M&T Bank Co. (NYSE:MTB) Shares Sold by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans reduced its holdings in shares of M&T Bank Co. (NYSE:MTB) by 10.5% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,398 shares of the financial services provider’s stock after selling 9,228 shares during the period. Thrivent Financial for Lutherans’ holdings in M&T Bank were worth $14,769,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sanctuary Advisors LLC increased its holdings in shares of M&T Bank by 0.3% during the fourth quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider’s stock valued at $3,195,000 after acquiring an additional 52 shares in the last quarter. Catalina Capital Group LLC raised its holdings in shares of M&T Bank by 2.0% in the fourth quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider’s stock worth $531,000 after buying an additional 56 shares during the last quarter. Parallel Advisors LLC lifted its stake in shares of M&T Bank by 1.7% during the fourth quarter. Parallel Advisors LLC now owns 3,512 shares of the financial services provider’s stock worth $660,000 after buying an additional 60 shares during the period. Sheaff Brock Investment Advisors LLC lifted its stake in shares of M&T Bank by 1.2% during the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 5,188 shares of the financial services provider’s stock worth $975,000 after buying an additional 63 shares during the period. Finally, Meridian Wealth Management LLC grew its holdings in shares of M&T Bank by 3.8% during the fourth quarter. Meridian Wealth Management LLC now owns 1,786 shares of the financial services provider’s stock valued at $336,000 after buying an additional 66 shares during the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have commented on MTB. Barclays lifted their price target on M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. Truist Financial reiterated a “buy” rating and issued a $236.00 target price (up previously from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. Evercore ISI dropped their price objective on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a report on Thursday, March 13th. Finally, Morgan Stanley reduced their target price on shares of M&T Bank from $269.00 to $253.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, M&T Bank presently has a consensus rating of “Hold” and a consensus target price of $222.03.

M&T Bank Stock Up 0.7 %

M&T Bank stock opened at $178.19 on Friday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. The stock has a market capitalization of $29.27 billion, a PE ratio of 12.18, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74. The business has a 50 day simple moving average of $190.99 and a 200-day simple moving average of $192.04. 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 posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, topping 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 in the previous year, the firm earned $2.74 earnings per share. On average, analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be issued a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.03%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s payout ratio is 36.91%.

M&T Bank announced that its board has initiated a share buyback program on Wednesday, January 22nd that allows the company to buyback $4.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In related news, EVP Christopher E. Kay sold 1,738 shares of the business’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the completion of the sale, the executive vice president now directly owns 10,751 shares in the company, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.53% of the stock is owned by company insiders.

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.