Washington Trust Advisors Inc. Has $242,000 Stock Holdings in M&T Bank Co. (NYSE:MTB)

Washington Trust Advisors Inc. reduced its stake in M&T Bank Co. (NYSE:MTB) by 7.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,288 shares of the financial services provider’s stock after selling 99 shares during the quarter. Washington Trust Advisors Inc.’s holdings in M&T Bank were worth $242,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in MTB. FMR LLC raised its stake in M&T Bank by 13.9% during the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock worth $2,199,675,000 after buying an additional 1,508,846 shares during the last quarter. State Street Corp increased its holdings in M&T Bank by 6.4% in the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after purchasing an additional 527,854 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in M&T Bank by 5.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider’s stock valued at $994,522,000 after buying an additional 252,583 shares during the period. Geode Capital Management LLC grew its position in shares of M&T Bank by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,329,814 shares of the financial services provider’s stock worth $768,824,000 after buying an additional 66,337 shares during the period. Finally, Senvest Management LLC increased its stake in shares of M&T Bank by 12.3% in the 3rd quarter. Senvest Management LLC now owns 882,841 shares of the financial services provider’s stock valued at $157,252,000 after acquiring an additional 96,500 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

M&T Bank Trading Down 0.7 %

NYSE:MTB opened at $177.04 on Friday. The firm’s 50 day moving average is $194.28 and its 200 day moving average is $191.47. M&T Bank Co. has a 12 month low of $133.03 and a 12 month high of $225.70. The stock has a market capitalization of $29.09 billion, a PE ratio of 12.10, a price-to-earnings-growth ratio of 1.38 and a beta of 0.79. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, beating 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 firm posted $2.74 EPS. Sell-side analysts expect that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 3rd will be given a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 3.05%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is currently 36.91%.

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

Analyst Ratings Changes

Several equities research analysts have weighed in on the stock. JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $223.50 price target (up from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Truist Financial reaffirmed a “buy” rating and set a $236.00 price target (up from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. Wells Fargo & Company raised their price objective on M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a research note on Friday, November 15th. The Goldman Sachs Group boosted their target price on shares of M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Finally, Piper Sandler upped their price target on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $221.68.

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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.