EP Wealth Advisors LLC Sells 4,173 Shares of M&T Bank Co. (NYSE:MTB)

EP Wealth Advisors LLC lessened its holdings in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 64.8% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 2,271 shares of the financial services provider's stock after selling 4,173 shares during the period. EP Wealth Advisors LLC's holdings in M&T Bank were worth $427,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MTB. FMR LLC raised its holdings in M&T Bank by 14.3% during the 4th quarter. FMR LLC now owns 14,110,412 shares of the financial services provider's stock worth $2,652,899,000 after purchasing an additional 1,761,014 shares during the last quarter. Norges Bank bought a new position in M&T Bank during the fourth quarter worth about $317,690,000. Charles Schwab Investment Management Inc. grew its position in shares of M&T Bank by 5.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider's stock worth $994,522,000 after buying an additional 252,583 shares during the period. Amundi increased its stake in M&T Bank by 43.5% in the fourth quarter. Amundi now owns 807,339 shares of the financial services provider's stock valued at $154,315,000 after purchasing an additional 244,709 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of M&T Bank by 14.7% during the fourth quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider's stock worth $316,483,000 after purchasing an additional 215,100 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts have weighed in on MTB shares. JPMorgan Chase & Co. reduced their target price 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. Barclays dropped their price target on M&T Bank from $235.00 to $220.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 15th. DA Davidson reduced their price objective on M&T Bank from $205.00 to $189.00 and set a "neutral" rating for the company in a research report on Tuesday, April 15th. Royal Bank of Canada cut their price objective on shares of M&T Bank from $208.00 to $200.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Finally, Robert W. Baird lowered their target price on M&T Bank from $220.00 to $200.00 and set an "outperform" rating on the stock in a research report on Tuesday, April 15th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, M&T Bank has an average rating of "Hold" and a consensus target price of $208.24.

M&T Bank Stock Performance

Shares of NYSE MTB opened at $184.74 on Tuesday. The stock's fifty day moving average price is $170.30 and its two-hundred day moving average price is $189.50. The firm has a market cap of $29.65 billion, a price-to-earnings ratio of 12.63, a P/E/G ratio of 1.38 and a beta of 0.58. M&T Bank Co. has a one year low of $139.78 and a one year high of $225.70. 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 (NYSE:MTB - Get Free Report) last announced its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 earnings per share (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 in the previous year, the company earned $3.09 earnings per share. On average, equities analysts forecast that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 3rd were paid a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 2.92%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank's dividend payout ratio (DPR) is presently 36.17%.

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

Insider Buying and Selling at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of the firm's stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the sale, the executive vice president now 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 legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.53% of the company's stock.

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.

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