Wellington Management Group LLP Has $1.40 Billion Position in M&T Bank Co. (NYSE:MTB)

Wellington Management Group LLP trimmed its position in M&T Bank Co. (NYSE:MTB) by 25.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,433,750 shares of the financial services provider’s stock after selling 2,560,086 shares during the quarter. Wellington Management Group LLP owned 4.52% of M&T Bank worth $1,397,619,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Y.D. More Investments Ltd increased its stake in shares of 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 purchasing an additional 114 shares during the last quarter. Human Investing LLC acquired a new stake in M&T Bank in the fourth quarter valued at about $44,000. Sierra Ocean LLC bought a new position in M&T Bank in the fourth quarter valued at about $44,000. Loomis Sayles & Co. L P acquired a new position in M&T Bank during the fourth quarter worth about $52,000. Finally, Principal Securities Inc. lifted its holdings in shares of M&T Bank by 47.5% in the fourth quarter. Principal Securities Inc. now owns 410 shares of the financial services provider’s stock worth $77,000 after acquiring an additional 132 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the sale, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.53% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

MTB has been the subject of a number of research analyst reports. Wells Fargo & Company lowered their price objective on shares of M&T Bank from $205.00 to $185.00 and set an “underweight” rating for the company in a research report on Friday. Keefe, Bruyette & Woods increased their price target on 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. DA Davidson raised their price objective on M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a report on Friday, January 17th. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. Finally, Evercore ISI cut their price target on M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. One research 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, the stock presently has an average rating of “Hold” and a consensus target price of $218.79.

M&T Bank Price Performance

MTB stock opened at $175.21 on Monday. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The firm has a market cap of $28.78 billion, a price-to-earnings ratio of 11.98, a PEG ratio of 1.38 and a beta of 0.74. The company’s fifty day simple moving average is $189.44 and its 200 day simple moving average is $192.80. M&T Bank Co. has a 12-month low of $133.03 and a 12-month high of $225.70.

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, beating 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 prior year, the business posted $2.74 EPS. On average, analysts expect that M&T Bank Co. will post 16.57 earnings per share for the current year.

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

M&T Bank Dividend Announcement

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 given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 3.08%. The ex-dividend date is Monday, March 3rd. M&T Bank’s dividend payout ratio (DPR) 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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.