MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Has $3.25 Million Holdings in M&T Bank Co. (NYSE:MTB)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. cut its position in M&T Bank Co. (NYSE:MTB - Free Report) by 31.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,257 shares of the financial services provider's stock after selling 8,049 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in M&T Bank were worth $3,245,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Sanctuary Advisors LLC boosted its holdings in M&T Bank by 0.3% in the 4th quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider's stock valued at $3,195,000 after purchasing an additional 52 shares during the period. Quadrant Capital Group LLC boosted its holdings in M&T Bank by 5.8% in the 4th quarter. Quadrant Capital Group LLC now owns 971 shares of the financial services provider's stock valued at $183,000 after purchasing an additional 53 shares during the period. Catalina Capital Group LLC boosted its holdings in M&T Bank by 2.0% in the 4th quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider's stock valued at $531,000 after purchasing an additional 56 shares during the period. Parallel Advisors LLC boosted its holdings in M&T Bank by 1.7% in the 4th quarter. Parallel Advisors LLC now owns 3,512 shares of the financial services provider's stock valued at $660,000 after purchasing an additional 60 shares during the period. Finally, Forum Financial Management LP boosted its holdings in M&T Bank by 2.2% in the 4th quarter. Forum Financial Management LP now owns 2,873 shares of the financial services provider's stock valued at $540,000 after purchasing an additional 62 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the business's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the transaction, the executive vice president now directly owns 10,751 shares of the company's stock, valued at approximately $1,852,827.34. The trade was a 13.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.53% of the company's stock.

M&T Bank Trading Down 0.2%

Shares of MTB stock opened at $187.29 on Tuesday. M&T Bank Co. has a 12-month low of $139.78 and a 12-month high of $225.70. The company has a market capitalization of $30.06 billion, a P/E ratio of 12.80, a P/E/G ratio of 1.38 and a beta of 0.58. The firm has a 50-day moving average price of $171.53 and a 200 day moving average price of $189.20. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB - Get Free Report) last announced its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share 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 company had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the prior year, the firm posted $3.09 earnings per share. Research analysts forecast that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank declared that its Board of Directors has authorized a share buyback program on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's management believes its stock is undervalued.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date was Monday, March 3rd. M&T Bank's dividend payout ratio is presently 36.17%.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Robert W. Baird reduced their price target on shares of M&T Bank from $220.00 to $200.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Truist Financial reduced their price target on shares of M&T Bank from $225.00 to $200.00 and set a "buy" rating for the company in a report on Tuesday, April 15th. Evercore ISI reduced their price objective on shares of M&T Bank from $234.00 to $205.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Piper Sandler reduced their price objective on shares of M&T Bank from $220.00 to $210.00 and set an "overweight" rating for the company in a report on Tuesday, April 15th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $200.00 price objective on shares of M&T Bank in a report on Monday. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $209.33.

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.

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