Berkshire Asset Management LLC PA Reduces Stake in M&T Bank Co. (NYSE:MTB)

Berkshire Asset Management LLC PA lowered its stake in M&T Bank Co. (NYSE:MTB) by 3.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 189,950 shares of the financial services provider’s stock after selling 6,409 shares during the period. M&T Bank makes up approximately 1.8% of Berkshire Asset Management LLC PA’s investment portfolio, making the stock its 22nd biggest position. Berkshire Asset Management LLC PA owned 0.11% of M&T Bank worth $37,791,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of MTB. US Bancorp DE boosted its position in shares of M&T Bank by 3.0% during the third quarter. US Bancorp DE now owns 6,743 shares of the financial services provider’s stock valued at $1,201,000 after buying an additional 195 shares during the period. Farther Finance Advisors LLC boosted its position in shares of M&T Bank by 23.7% during the third quarter. Farther Finance Advisors LLC now owns 2,653 shares of the financial services provider’s stock valued at $473,000 after buying an additional 509 shares during the period. Janney Montgomery Scott LLC boosted its position in shares of M&T Bank by 0.5% during the third quarter. Janney Montgomery Scott LLC now owns 77,438 shares of the financial services provider’s stock valued at $13,793,000 after buying an additional 359 shares during the period. National Pension Service raised its stake in shares of M&T Bank by 5.2% during the third quarter. National Pension Service now owns 268,138 shares of the financial services provider’s stock valued at $47,761,000 after acquiring an additional 13,302 shares in the last quarter. Finally, Asset Management One Co. Ltd. raised its stake in shares of M&T Bank by 1.9% during the third quarter. Asset Management One Co. Ltd. now owns 65,685 shares of the financial services provider’s stock valued at $11,700,000 after acquiring an additional 1,201 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on the stock. Keefe, Bruyette & Woods lifted their price target on shares of M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Citigroup downgraded shares of M&T Bank from a “buy” rating to a “neutral” rating and lifted their price target for the company from $220.00 to $230.00 in a research note on Monday, November 25th. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. Piper Sandler boosted their price objective on shares of M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 27th. 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 research note on Monday, January 6th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, M&T Bank currently has an average rating of “Hold” and an average price target of $221.68.

M&T Bank Price Performance

NYSE MTB opened at $177.04 on Friday. The firm’s fifty day simple moving average is $194.28 and its two-hundred day simple moving average is $191.47. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. M&T Bank Co. has a 12-month low of $133.03 and a 12-month high of $225.70. The firm has a market capitalization of $29.09 billion, a P/E ratio of 12.10, a P/E/G ratio of 1.38 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 for the quarter, beating analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same quarter last year, the firm earned $2.74 EPS. Analysts forecast that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 3rd will be issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is presently 36.91%.

M&T Bank announced that its Board of Directors has authorized a share repurchase plan on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

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.