DnB Asset Management AS Has $66.84 Million Stake in M&T Bank Co. (NYSE:MTB)

DnB Asset Management AS lessened its stake in shares of M&T Bank Co. (NYSE:MTB) by 6.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 355,523 shares of the financial services provider’s stock after selling 25,019 shares during the quarter. DnB Asset Management AS owned about 0.21% of M&T Bank worth $66,842,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of MTB. Sanctuary Advisors LLC raised its stake in shares of M&T Bank by 0.3% in 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 during the period. Catalina Capital Group LLC lifted its position in shares of M&T Bank by 2.0% during the fourth quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider’s stock valued at $531,000 after buying an additional 56 shares during the last quarter. Parallel Advisors LLC raised its stake in M&T Bank by 1.7% in the fourth quarter. Parallel Advisors LLC now owns 3,512 shares of the financial services provider’s stock valued at $660,000 after buying an additional 60 shares during the last quarter. Sheaff Brock Investment Advisors LLC increased its position in shares of M&T Bank by 1.2% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 5,188 shares of the financial services provider’s stock valued at $975,000 after acquiring an additional 63 shares during the period. Finally, Meridian Wealth Management LLC boosted its holdings in shares of M&T Bank by 3.8% in the 4th quarter. Meridian Wealth Management LLC now owns 1,786 shares of the financial services provider’s stock valued at $336,000 after acquiring an additional 66 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

M&T Bank Price Performance

NYSE MTB opened at $179.64 on Friday. 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 stock has a market capitalization of $29.51 billion, a PE ratio of 12.28, a price-to-earnings-growth 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. The company has a 50 day moving average price of $189.87 and a two-hundred day moving average price of $192.40.

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 the consensus estimate 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 firm posted $2.74 earnings per share. As a group, equities analysts predict that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank announced that its Board of Directors has approved a stock buyback program 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 buy up to 12.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 3rd will be issued a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 3.01%. The ex-dividend date is Monday, March 3rd. M&T Bank’s payout ratio is 36.91%.

Insider Transactions at M&T Bank

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 shares were sold at an average price of $172.34, for a total value 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 document filed with the SEC, which is available at the SEC website. Company insiders own 0.53% of the company’s stock.

Wall Street Analyst Weigh In

MTB has been the subject of several recent analyst reports. DA Davidson boosted their price target on shares of M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Morgan Stanley decreased their price objective 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. Compass Point increased their target price on shares of M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. JPMorgan Chase & Co. restated a “neutral” rating and set a $223.50 target price (up from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. Finally, Citigroup cut their price objective on M&T Bank from $230.00 to $195.00 and set a “neutral” rating on the stock in a research report on Monday. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, M&T Bank presently has an average rating of “Hold” and a consensus price target of $219.97.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.