ING Groep NV Decreases Stock Position in M&T Bank Co. (NYSE:MTB)

ING Groep NV trimmed its holdings in shares of M&T Bank Co. (NYSE:MTB) by 10.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,499 shares of the financial services provider’s stock after selling 918 shares during the period. ING Groep NV’s holdings in M&T Bank were worth $1,410,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. FMR LLC boosted its position in shares of M&T Bank by 13.9% during the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after buying an additional 1,508,846 shares during the last quarter. State Street Corp lifted its stake in M&T Bank by 6.4% during the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $1,562,725,000 after acquiring an additional 527,854 shares during the period. Zurich Insurance Group Ltd FI purchased a new stake in shares of M&T Bank during the 3rd quarter valued at about $44,422,000. Charles Schwab Investment Management Inc. boosted its holdings in shares of M&T Bank by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock valued at $897,216,000 after acquiring an additional 190,837 shares during the last quarter. Finally, Sapient Capital LLC raised its holdings in shares of M&T Bank by 9,754.9% during the fourth quarter. Sapient Capital LLC now owns 184,287 shares of the financial services provider’s stock valued at $34,648,000 after purchasing an additional 182,417 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.

Analysts Set New Price Targets

MTB has been the topic of several research reports. Wells Fargo & Company raised their target price on shares of M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a report on Friday, November 15th. DA Davidson lifted their price objective on M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Truist Financial reissued a “buy” rating and issued a $236.00 target price (up previously from $233.00) on shares of M&T Bank in a report on Friday, January 17th. Barclays boosted their price target on M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. Finally, Compass Point increased their price objective on shares of M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. 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 stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $221.68.

Insiders Place Their Bets

In related news, EVP Tracy S. Woodrow sold 2,121 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total transaction of $468,210.75. Following the transaction, the executive vice president now directly owns 5,141 shares in the company, valued at approximately $1,134,875.75. This represents a 29.21 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total value of $537,566.10. Following the transaction, 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 position. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company’s stock.

M&T Bank Trading Down 2.0 %

Shares of M&T Bank stock opened at $193.48 on Monday. M&T Bank Co. has a fifty-two week low of $133.03 and a fifty-two week high of $225.70. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. The company has a market capitalization of $31.80 billion, a P/E ratio of 13.23, a P/E/G ratio of 1.38 and a beta of 0.79. The company has a fifty day moving average of $195.09 and a 200 day moving average of $190.29.

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, 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 period in the previous year, the firm posted $2.74 EPS. On average, sell-side analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently disclosed 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 is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.79%. M&T Bank’s payout ratio is 36.91%.

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