Ameriprise Financial Inc. Trims Holdings in M&T Bank Co. (NYSE:MTB)

Ameriprise Financial Inc. trimmed its position in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 10.7% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 503,916 shares of the financial services provider's stock after selling 60,095 shares during the period. Ameriprise Financial Inc. owned about 0.30% of M&T Bank worth $94,748,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in MTB. Hennion & Walsh Asset Management Inc. lifted its position in shares of M&T Bank by 34.7% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider's stock worth $1,473,000 after purchasing an additional 2,018 shares during the last quarter. Flagship Harbor Advisors LLC lifted its holdings in M&T Bank by 89.8% during the 4th quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider's stock worth $515,000 after buying an additional 1,295 shares during the last quarter. US Bancorp DE boosted its position in shares of M&T Bank by 24.3% during the 4th quarter. US Bancorp DE now owns 8,382 shares of the financial services provider's stock worth $1,576,000 after acquiring an additional 1,639 shares in the last quarter. Summit Trail Advisors LLC purchased a new position in shares of M&T Bank in the 4th quarter valued at about $290,000. Finally, Valeo Financial Advisors LLC acquired a new stake in shares of M&T Bank during the 4th quarter worth about $297,000. Institutional investors and hedge funds own 84.68% of the company's stock.

Insider Activity

In related news, EVP Christopher E. Kay sold 1,738 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The stock was 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 directly owns 10,751 shares of the company's stock, valued at $1,852,827.34. This trade represents a 13.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.53% of the company's stock.

M&T Bank Stock Performance

Shares of MTB stock traded down $0.45 during trading hours on Friday, reaching $177.11. 872,893 shares of the company's stock were exchanged, compared to its average volume of 1,127,970. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. M&T Bank Co. has a 1 year low of $139.78 and a 1 year high of $225.70. The company has a market cap of $29.10 billion, a P/E ratio of 12.11, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58. The company's 50 day moving average is $170.16 and its two-hundred day moving average is $189.59.

M&T Bank (NYSE:MTB - Get Free Report) last released its earnings results on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing analysts' consensus estimates of $3.41 by ($0.03). M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. The business had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period last year, the business posted $3.09 EPS. Equities research analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank declared that its board has initiated a stock repurchase program on Wednesday, January 22nd that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company's leadership believes its stock is undervalued.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were issued a $1.35 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 3.05%. M&T Bank's dividend payout ratio (DPR) is presently 36.17%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on the stock. Morgan Stanley dropped their price target on shares of M&T Bank from $269.00 to $253.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Piper Sandler dropped their target price on shares of M&T Bank from $220.00 to $210.00 and set an "overweight" rating on the stock in a research report on Tuesday, April 15th. Truist Financial reduced their price target on shares of M&T Bank from $225.00 to $200.00 and set a "buy" rating for the company in a research report on Tuesday, April 15th. JPMorgan Chase & Co. dropped their price objective on M&T Bank from $212.50 to $186.50 and set a "neutral" rating on the stock in a report on Thursday, April 3rd. Finally, Deutsche Bank Aktiengesellschaft raised M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 target price for the company in a report on Thursday, April 24th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $208.24.

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.