Fiduciary Alliance LLC Sells 4,478 Shares of M&T Bank Corporation $MTB

Key Points

• Fiduciary Alliance LLC cut its M&T Bank stake by 22.6% in the first quarter, selling 4,478 shares and leaving it with 15,295 shares valued at about $3.32 million.
• M&T Bank reported better-than-expected quarterly results, posting EPS of $4.18 versus estimates of $4.02 and revenue of $2.44 billion, while management also announced a $5 billion stock buyback.
• The bank declared a quarterly dividend of $1.50 per share and, despite mixed analyst ratings, Wall Street’s average target price on the stock is about $235.58.

Fiduciary Alliance LLC lessened its holdings in M&T Bank Corporation (NYSE:MTB - Free Report) by 22.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 15,295 shares of the financial services provider's stock after selling 4,478 shares during the quarter. Fiduciary Alliance LLC's holdings in M&T Bank were worth $3,321,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in MTB. Empowered Funds LLC increased its holdings in shares of M&T Bank by 11.9% in the first quarter. Empowered Funds LLC now owns 3,396 shares of the financial services provider's stock worth $607,000 after buying an additional 362 shares during the period. Woodline Partners LP boosted its holdings in M&T Bank by 40.7% during the 1st quarter. Woodline Partners LP now owns 14,018 shares of the financial services provider's stock valued at $2,506,000 after acquiring an additional 4,054 shares during the period. Lazard Asset Management LLC boosted its holdings in M&T Bank by 24.6% during the 2nd quarter. Lazard Asset Management LLC now owns 2,900 shares of the financial services provider's stock valued at $562,000 after acquiring an additional 572 shares during the period. MUFG Securities EMEA plc bought a new position in M&T Bank during the 2nd quarter worth approximately $92,000. Finally, Geneos Wealth Management Inc. grew its position in M&T Bank by 4.3% during the 2nd quarter. Geneos Wealth Management Inc. now owns 1,727 shares of the financial services provider's stock worth $335,000 after acquiring an additional 71 shares during the last quarter. 84.68% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, EVP Christopher E. Kay sold 3,105 shares of the firm's stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $216.50, for a total value of $672,232.50. Following the completion of the sale, the executive vice president owned 6,753 shares of the company's stock, valued at $1,462,024.50. This trade represents a 31.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.44% of the stock is owned by insiders.

M&T Bank Stock Up 0.9%

Shares of NYSE:MTB opened at $233.29 on Thursday. The stock's 50-day moving average is $217.81 and its 200 day moving average is $214.58. The company has a market cap of $34.17 billion, a PE ratio of 13.06, a P/E/G ratio of 1.13 and a beta of 0.57. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.94 and a quick ratio of 0.94. M&T Bank Corporation has a 1 year low of $174.76 and a 1 year high of $239.00.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share for the quarter, topping the consensus estimate of $4.02 by $0.16. The business had revenue of $2.44 billion during the quarter, compared to analysts' expectations of $2.43 billion. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.During the same quarter last year, the business posted $3.32 EPS. Sell-side analysts anticipate that M&T Bank Corporation will post 18.81 EPS for the current year.

M&T Bank announced that its board has approved a stock buyback program on Tuesday, March 31st that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 16.7% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's management believes its stock is undervalued.

M&T Bank Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 2.6%. The ex-dividend date is Monday, June 1st. M&T Bank's dividend payout ratio is currently 33.59%.

Wall Street Analysts Forecast Growth

MTB has been the subject of several recent research reports. Piper Sandler boosted their price objective on M&T Bank from $235.00 to $240.00 and gave the company an "overweight" rating in a research report on Thursday, April 16th. The Goldman Sachs Group raised their target price on shares of M&T Bank from $231.00 to $235.00 and gave the stock a "neutral" rating in a report on Monday, April 6th. Argus lifted their target price on shares of M&T Bank from $230.00 to $245.00 and gave the stock a "buy" rating in a research note on Friday, April 17th. Robert W. Baird upped their price target on shares of M&T Bank from $230.00 to $240.00 and gave the company an "outperform" rating in a report on Thursday, April 16th. Finally, DA Davidson upped their price target on shares of M&T Bank from $233.00 to $235.00 and gave the company a "neutral" rating in a report on Thursday, April 16th. Eight research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, M&T Bank currently has an average rating of "Hold" and an average target price of $235.58.

M&T Bank Company 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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