Corient Private Wealth LLC Sells 4,869 Shares of M&T Bank Co. (NYSE:MTB)

Corient Private Wealth LLC reduced its position in M&T Bank Co. (NYSE:MTB) by 19.0% in the 4th quarter, Holdings Channel reports. The firm owned 20,769 shares of the financial services provider’s stock after selling 4,869 shares during the quarter. Corient Private Wealth LLC’s holdings in M&T Bank were worth $3,905,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Catalyst Funds Management Pty Ltd bought a new position in M&T Bank in the fourth quarter worth $207,000. Picton Mahoney Asset Management lifted its holdings in shares of M&T Bank by 156.4% during the fourth quarter. Picton Mahoney Asset Management now owns 64,528 shares of the financial services provider’s stock valued at $12,132,000 after acquiring an additional 39,359 shares during the period. Wellington Shields & Co. LLC lifted its holdings in shares of M&T Bank by 5.2% during the fourth quarter. Wellington Shields & Co. LLC now owns 1,966 shares of the financial services provider’s stock valued at $370,000 after acquiring an additional 98 shares during the period. PGGM Investments bought a new position in shares of M&T Bank during the fourth quarter valued at $1,313,000. Finally, Essential Planning LLC. bought a new position in shares of M&T Bank during the fourth quarter valued at $9,459,000. 84.68% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the firm’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the transaction, the executive vice president now owns 10,751 shares in the company, valued at approximately $1,852,827.34. This trade represents a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.53% of the company’s stock.

M&T Bank Price Performance

Shares of MTB stock opened at $178.19 on Friday. The stock has a 50-day moving average price of $190.99 and a 200 day moving average price of $192.18. 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 $29.27 billion, a price-to-earnings ratio of 12.18, a PEG ratio of 1.38 and a beta of 0.74. 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 issued its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping 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 quarter in the previous year, the company earned $2.74 EPS. Research analysts expect that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank declared that its board has authorized a stock buyback plan on Wednesday, January 22nd that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 12.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board of directors believes its stock is undervalued.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders 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 yield of 3.03%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is currently 36.91%.

Analyst Ratings Changes

A number of brokerages have issued reports on MTB. Barclays lifted their price objective on M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Compass Point lifted their price objective on M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. DA Davidson lifted 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. Citigroup lowered M&T Bank from a “buy” rating to a “neutral” rating and raised their target price for the company from $220.00 to $230.00 in a research note on Monday, November 25th. Finally, Truist Financial restated a “buy” rating and issued a $236.00 target price (up from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $222.03.

M&T Bank Company 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.