Elevatus Welath Management Sells 277 Shares of M&T Bank Co. (NYSE:MTB)

Elevatus Welath Management lowered its position in shares of M&T Bank Co. (NYSE:MTB) by 3.4% in the fourth quarter, HoldingsChannel reports. The fund owned 7,989 shares of the financial services provider’s stock after selling 277 shares during the period. M&T Bank accounts for approximately 0.5% of Elevatus Welath Management’s investment portfolio, making the stock its 29th largest holding. Elevatus Welath Management’s holdings in M&T Bank were worth $1,502,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the company. FMR LLC lifted its position in M&T Bank by 14.3% during the 4th quarter. FMR LLC now owns 14,110,412 shares of the financial services provider’s stock valued at $2,652,899,000 after purchasing an additional 1,761,014 shares during the period. Charles Schwab Investment Management Inc. boosted its position in shares of M&T Bank by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider’s stock worth $994,522,000 after purchasing an additional 252,583 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of M&T Bank by 0.9% during the fourth quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider’s stock worth $819,768,000 after purchasing an additional 40,948 shares during the period. Norges Bank bought a new stake in M&T Bank in the fourth quarter valued at about $317,690,000. Finally, First Trust Advisors LP lifted its stake in M&T Bank by 2.1% in the fourth quarter. First Trust Advisors LP now owns 1,605,724 shares of the financial services provider’s stock valued at $301,892,000 after buying an additional 33,017 shares during the period. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Stock Up 0.8 %

Shares of MTB stock opened at $160.09 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. The firm’s 50-day moving average is $177.25 and its 200-day moving average is $191.10. The stock has a market cap of $26.30 billion, a price-to-earnings ratio of 10.94, a PEG ratio of 1.38 and a beta of 0.58. M&T Bank Co. has a 52-week low of $139.56 and a 52-week high of $225.70.

M&T Bank (NYSE:MTB) last posted its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). The company had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.35 billion. 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 $3.09 EPS. Sell-side analysts predict that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank announced that its board has initiated a stock repurchase program on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in outstanding 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 generally an indication that the company’s board believes its stock is undervalued.

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 of this dividend was Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.37%. M&T Bank’s payout ratio is presently 36.17%.

Insider Activity

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the firm’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 transaction, the executive vice president now owns 10,751 shares in the company, valued at $1,852,827.34. This trade represents a 13.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.53% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on MTB. Robert W. Baird lowered their price target on M&T Bank from $220.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday. Citigroup cut their target price on shares of M&T Bank from $230.00 to $195.00 and set a “neutral” rating on the stock in a report on Monday, March 24th. Morgan Stanley decreased their price target 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. StockNews.com upgraded 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 on the stock in a research report on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, nine have assigned 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 a consensus target price of $208.14.

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.