Brevan Howard Capital Management LP Reduces Holdings in M&T Bank Co. (NYSE:MTB)

Brevan Howard Capital Management LP lowered its stake in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 43.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 4,578 shares of the financial services provider's stock after selling 3,519 shares during the period. Brevan Howard Capital Management LP's holdings in M&T Bank were worth $861,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of MTB. Banque Transatlantique SA acquired a new stake in shares of M&T Bank during the 4th quarter valued at about $38,000. Y.D. More Investments Ltd grew its position in shares of M&T Bank by 122.6% during the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider's stock valued at $39,000 after acquiring an additional 114 shares during the period. Human Investing LLC acquired a new stake in shares of M&T Bank during the 4th quarter valued at about $44,000. Sierra Ocean LLC acquired a new stake in shares of M&T Bank during the 4th quarter valued at about $44,000. Finally, Loomis Sayles & Co. L P acquired a new stake in M&T Bank in the 4th quarter worth about $52,000. Hedge funds and other institutional investors own 84.68% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on MTB shares. Citigroup cut their price objective on M&T Bank from $230.00 to $195.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. Morgan Stanley cut their price objective on M&T Bank from $269.00 to $253.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. StockNews.com lowered M&T Bank from a "hold" rating to a "sell" rating in a research note on Tuesday, May 6th. Royal Bank of Canada cut their price objective on M&T Bank from $208.00 to $200.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. Finally, Evercore ISI cut their price objective on M&T Bank from $234.00 to $205.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $208.24.

M&T Bank Trading Up 4.3%

NYSE:MTB traded up $7.59 during trading hours on Monday, reaching $184.74. 1,452,190 shares of the stock were exchanged, compared to its average volume of 1,129,266. 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 business has a 50-day moving average of $170.16 and a two-hundred day moving average of $189.56. M&T Bank Co. has a twelve month low of $139.78 and a twelve month high of $225.70. The company has a market capitalization of $30.35 billion, a price-to-earnings ratio of 12.63, a PEG ratio of 1.38 and a beta of 0.58.

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

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date was Monday, March 3rd. M&T Bank's dividend payout ratio (DPR) is 36.17%.

M&T Bank announced that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company's management believes its shares are undervalued.

Insiders Place Their Bets

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 in the company, valued at approximately $1,852,827.34. This trade represents a 13.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.53% of the stock is 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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.