Manning & Napier Advisors LLC Trims Stake in M&T Bank Co. (NYSE:MTB)

Manning & Napier Advisors LLC trimmed its position in M&T Bank Co. (NYSE:MTB) by 28.7% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 21,720 shares of the financial services provider’s stock after selling 8,729 shares during the quarter. Manning & Napier Advisors LLC’s holdings in M&T Bank were worth $4,084,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. FMR LLC lifted its stake in M&T Bank by 13.9% in the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock worth $2,199,675,000 after acquiring an additional 1,508,846 shares during the period. State Street Corp raised its holdings in shares of M&T Bank by 6.4% in 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 purchasing an additional 527,854 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in shares of M&T Bank by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock worth $897,216,000 after purchasing an additional 190,837 shares during the period. Geode Capital Management LLC boosted its stake in shares of M&T Bank by 1.6% during the third quarter. Geode Capital Management LLC now owns 4,329,814 shares of the financial services provider’s stock valued at $768,824,000 after purchasing an additional 66,337 shares in the last quarter. Finally, Senvest Management LLC increased its holdings in M&T Bank by 12.3% during the third quarter. Senvest Management LLC now owns 882,841 shares of the financial services provider’s stock valued at $157,252,000 after buying an additional 96,500 shares during the period. Institutional investors own 84.68% of the company’s stock.

Insider Activity

In other M&T Bank news, Vice Chairman Kevin J. Pearson sold 7,500 shares of the company’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $195.88, for a total value of $1,469,100.00. Following the sale, the insider now owns 40,502 shares in the company, valued at approximately $7,933,531.76. This represents a 15.62 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, 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 transaction of $4,349,000.00. Following the sale, the director now directly owns 35,480 shares in the company, valued at $7,715,126. The trade was a 36.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 38,487 shares of company stock valued at $8,182,809 in the last ninety days. Insiders own 0.82% of the company’s stock.

M&T Bank Price Performance

NYSE MTB opened at $200.51 on Thursday. The stock’s fifty day moving average price is $200.23 and its 200 day moving average price is $186.28. M&T Bank Co. has a 1 year low of $128.31 and a 1 year high of $225.70. 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 company has a market cap of $33.27 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 1.37 and a beta of 0.79.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping the consensus estimate 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 business earned $2.74 earnings per share. As a group, equities research analysts forecast that M&T Bank Co. will post 16.56 earnings per share for the current year.

M&T Bank announced that its board has approved a stock buyback plan on Wednesday, January 22nd that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s board believes its shares are undervalued.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd were paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.69%. The ex-dividend date of this dividend was Monday, December 2nd. M&T Bank’s payout ratio is 36.91%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on MTB. JPMorgan Chase & Co. restated a “neutral” rating and set a $223.50 target price (up previously from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. Royal Bank of Canada raised their price objective on M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a research report on Friday, October 18th. Citigroup lowered M&T Bank from a “buy” rating to a “neutral” rating and lifted their target price for the company from $220.00 to $230.00 in a research note on Monday, November 25th. Bank of America raised their price target on shares of M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a report on Friday, October 18th. Finally, Wolfe Research raised shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price objective on the stock in a research report on Friday, October 4th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $221.68.

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.