M&T Bank Corporation $MTB Shares Sold by Manning & Napier Advisors LLC

Key Points

• Manning & Napier Advisors LLC cut its M&T Bank stake by 96.9% in the fourth quarter, selling 13,854 shares and leaving just 449 shares valued at about $90,000.
• M&T Bank reported strong quarterly results, with EPS of $4.18 beating estimates and revenue of $2.44 billion slightly above expectations.
• The bank announced a quarterly dividend of $1.50 per share and a $5 billion share buyback program, while analysts currently have a consensus rating of Hold with an average price target of $235.32.

Manning & Napier Advisors LLC lowered its position in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 96.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 449 shares of the financial services provider's stock after selling 13,854 shares during the quarter. Manning & Napier Advisors LLC's holdings in M&T Bank were worth $90,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of the company. Crestwood Advisors Group LLC boosted its position in M&T Bank by 8.8% during the fourth quarter. Crestwood Advisors Group LLC now owns 3,631 shares of the financial services provider's stock worth $732,000 after acquiring an additional 294 shares during the last quarter. RNC Capital Management LLC boosted its position in M&T Bank by 1.0% during the fourth 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 during the last quarter. Pinnacle Wealth Management Advisory Group LLC acquired a new stake in M&T Bank during the fourth quarter worth approximately $204,000. PFA Pension Forsikringsaktieselskab acquired a new stake in M&T Bank during the fourth quarter worth approximately $17,697,000. Finally, Davis Selected Advisers boosted its holdings in shares of M&T Bank by 9.4% in the 4th quarter. Davis Selected Advisers now owns 55,846 shares of the financial services provider's stock valued at $11,252,000 after purchasing an additional 4,819 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

M&T Bank Stock Performance

NYSE:MTB opened at $212.22 on Monday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $31.08 billion, a price-to-earnings ratio of 11.88, a PEG ratio of 1.08 and a beta of 0.59. The firm's fifty day simple moving average is $211.82 and its 200 day simple moving average is $206.88. M&T Bank Corporation has a twelve month low of $174.76 and a twelve month high of $239.00.

M&T Bank (NYSE:MTB - Get Free Report) last posted its 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. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates 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 previous year, the business posted $3.32 EPS. As a group, equities research 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 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. The ex-dividend date is Monday, June 1st. This represents a $6.00 annualized dividend and a dividend yield of 2.8%. M&T Bank's payout ratio is presently 33.59%.

M&T Bank declared that its board has authorized a stock buyback plan on Tuesday, March 31st that allows the company to buyback $5.00 billion in outstanding shares. This buyback authorization allows 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 management believes its stock is undervalued.

Analysts Set New Price Targets

MTB has been the topic of a number of research analyst reports. Jefferies Financial Group lifted their price target on shares of M&T Bank from $255.00 to $265.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Cantor Fitzgerald decreased their price target on shares of M&T Bank from $255.00 to $253.00 and set an "overweight" rating on the stock in a report on Friday, April 17th. Wall Street Zen lowered shares of M&T Bank from a "hold" rating to a "sell" rating in a report on Saturday, March 21st. DA Davidson lifted 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. Finally, The Goldman Sachs Group lifted their price target on shares of M&T Bank from $231.00 to $235.00 and gave the company a "neutral" rating in a report on Monday, April 6th. Eight investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $235.32.

Insider Buying and Selling at M&T Bank

In related news, EVP Michael A. Wisler sold 8,237 shares of M&T Bank stock in a transaction on Thursday, February 26th. The shares were sold at an average price of $223.48, for a total transaction of $1,840,804.76. Following the transaction, the executive vice president owned 4,643 shares in the company, valued at approximately $1,037,617.64. The trade was a 63.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.44% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.