Absher Wealth Management LLC Has $37.20 Million Holdings in M&T Bank Co. (NYSE:MTB)

Absher Wealth Management LLC cut its position in M&T Bank Co. (NYSE:MTB) by 17.6% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 197,868 shares of the financial services provider’s stock after selling 42,274 shares during the period. M&T Bank comprises about 4.9% of Absher Wealth Management LLC’s portfolio, making the stock its 2nd largest position. Absher Wealth Management LLC owned approximately 0.12% of M&T Bank worth $37,201,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Deltec Asset Management LLC grew its holdings in M&T Bank by 33.3% during the fourth quarter. Deltec Asset Management LLC now owns 2,000 shares of the financial services provider’s stock worth $376,000 after purchasing an additional 500 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its position in shares of M&T Bank by 21.2% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 135,451 shares of the financial services provider’s stock worth $25,631,000 after purchasing an additional 23,679 shares in the last quarter. Y.D. More Investments Ltd raised its holdings in M&T Bank by 122.6% in the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 114 shares in the last quarter. Hager Investment Management Services LLC bought a new stake in shares of M&T Bank during the 4th quarter worth approximately $174,000. Finally, Mather Group LLC. boosted its holdings in shares of M&T Bank by 7.8% in the 4th quarter. Mather Group LLC. now owns 2,802 shares of the financial services provider’s stock valued at $527,000 after purchasing an additional 203 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director John P. Barnes sold 20,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $217.45, for a total value of $4,349,000.00. Following the transaction, the director now directly owns 35,480 shares of the company’s stock, valued at approximately $7,715,126. This trade represents a 36.05 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the firm’s stock in a transaction dated Tuesday, December 3rd. The shares were 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 directly owns 16,429 shares in the company, valued at approximately $3,546,856.81. This represents a 13.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,397 shares of company stock valued at $6,379,459 in the last three months. 0.82% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. The Goldman Sachs Group lifted their price target on shares of M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Piper Sandler raised their price target on shares of M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research report on Wednesday, November 27th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $223.50 price objective (up previously from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Truist Financial restated a “buy” rating and set a $236.00 price target (up from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. Finally, Barclays boosted their price objective on shares of M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, M&T Bank currently has a consensus rating of “Hold” and a consensus price target of $221.68.

M&T Bank Trading Up 0.4 %

NYSE:MTB opened at $198.67 on Thursday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.93. The stock has a market capitalization of $32.96 billion, a price-to-earnings ratio of 13.58, a PEG ratio of 1.41 and a beta of 0.79. M&T Bank Co. has a 1 year low of $128.31 and a 1 year high of $225.70. The stock has a fifty day moving average price of $198.31 and a two-hundred day moving average price of $187.54.

M&T Bank (NYSE:MTB) last released its quarterly earnings data 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 prior year, the business posted $2.74 earnings per share. As a group, sell-side analysts anticipate 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 approved a stock buyback plan 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 buy up to 12.3% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

M&T Bank Dividend Announcement

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

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.