Marshall Wace LLP Sells 364,025 Shares of M&T Bank Co. (NYSE:MTB)

Marshall Wace LLP cut its stake in shares of M&T Bank Co. (NYSE:MTB) by 37.1% in the fourth quarter, HoldingsChannel reports. The fund owned 618,138 shares of the financial services provider’s stock after selling 364,025 shares during the period. Marshall Wace LLP’s holdings in M&T Bank were worth $116,216,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in MTB. Y.D. More Investments Ltd lifted its holdings in M&T Bank by 122.6% during the fourth 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 in the last quarter. Human Investing LLC bought a new stake in shares of M&T Bank during the 4th quarter valued at $44,000. Sierra Ocean LLC purchased a new position in shares of M&T Bank during the 4th quarter valued at $44,000. Loomis Sayles & Co. L P bought a new position in M&T Bank in the 4th quarter worth $52,000. Finally, Principal Securities Inc. increased its stake in M&T Bank by 47.5% in the 4th quarter. Principal Securities Inc. now owns 410 shares of the financial services provider’s stock worth $77,000 after buying an additional 132 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Stock Performance

NYSE MTB opened at $158.84 on Thursday. The company has a market cap of $26.10 billion, a P/E ratio of 10.86, a P/E/G ratio of 1.38 and a beta of 0.58. The business’s 50 day moving average price is $178.78 and its 200-day moving average price is $191.32. M&T Bank Co. has a fifty-two week low of $137.76 and a fifty-two week high of $225.70. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98.

M&T Bank (NYSE:MTB) last announced its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing the consensus estimate of $3.41 by ($0.03). The firm had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.35 billion. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period in the prior year, the company posted $3.09 EPS. Sell-side analysts predict that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were given a dividend of $1.35 per share. The ex-dividend date was Monday, March 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.40%. M&T Bank’s dividend payout ratio (DPR) is presently 36.91%.

M&T Bank announced that its Board of Directors has initiated a share buyback plan on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in shares. This buyback authorization authorizes the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.

Analyst Ratings Changes

MTB has been the topic of several research analyst reports. Truist Financial lowered their price objective on M&T Bank from $225.00 to $200.00 and set a “buy” rating on the stock in a research report on Tuesday. Morgan Stanley lowered their price target on M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Robert W. Baird cut their price objective on shares of M&T Bank from $220.00 to $200.00 and set an “outperform” rating for the company in a report on Tuesday. Piper Sandler lowered their target price on shares of M&T Bank from $220.00 to $210.00 and set an “overweight” rating on the stock in a report on Tuesday. Finally, Evercore ISI cut their target price on shares of 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 issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $208.14.

Insider Buying and Selling at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of the business’s stock in a transaction 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 transaction, the executive vice president now owns 10,751 shares in the company, valued at $1,852,827.34. The trade was a 13.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.53% of the company’s stock.

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.