Mitsubishi UFJ Trust & Banking Corp Sells 13,633 Shares of M&T Bank Corporation $MTB

Key Points

• Mitsubishi UFJ Trust & Banking Corp cut its stake in M&T Bank by 15.7%, selling 13,633 shares and leaving it with 73,098 shares valued at about $14.73 million at quarter-end.
• Company insiders have been net sellers recently — EVP Michael A. Wisler sold 8,237 shares and a director sold 909, with insiders offloading a total of 30,339 shares worth $7.05 million in the past three months (insiders own 0.44% of stock).
• M&T announced a $5.0 billion share buyback (up to 16.7% of outstanding shares), declared a quarterly dividend of $1.50 ($6.00 annualized, 2.7% yield), and reported a quarterly EPS beat of $4.18 vs. $4.02 expected.

Mitsubishi UFJ Trust & Banking Corp lowered its position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 15.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 73,098 shares of the financial services provider's stock after selling 13,633 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp's holdings in M&T Bank were worth $14,728,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the company. Bank of Jackson Hole Trust lifted its position in M&T Bank by 342.9% during the 3rd quarter. Bank of Jackson Hole Trust now owns 155 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 120 shares during the period. Triumph Capital Management acquired a new stake in shares of M&T Bank during the 3rd quarter worth approximately $32,000. Ameriflex Group Inc. grew its position in shares of M&T Bank by 82.4% during the 3rd quarter. Ameriflex Group Inc. now owns 186 shares of the financial services provider's stock worth $37,000 after buying an additional 84 shares during the period. Westside Investment Management Inc. raised its stake in shares of M&T Bank by 61.8% during the third quarter. Westside Investment Management Inc. now owns 199 shares of the financial services provider's stock worth $39,000 after buying an additional 76 shares during the last quarter. Finally, Hoese & Co LLP acquired a new position in M&T Bank in the fourth quarter valued at approximately $50,000. Institutional investors own 84.68% of the company's stock.

Insider Activity at M&T Bank

In related news, EVP Michael A. Wisler sold 8,237 shares of the stock in a transaction that occurred on Thursday, February 26th. The stock was sold at an average price of $223.48, for a total transaction of $1,840,804.76. Following the completion of the sale, the executive vice president directly owned 4,643 shares of the company's stock, valued at approximately $1,037,617.64. This represents a 63.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kirk W. Walters sold 909 shares of the company's stock in a transaction that occurred on Tuesday, February 3rd. The shares were sold at an average price of $227.37, for a total transaction of $206,679.33. Following the completion of the transaction, the director owned 5,976 shares of the company's stock, valued at $1,358,763.12. This trade represents a 13.20% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 30,339 shares of company stock worth $7,045,853. 0.44% of the stock is owned by company insiders.

M&T Bank Trading Up 1.6%

Shares of NYSE MTB opened at $218.92 on Friday. The company's fifty day moving average is $212.35 and its 200-day moving average is $205.86. The stock has a market cap of $32.62 billion, a price-to-earnings ratio of 12.26, a P/E/G ratio of 1.10 and a beta of 0.60. M&T Bank Corporation has a twelve month low of $167.35 and a twelve month high of $239.00. The company has a quick ratio of 0.96, a current ratio of 0.88 and a debt-to-equity ratio of 0.44.

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 EPS for the quarter, beating analysts' consensus estimates 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 net margin of 22.07% and a return on equity of 11.35%. During the same quarter in the prior year, the company earned $3.32 EPS. Equities research analysts predict that M&T Bank Corporation will post 18.64 EPS for the current year.

M&T Bank announced that its Board of Directors has initiated a share buyback plan on Tuesday, March 31st that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 16.7% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board believes its shares are undervalued.

M&T Bank Announces Dividend

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

Analysts Set New Price Targets

A number of analysts have commented on MTB shares. JPMorgan Chase & Co. lowered 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. Bank of America restated a "neutral" rating and issued a $225.00 price target on shares of M&T Bank in a research report on Wednesday, January 7th. TD Cowen reaffirmed a "buy" rating on shares of M&T Bank in a research note on Wednesday, January 7th. DA Davidson upped their price objective on M&T Bank from $233.00 to $235.00 and gave the company a "neutral" rating in a report on Thursday, April 16th. Finally, Piper Sandler raised their target price on 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 company's stock. According to MarketBeat.com, M&T Bank currently has a consensus rating of "Hold" and an average target price of $235.32.

About M&T Bank

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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