First National Trust Co Trims Stock Holdings in M&T Bank Co. (NYSE:MTB)

First National Trust Co decreased its stake in M&T Bank Co. (NYSE:MTB) by 2.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,234 shares of the financial services provider’s stock after selling 257 shares during the quarter. First National Trust Co’s holdings in M&T Bank were worth $2,112,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of MTB. Sanctuary Advisors LLC increased its holdings in M&T Bank by 0.3% during the 4th quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider’s stock worth $3,195,000 after purchasing an additional 52 shares during the period. Catalina Capital Group LLC increased its holdings in M&T Bank by 2.0% during the 4th quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider’s stock worth $531,000 after purchasing an additional 56 shares during the period. Sheaff Brock Investment Advisors LLC increased its holdings in M&T Bank by 1.2% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 5,188 shares of the financial services provider’s stock worth $975,000 after purchasing an additional 63 shares during the period. Meridian Wealth Management LLC increased its holdings in M&T Bank by 3.8% during the 4th quarter. Meridian Wealth Management LLC now owns 1,786 shares of the financial services provider’s stock worth $336,000 after purchasing an additional 66 shares during the period. Finally, Pitcairn Co. increased its holdings in M&T Bank by 0.8% during the 3rd quarter. Pitcairn Co. now owns 9,362 shares of the financial services provider’s stock worth $1,668,000 after purchasing an additional 70 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on MTB shares. Keefe, Bruyette & Woods lifted their price target on M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Piper Sandler lifted their price target on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a report on Wednesday, November 27th. Evercore ISI cut their price target on M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a report on Thursday. Morgan Stanley cut 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. Finally, StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, M&T Bank presently has a consensus rating of “Hold” and an average target price of $222.03.

M&T Bank Stock Performance

Shares of MTB opened at $175.69 on Friday. The stock has a 50-day moving average of $192.44 and a two-hundred day moving average of $191.83. M&T Bank Co. has a one year low of $133.03 and a one year 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. The stock has a market cap of $28.86 billion, a P/E ratio of 12.01, a P/E/G ratio of 1.38 and a beta of 0.74.

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, topping 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 company posted $2.74 earnings per share. As a group, research analysts predict that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be given a dividend of $1.35 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 3.07%. M&T Bank’s dividend payout ratio is currently 36.91%.

M&T Bank declared that its Board of Directors has initiated a stock buyback plan on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction dated 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 sale, the executive vice president now owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.53% of the stock is currently owned by insiders.

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