DNB Asset Management AS Sells 68,674 Shares of M&T Bank Corporation $MTB

Key Points

• DNB Asset Management AS sharply reduced its M&T Bank stake in the fourth quarter, selling 68,674 shares and cutting its holdings by 68.2% to 32,009 shares valued at about $6.45 million.
• Insider selling also showed up in recent filings, with EVP Christopher E. Kay and EVP Michael A. Wisler both reducing their positions through sizable stock sales.
• M&T Bank’s fundamentals and shareholder returns remain solid: the company beat quarterly earnings estimates, authorized a $5 billion buyback, and declared a $1.50 quarterly dividend, while analysts currently rate the stock a consensus Hold.

DNB Asset Management AS trimmed its holdings in M&T Bank Corporation (NYSE:MTB - Free Report) by 68.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 32,009 shares of the financial services provider's stock after selling 68,674 shares during the quarter. DNB Asset Management AS's holdings in M&T Bank were worth $6,449,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. LSV Asset Management boosted its stake in M&T Bank by 19.9% in the 3rd quarter. LSV Asset Management now owns 342,400 shares of the financial services provider's stock worth $67,665,000 after purchasing an additional 56,750 shares during the period. BI Asset Management Fondsmaeglerselskab A S boosted its stake in M&T Bank by 120.3% in the 3rd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 17,925 shares of the financial services provider's stock worth $3,542,000 after purchasing an additional 9,788 shares during the period. Plato Investment Management Ltd boosted its stake in M&T Bank by 54.3% in the 3rd quarter. Plato Investment Management Ltd now owns 8,251 shares of the financial services provider's stock worth $1,618,000 after purchasing an additional 2,905 shares during the period. Mitsubishi UFJ Trust & Banking Corp boosted its stake in M&T Bank by 19.1% in the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 86,731 shares of the financial services provider's stock worth $17,140,000 after purchasing an additional 13,889 shares during the period. Finally, Fisher Asset Management LLC boosted its stake in M&T Bank by 64.0% in the 3rd quarter. Fisher Asset Management LLC now owns 36,215 shares of the financial services provider's stock worth $7,157,000 after purchasing an additional 14,135 shares during the period. 84.68% of the stock is currently owned by institutional investors.

Insider Buying and Selling at M&T Bank

In related news, EVP Christopher E. Kay sold 3,105 shares of the stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $216.50, for a total transaction of $672,232.50. Following the sale, the executive vice president owned 6,753 shares in the company, valued at approximately $1,462,024.50. This represents a 31.50% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Michael A. Wisler sold 8,237 shares of the stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $223.48, for a total value of $1,840,804.76. Following the sale, the executive vice president owned 4,643 shares in the company, valued at $1,037,617.64. The trade was a 63.95% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.44% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on MTB shares. Royal Bank Of Canada increased their target price on M&T Bank from $220.00 to $225.00 and gave the company an "outperform" rating in a research report on Thursday, April 16th. UBS Group set a $235.00 target price on M&T Bank in a research report on Thursday, April 16th. DA Davidson increased their target price on M&T Bank from $233.00 to $235.00 and gave the company a "neutral" rating in a research report on Thursday, April 16th. Wall Street Zen downgraded M&T Bank from a "hold" rating to a "sell" rating in a research report on Saturday, March 21st. Finally, Robert W. Baird increased their target price on M&T Bank from $230.00 to $240.00 and gave the company an "outperform" rating in a research report on Thursday, April 16th. Eight analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $235.32.

M&T Bank Stock Up 0.6%

NYSE MTB opened at $206.17 on Tuesday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.94 and a current ratio of 0.94. The company has a market capitalization of $30.19 billion, a P/E ratio of 11.54, a P/E/G ratio of 1.04 and a beta of 0.59. M&T Bank Corporation has a one year low of $174.76 and a one year high of $239.00. The stock has a 50 day moving average price of $210.05 and a 200-day moving average price of $208.11.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share for the quarter, beating the consensus estimate of $4.02 by $0.16. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.The company had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the prior year, the firm posted $3.32 EPS. As a group, equities analysts predict that M&T Bank Corporation will post 18.69 EPS for the current fiscal year.

M&T Bank announced that its board has authorized a stock buyback plan on Tuesday, March 31st that authorizes the company to buyback $5.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 16.7% of its stock through open market purchases. Stock buyback plans are generally a sign that the company's board believes its stock is undervalued.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 1st will be issued a dividend of $1.50 per share. This represents a $6.00 annualized dividend and a yield of 2.9%. The ex-dividend date is Monday, June 1st. M&T Bank's dividend payout ratio is presently 33.59%.

M&T Bank Profile

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.

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