Code Waechter LLC Lowers Stock Position in M&T Bank Co. (NYSE:MTB)

Code Waechter LLC cut its stake in shares of M&T Bank Co. (NYSE:MTB) by 13.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,992 shares of the financial services provider’s stock after selling 466 shares during the quarter. Code Waechter LLC’s holdings in M&T Bank were worth $563,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Acadian Asset Management LLC bought a new stake in shares of M&T Bank during the 2nd quarter valued at $547,000. Choreo LLC bought a new stake in M&T Bank during the second quarter valued at about $460,000. American Century Companies Inc. raised its holdings in M&T Bank by 7.0% during the second quarter. American Century Companies Inc. now owns 61,818 shares of the financial services provider’s stock valued at $9,357,000 after acquiring an additional 4,067 shares during the period. Meeder Advisory Services Inc. lifted its position in shares of M&T Bank by 42.7% in the second quarter. Meeder Advisory Services Inc. now owns 2,682 shares of the financial services provider’s stock valued at $406,000 after acquiring an additional 803 shares in the last quarter. Finally, Parallel Advisors LLC grew its position in shares of M&T Bank by 8.4% during the second quarter. Parallel Advisors LLC now owns 4,293 shares of the financial services provider’s stock worth $650,000 after purchasing an additional 331 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Piper Sandler boosted their price target on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. Wedbush boosted their target price on shares of M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a report on Tuesday, September 24th. Citigroup cut shares of M&T Bank from a “buy” rating to a “neutral” rating and raised their target price for the company from $220.00 to $230.00 in a research note on Monday, November 25th. Bank of America boosted their price target on shares of 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, Royal Bank of Canada lifted their target price on M&T Bank from $190.00 to $208.00 and gave the stock an “outperform” rating in a report on Friday, October 18th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $216.86.

M&T Bank Price Performance

M&T Bank stock opened at $191.35 on Tuesday. The firm has a market capitalization of $31.75 billion, a PE ratio of 14.16, a price-to-earnings-growth ratio of 2.79 and a beta of 0.79. M&T Bank Co. has a 12-month low of $128.31 and a 12-month high of $225.70. The firm has a 50-day moving average price of $203.18 and a 200-day moving average price of $182.63. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.44.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.60 by $0.48. The business had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.30 billion. M&T Bank had a net margin of 17.82% and a return on equity of 9.52%. As a group, equities research analysts forecast that M&T Bank Co. will post 14.63 EPS for the current year.

M&T Bank Announces Dividend

The firm 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. The ex-dividend date of this dividend was Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.82%. M&T Bank’s payout ratio is 39.97%.

Insider Activity

In related news, EVP Tracy S. Woodrow sold 2,121 shares of M&T Bank stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total value of $468,210.75. Following the completion of the sale, the executive vice president now directly owns 5,141 shares in the company, valued at $1,134,875.75. The trade was a 29.21 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director John P. Barnes sold 20,000 shares of the stock in a transaction dated Tuesday, October 22nd. The stock was sold at an average price of $193.97, for a total transaction of $3,879,400.00. Following the transaction, the director now owns 49,960 shares in the company, valued at approximately $9,690,741.20. The trade was a 28.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 84,994 shares of company stock valued at $17,211,278. 0.82% of the stock is currently owned by company insiders.

About M&T Bank

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.