DNB Asset Management AS Trims Holdings in M&T Bank Corporation $MTB

DNB Asset Management AS decreased its holdings in M&T Bank Corporation (NYSE:MTB) by 68.2% during the fourth quarter, HoldingsChannel.com reports. The firm owned 32,009 shares of the financial services provider’s stock after selling 68,674 shares during the quarter. DNB Asset Management AS’s holdings in M&T Bank were worth $6,449,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Canoe Financial LP increased its stake in M&T Bank by 50.5% in the fourth quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider’s stock worth $131,515,000 after purchasing an additional 219,065 shares during the period. RNC Capital Management LLC increased its stake in M&T Bank by 1.0% in the fourth quarter. RNC Capital Management LLC now owns 365,052 shares of the financial services provider’s stock worth $73,551,000 after purchasing an additional 3,618 shares during the period. Munich Reinsurance Co Stock Corp in Munich increased its stake in M&T Bank by 37.1% in the fourth quarter. Munich Reinsurance Co Stock Corp in Munich now owns 351,076 shares of the financial services provider’s stock worth $71,462,000 after purchasing an additional 95,025 shares during the period. LSV Asset Management increased its stake in M&T Bank by 19.9% in the third quarter. LSV Asset Management now owns 342,400 shares of the financial services provider’s stock worth $67,665,000 after purchasing an additional 56,750 shares during the period. Finally, Cooke & Bieler LP increased its stake in M&T Bank by 1.4% in the third quarter. Cooke & Bieler LP now owns 323,410 shares of the financial services provider’s stock worth $63,912,000 after purchasing an additional 4,480 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insider Buying and Selling at M&T Bank

In other news, EVP Christopher E. Kay sold 3,105 shares of the firm’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $216.50, for a total transaction of $672,232.50. Following the transaction, the executive vice president owned 6,753 shares in the company, valued at approximately $1,462,024.50. This trade represents a 31.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Michael A. Wisler sold 8,237 shares of the firm’s stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $223.48, for a total value of $1,840,804.76. Following the transaction, the executive vice president owned 4,643 shares in the company, valued at approximately $1,037,617.64. This represents a 63.95% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.44% of the company’s stock.

M&T Bank Stock Performance

Shares of M&T Bank stock opened at $206.17 on Tuesday. The firm has a market cap of $30.19 billion, a P/E ratio of 11.54, a P/E/G ratio of 1.04 and a beta of 0.59. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.44. M&T Bank Corporation has a 12 month low of $174.76 and a 12 month high of $239.00. The stock’s fifty day moving average price is $210.05 and its 200-day moving average price is $208.11.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.18 EPS for the quarter, beating the consensus estimate of $4.02 by $0.16. The firm had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.43 billion. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.During the same quarter last year, the firm posted $3.32 earnings per share. On average, equities research analysts expect that M&T Bank Corporation will post 18.69 earnings per share for the current fiscal year.

M&T Bank declared that its board has initiated a stock repurchase plan on Tuesday, March 31st that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to buy up to 16.7% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, June 1st will be paid a dividend of $1.50 per share. The ex-dividend date is Monday, June 1st. This represents a $6.00 annualized dividend and a dividend yield of 2.9%. M&T Bank’s dividend payout ratio (DPR) is currently 33.59%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the company. UBS Group set a $235.00 target price on M&T Bank in a research note on Thursday, April 16th. Royal Bank Of Canada increased their target price on M&T Bank from $220.00 to $225.00 and gave the stock an “outperform” rating in a research note on Thursday, April 16th. Morgan Stanley reduced their target price on M&T Bank from $271.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 31st. Jefferies Financial Group increased their target price on M&T Bank from $255.00 to $265.00 and gave the stock a “buy” rating in a research note on Thursday, April 16th. Finally, Wall Street Zen lowered M&T Bank from a “hold” rating to a “sell” rating in a research note on Saturday, March 21st. Eight research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $235.32.

M&T Bank Company Profile

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.