AlphaQuest LLC Sells 215 Shares of M&T Bank Co. (NYSE:MTB)

AlphaQuest LLC cut its holdings in M&T Bank Co. (NYSE:MTB) by 7.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,771 shares of the financial services provider’s stock after selling 215 shares during the period. AlphaQuest LLC’s holdings in M&T Bank were worth $521,000 at the end of the most recent reporting period.

Other large investors have also recently bought and sold shares of the company. Hennion & Walsh Asset Management Inc. boosted its holdings in M&T Bank by 34.7% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider’s stock worth $1,473,000 after purchasing an additional 2,018 shares in the last quarter. Flagship Harbor Advisors LLC lifted its position in M&T Bank by 89.8% during the 4th quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider’s stock worth $515,000 after acquiring an additional 1,295 shares during the last quarter. Summit Trail Advisors LLC acquired a new position in M&T Bank during the 4th quarter worth $290,000. US Bancorp DE lifted its position in M&T Bank by 24.3% during the 4th quarter. US Bancorp DE now owns 8,382 shares of the financial services provider’s stock worth $1,576,000 after acquiring an additional 1,639 shares during the last quarter. Finally, Smead Capital Management Inc. lifted its position in M&T Bank by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 493,817 shares of the financial services provider’s stock worth $87,959,000 after acquiring an additional 16,657 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

M&T Bank Price Performance

Shares of M&T Bank stock opened at $172.18 on Thursday. 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 stock has a market capitalization of $28.29 billion, a price-to-earnings ratio of 11.77, a P/E/G ratio of 1.38 and a beta of 0.74. M&T Bank Co. has a 1-year low of $133.03 and a 1-year high of $225.70. The firm’s 50-day moving average price is $193.13 and its two-hundred day moving average price is $191.92.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, topping the consensus estimate 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 previous year, the business earned $2.74 EPS. On average, equities analysts predict that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank announced that its board has approved a stock buyback plan 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 repurchase up to 12.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

M&T Bank Dividend Announcement

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 paid a dividend of $1.35 per share. The ex-dividend date is Monday, March 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.14%. M&T Bank’s dividend payout ratio (DPR) is currently 36.91%.

Analyst Ratings Changes

A number of research analysts have weighed in on MTB shares. Piper Sandler boosted their target price on shares of M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 27th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $223.50 target price (up previously from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. Compass Point boosted their target price on shares of M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Keefe, Bruyette & Woods boosted their target price 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. Finally, The Goldman Sachs Group upped their price objective on shares of M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus 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.