Guggenheim Capital LLC lowered its position in M&T Bank Co. (NYSE: MTB – Get Rating) by 10.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,041 shares of the financial services provider’s stock after selling 2,195 shares during the quarter. Guggenheim Capital LLC’s holdings in M&T Bank were worth $ 2,925,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Commerce Bank boosted its stake in M&T Bank by 1.2% in the fourth quarter. Commerce Bank now owns 4,979 shares of the financial services provider’s stock worth $ 765,000 after buying an additional 57 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its stake in M&T Bank by 1.3% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 4,931 shares of the financial services provider’s stock worth $ 757,000 after buying an additional 62 shares in the last quarter. Kentucky Retirement Systems Insurance Trust Fund boosted its stake in M&T Bank by 1.9% in the fourth quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 3,376 shares of the financial services provider’s stock worth $ 518,000 after buying an additional 63 shares in the last quarter. Wedbush Securities Inc. boosted its stake in M&T Bank by 3.9% in the fourth quarter. Wedbush Securities Inc. now owns 1,859 shares of the financial services provider’s stock worth $ 286,000 after buying an additional 69 shares in the last quarter. Finally, Spire Wealth Management boosted its stake in M&T Bank by 8.3% in the fourth quarter. Spire Wealth Management now owns 896 shares of the financial services provider’s stock worth $ 138,000 after buying an additional 69 shares in the last quarter. 87.61% of the stock is owned by institutional investors and hedge funds.
In other news, EVP Christopher E. Kay sold 2,200 shares of M&T Bank stock in a transaction dated Friday, June 3rd. The stock was sold at an average price of $ 178.83, for a total transaction of $ 393,426.00. Following the transaction, the executive vice president now directly owns 5,350 shares of the company stock, valued at approximately $ 956,740.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Vice Chairman Kevin J. Pearson sold 5,000 shares of M&T Bank stock in a transaction dated Tuesday, May 17th. The shares were sold at an average price of $ 169.71, for a total value of $ 848,550.00. Following the transaction, the insider now directly owns 39,008 shares in the company, valued at $ 6,620,047.68. The disclosure for this sale can be found here. Insiders sold 7,725 shares of company stock worth $ 1,335,332 over the last three months. Insiders own 0.73% of the company stock.
M&T Bank stock opened at $ 171.36 on Friday. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.05 and a quick ratio of 1.05. M&T Bank Co. has a one year low of $ 128.46 and a one year high of $ 186.95. The stock has a market capitalization of $ 30.74 billion, a PE ratio of 13.09, a price-to-earnings-growth ratio of 1.08 and a beta of 0.86. The business’s fifty day moving average is $ 169.44 and its 200 day moving average is $ 169.13.
M&T Bank (NYSE: MTB – Get Rating) last announced its earnings results on Wednesday, April 20th. The financial services provider reported $ 2.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $ 2.38 by $ 0.24. M&T Bank had a return on equity of 11.45% and a net margin of 29.31%. During the same period in the previous year, the business earned $ 3.41 EPS. As a group, sell-side analysts expect that M&T Bank Co. will post 13.66 EPS for the current fiscal year.
M&T Bank declared that its board has authorized a share buyback plan on Tuesday, February 22nd that authorizes the company to buyback $ 800.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to purchase up to 3.4% of its shares through open market purchases. Shares buyback plans are generally an indication that the company leadership believes its shares are undervalued.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Shareholders of record on Wednesday, June 1st will be given a $ 1.20 dividend. The ex-dividend date of this dividend is Tuesday, May 31st. This represents a $ 4.80 annualized dividend and a yield of 2.80%. M&T Bank’s payout ratio is 36.67%.
MTB has been the subject of several research reports. Wells Fargo & Company upped their target price on M&T Bank from $ 180.00 to $ 195.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 21st. Piper Sandler increased their price objective on M&T Bank from $ 200.00 to $ 210.00 in a research note on Wednesday, April 20th. Citigroup began coverage on M&T Bank in a research note on Thursday, March 24th. They set a “buy” rating for the company. Deutsche Bank Aktiengesellschaft increased their price objective on M&T Bank from $ 180.00 to $ 200.00 in a research note on Friday, March 25th. Finally, JPMorgan Chase & Co. began coverage on M&T Bank in a research note on Thursday, April 14th. They set a “neutral” rating for the company. Eight analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $ 191.91.
About M&T Bank: (Get Rating)
M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The company Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial lending and leasing, letters of credit, and cash management services for middle-market and large commercial customers.
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