Los Angeles Capital Management LLC Trims Stock Position in M&T Bank Corporation $MTB

Key Points

• Los Angeles Capital Management cut its M&T Bank stake by 25.4% in the fourth quarter, selling 115,827 shares and leaving it with about 341,050 shares valued at roughly $68.7 million.
• M&T Bank beat quarterly earnings expectations, reporting $4.18 EPS versus the $4.02 estimate, while revenue came in slightly above forecasts at $2.44 billion.
• The bank also announced a quarterly dividend of $1.50 per share and a new $5 billion share repurchase program, signaling confidence in its stock and shareholder returns.

Los Angeles Capital Management LLC lowered its holdings in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 25.4% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 341,050 shares of the financial services provider's stock after selling 115,827 shares during the quarter. Los Angeles Capital Management LLC owned approximately 0.22% of M&T Bank worth $68,715,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp increased its holdings in M&T Bank by 3.6% in the 4th quarter. Bank of New York Mellon Corp now owns 1,416,224 shares of the financial services provider's stock worth $285,341,000 after acquiring an additional 49,336 shares in the last quarter. Canoe Financial LP increased its holdings in M&T Bank by 50.5% in the 4th quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider's stock worth $131,515,000 after acquiring an additional 219,065 shares in the last quarter. LSV Asset Management increased its holdings in M&T Bank by 14.5% in the 4th quarter. LSV Asset Management now owns 391,900 shares of the financial services provider's stock worth $78,960,000 after acquiring an additional 49,500 shares in the last quarter. RNC Capital Management LLC increased its holdings in M&T Bank by 1.0% in the 4th quarter. RNC Capital Management LLC now owns 365,052 shares of the financial services provider's stock worth $73,551,000 after acquiring an additional 3,618 shares in the last quarter. Finally, Huntington National Bank increased its holdings in M&T Bank by 0.9% in the 4th quarter. Huntington National Bank now owns 364,865 shares of the financial services provider's stock worth $73,513,000 after acquiring an additional 3,215 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Trading Up 0.5%

Shares of MTB opened at $222.85 on Friday. 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. The company has a 50 day simple moving average of $213.75 and a two-hundred day simple moving average of $210.88. The firm has a market cap of $32.64 billion, a P/E ratio of 12.48, a price-to-earnings-growth ratio of 1.13 and a beta of 0.57.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings data on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.02 by $0.16. M&T Bank had a net margin of 22.07% and a return on equity of 11.35%. The business had revenue of $2.44 billion during the quarter, compared to analyst estimates of $2.43 billion. During the same period last year, the firm posted $3.32 EPS. On average, equities analysts expect that M&T Bank Corporation will post 18.69 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders 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 yield of 2.7%. The ex-dividend date of this dividend is Monday, June 1st. M&T Bank's dividend payout ratio (DPR) is 33.59%.

M&T Bank declared that its board has approved a share repurchase plan on Tuesday, March 31st that permits the company to buyback $5.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 16.7% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board believes its shares are undervalued.

Analysts Set New Price Targets

MTB has been the subject of several analyst reports. The Goldman Sachs Group increased 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. UBS Group set a $235.00 target price on shares of M&T Bank in a report on Thursday, April 16th. JPMorgan Chase & Co. reduced their target price on shares of M&T Bank from $231.50 to $227.00 and set a "neutral" rating for the company in a report on Thursday, April 30th. Cantor Fitzgerald reduced their target price on shares of M&T Bank from $255.00 to $253.00 and set an "overweight" rating for the company in a report on Friday, April 17th. Finally, Piper Sandler increased their target price on shares of M&T Bank from $235.00 to $240.00 and gave the stock an "overweight" rating in a report on Thursday, April 16th. Eight analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $235.32.

Insider Transactions at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 3,105 shares of the stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $216.50, for a total transaction of $672,232.50. Following the completion of the sale, the executive vice president directly owned 6,753 shares of the company's stock, valued at $1,462,024.50. This trade represents a 31.50% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.44% of the stock is currently owned by company insiders.

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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