Grantham Mayo Van Otterloo & Co. LLC Has $13.77 Million Stock Position in M&T Bank Co. (NYSE:MTB)

Grantham Mayo Van Otterloo & Co. LLC cut its stake in shares of M&T Bank Co. (NYSE:MTB) by 7.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 73,226 shares of the financial services provider’s stock after selling 5,560 shares during the period. Grantham Mayo Van Otterloo & Co. LLC’s holdings in M&T Bank were worth $13,767,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the company. Aviva PLC grew its holdings in M&T Bank by 43.5% in the 4th quarter. Aviva PLC now owns 45,388 shares of the financial services provider’s stock valued at $8,533,000 after buying an additional 13,768 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of M&T Bank in the fourth quarter valued at about $1,021,000. Resona Asset Management Co. Ltd. acquired a new position in shares of M&T Bank in the fourth quarter valued at about $9,051,000. Integrated Quantitative Investments LLC acquired a new position in shares of M&T Bank in the fourth quarter valued at about $389,000. Finally, Prudential PLC increased its position in M&T Bank by 444.3% during the fourth quarter. Prudential PLC now owns 10,281 shares of the financial services provider’s stock worth $1,933,000 after acquiring an additional 8,392 shares during the period. Institutional investors own 84.68% of the company’s stock.

Insider Activity at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of the firm’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total transaction of $299,526.92. Following the completion of the transaction, the executive vice president now owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. This trade represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.53% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MTB. Wells Fargo & Company cut 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 report on Friday, March 28th. Citigroup reduced their price target on M&T Bank from $230.00 to $195.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. Morgan Stanley dropped their price objective on M&T Bank from $269.00 to $253.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. Finally, Evercore ISI dropped their price target on M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, M&T Bank currently has a consensus rating of “Hold” and an average price target of $215.97.

M&T Bank Stock Performance

Shares of M&T Bank stock opened at $157.13 on Monday. The company’s 50 day moving average price is $186.82 and its two-hundred day moving average price is $192.80. The firm has a market capitalization of $25.82 billion, a P/E ratio of 10.74, a P/E/G ratio of 1.38 and a beta of 0.58. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. M&T Bank Co. has a fifty-two week low of $133.03 and a fifty-two week high of $225.70.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating 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 quarter in the prior year, the business posted $2.74 EPS. On average, equities analysts forecast that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank declared that its Board of Directors has initiated a stock buyback program on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in shares. This buyback authorization authorizes the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s leadership believes its shares are undervalued.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 3.44%. The ex-dividend date was Monday, March 3rd. M&T Bank’s dividend payout ratio is currently 36.91%.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.