M&T Bank Co. (NYSE:MTB) Shares Sold by Bank of Nova Scotia

Bank of Nova Scotia lessened its holdings in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 4.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 69,178 shares of the financial services provider's stock after selling 3,184 shares during the quarter. Bank of Nova Scotia's holdings in M&T Bank were worth $13,006,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. MML Investors Services LLC boosted its stake in shares of M&T Bank by 13.4% in the 3rd quarter. MML Investors Services LLC now owns 6,852 shares of the financial services provider's stock valued at $1,220,000 after purchasing an additional 809 shares in the last quarter. Y Intercept Hong Kong Ltd bought a new position in M&T Bank during the 3rd quarter worth about $332,000. Nomura Asset Management Co. Ltd. increased its stake in shares of M&T Bank by 6.1% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 50,275 shares of the financial services provider's stock valued at $8,955,000 after purchasing an additional 2,883 shares in the last quarter. Barclays PLC raised its holdings in shares of M&T Bank by 11.9% during the 3rd quarter. Barclays PLC now owns 578,266 shares of the financial services provider's stock worth $102,999,000 after acquiring an additional 61,375 shares during the period. Finally, Geode Capital Management LLC increased its stake in 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. Institutional investors and hedge funds own 84.68% of the company's stock.

Insider Buying and Selling at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction 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 sale, the executive vice president now directly owns 10,751 shares of the company's stock, valued at approximately $1,852,827.34. This represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.53% of the company's stock.

Analyst Ratings Changes

A number of research firms have issued reports on MTB. Citigroup reduced their target price on shares of M&T Bank from $230.00 to $195.00 and set a "neutral" rating on the stock in a report on Monday, March 24th. Morgan Stanley reduced their target price on shares of M&T Bank from $269.00 to $253.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Barclays decreased their price objective on shares of M&T Bank from $235.00 to $220.00 and set an "equal weight" rating for the company in a research report on Tuesday. Royal Bank of Canada reduced their price target on M&T Bank from $208.00 to $200.00 and set an "outperform" rating on the stock in a research report on Tuesday. Finally, Robert W. Baird decreased their price target on M&T Bank from $220.00 to $200.00 and set an "outperform" rating on the stock in a research report on Tuesday. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, M&T Bank currently has an average rating of "Hold" and an average price target of $208.14.

M&T Bank Stock Up 1.2 %

NYSE MTB traded up $1.86 during trading hours on Wednesday, hitting $161.45. 421,572 shares of the company were exchanged, compared to its average volume of 1,108,130. The company has a 50 day moving average of $179.62 and a two-hundred day moving average of $191.54. M&T Bank Co. has a 52-week low of $136.18 and a 52-week high of $225.70. The firm has a market cap of $26.52 billion, a price-to-earnings ratio of 11.04, a PEG ratio of 1.38 and a beta of 0.58. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings data 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). The firm had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.35 billion. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same quarter in the prior year, the firm earned $3.09 EPS. Equities research analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank announced that its board has authorized a stock repurchase plan on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its stock is undervalued.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank's dividend payout ratio is presently 36.91%.

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