01, a PEG ratio of 1.38 and a beta of 0.74.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, beating 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 business posted $2.74 earnings per share. As a group, equities analysts expect 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 authorized a share buyback program on Wednesday, January 22nd that allows the company to buyback $4.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

M&T Bank Announces Dividend

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

Insider Transactions at M&T Bank

In other 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 transaction, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at $1,852,827.34. This trade represents a 13.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 0.53% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on MTB shares. Citigroup lowered M&T Bank from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $220.00 to $230.00 in a research report on Monday, November 25th. Evercore ISI cut their price objective on M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a research report on Thursday. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $223.50 target price (up previously from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. Finally, Keefe, Bruyette & Woods increased their target price on M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, M&T Bank currently has an average rating of “Hold” and a consensus price target of $222.03.

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.