M&T Bank Co. (NYSE:MTB) Shares Sold by Granite Group Advisors LLC

Granite Group Advisors LLC lessened its stake in M&T Bank Co. (NYSE:MTB) by 4.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,788 shares of the financial services provider’s stock after selling 603 shares during the quarter. M&T Bank comprises about 1.4% of Granite Group Advisors LLC’s holdings, making the stock its 18th largest holding. Granite Group Advisors LLC’s holdings in M&T Bank were worth $2,216,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MTB. Sei Investments Co. increased its holdings in shares of M&T Bank by 32.1% in the second quarter. Sei Investments Co. now owns 68,822 shares of the financial services provider’s stock valued at $10,417,000 after purchasing an additional 16,730 shares during the last quarter. AQR Capital Management LLC increased its stake in M&T Bank by 72.3% during the second quarter. AQR Capital Management LLC now owns 128,152 shares of the financial services provider’s stock worth $19,178,000 after acquiring an additional 53,795 shares during the last quarter. APG Asset Management N.V. increased its stake in M&T Bank by 194.8% during the second quarter. APG Asset Management N.V. now owns 18,917 shares of the financial services provider’s stock worth $2,672,000 after acquiring an additional 12,500 shares during the last quarter. MBB Public Markets I LLC increased its stake in M&T Bank by 63.5% during the second quarter. MBB Public Markets I LLC now owns 11,129 shares of the financial services provider’s stock worth $1,684,000 after acquiring an additional 4,323 shares during the last quarter. Finally, Mackenzie Financial Corp increased its stake in M&T Bank by 1.1% during the second quarter. Mackenzie Financial Corp now owns 19,399 shares of the financial services provider’s stock worth $2,936,000 after acquiring an additional 203 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insider Transactions at M&T Bank

In related 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 transaction, the insider now owns 16,429 shares in the company, valued at $3,546,856.81. The trade was a 13.16 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Tracy S. Woodrow sold 2,121 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total value of $468,210.75. Following the completion of the transaction, the executive vice president now owns 5,141 shares in the company, valued at $1,134,875.75. This trade represents a 29.21 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 40,487 shares of company stock worth $8,578,809. Corporate insiders own 0.82% of the company’s stock.

Analysts Set New Price Targets

Several research firms have issued reports on MTB. Barclays raised their target price on M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a research note on Monday, January 6th. Evercore ISI raised their target price on M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. 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 note on Wednesday, December 4th. Bank of America raised their target price on M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Finally, Citigroup lowered M&T Bank from a “buy” rating to a “neutral” rating and raised their price target for the stock from $220.00 to $230.00 in a research report on Monday, November 25th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $221.68.

M&T Bank Stock Up 0.9 %

Shares of NYSE MTB opened at $198.81 on Monday. The company has a market capitalization of $32.99 billion, a price-to-earnings ratio of 13.59, a price-to-earnings-growth ratio of 1.37 and a beta of 0.79. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.93 and a quick ratio of 0.99. The business has a 50-day moving average of $200.79 and a two-hundred day moving average of $185.41. M&T Bank Co. has a 1 year low of $128.31 and a 1 year high of $225.70.

M&T Bank (NYSE:MTB) last posted its 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 return on equity of 10.12% and a net margin of 19.24%. During the same quarter in the previous year, the company earned $2.74 EPS. On average, analysts forecast 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 authorized a share buyback plan on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s management believes its shares are undervalued.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd were given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date was Monday, December 2nd. M&T Bank’s dividend payout ratio (DPR) is currently 36.91%.

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.