Strategic Financial Services Inc. Sells 300 Shares of M&T Bank Co. (NYSE:MTB)

Strategic Financial Services Inc. lessened its holdings in shares of M&T Bank Co. (NYSE:MTB) by 2.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,601 shares of the financial services provider’s stock after selling 300 shares during the period. Strategic Financial Services Inc.’s holdings in M&T Bank were worth $2,745,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of MTB. FMR LLC increased its position in shares of M&T Bank by 13.9% during the 3rd quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after purchasing an additional 1,508,846 shares during the last quarter. State Street Corp boosted its stake in M&T Bank by 6.4% in the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after purchasing an additional 527,854 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in M&T Bank by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider’s stock worth $994,522,000 after purchasing an additional 252,583 shares during the period. Geode Capital Management LLC boosted its stake in M&T Bank by 1.6% in the 3rd quarter. Geode Capital Management LLC now owns 4,329,814 shares of the financial services provider’s stock worth $768,824,000 after purchasing an additional 66,337 shares during the period. Finally, Senvest Management LLC boosted its position in shares of M&T Bank by 12.3% during the 3rd quarter. Senvest Management LLC now owns 882,841 shares of the financial services provider’s stock valued at $157,252,000 after acquiring an additional 96,500 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on MTB shares. Truist Financial restated a “buy” rating and set a $236.00 price target (up previously from $233.00) on shares of M&T Bank in a report on Friday, January 17th. Citigroup downgraded M&T Bank from a “buy” rating to a “neutral” rating and increased their price target for the stock from $220.00 to $230.00 in a research report on Monday, November 25th. Morgan Stanley dropped their price target on M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $223.50 price objective (up previously from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. Finally, Compass Point raised their price objective on M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. 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. According to MarketBeat.com, M&T Bank currently has an average rating of “Hold” and an average price target of $222.03.

Insider Transactions at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the sale, the executive vice president now owns 10,751 shares of the company’s stock, valued at $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.53% of the company’s stock.

M&T Bank Trading Up 1.3 %

Shares of MTB stock opened at $177.10 on Thursday. The business’s 50 day moving average is $191.47 and its two-hundred day moving average is $192.10. 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 $29.10 billion, a P/E ratio of 12.11, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, beating the consensus estimate 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 period in the previous year, the company posted $2.74 earnings per share. Equities analysts forecast that M&T Bank Co. will post 16.57 EPS for the current year.

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 issued a $1.35 dividend. 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 3.05%. M&T Bank’s dividend payout ratio (DPR) is 36.91%.

M&T Bank declared that its Board of Directors has approved a share buyback program on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

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.