Polaris Capital Management LLC Decreases Holdings in M&T Bank Corporation $MTB

Key Points

• Polaris Capital Management LLC cut its stake in M&T Bank (MTB) by 15.1% in Q4, selling 22,400 shares to finish with 125,994 shares worth about $25.39 million, which is 2.1% of Polaris's portfolio.
• M&T's board approved a $5.0 billion share buyback (authorizing repurchases of roughly 16.7% of shares) and declared a quarterly dividend of $1.50 ($6.00 annualized, ~2.8% yield).
• Insiders have sold 31,226 shares totaling about $7.24 million in the past 90 days, including Director John P. Barnes' sale of 21,193 shares for roughly $5.0 million.

Polaris Capital Management LLC cut its holdings in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 15.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 125,994 shares of the financial services provider's stock after selling 22,400 shares during the quarter. M&T Bank makes up 2.1% of Polaris Capital Management LLC's investment portfolio, making the stock its 25th largest holding. Polaris Capital Management LLC owned 0.08% of M&T Bank worth $25,385,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Canoe Financial LP increased its position in shares of M&T Bank by 46.8% during the 3rd quarter. Canoe Financial LP now owns 433,679 shares of the financial services provider's stock valued at $85,704,000 after purchasing an additional 138,173 shares during the last quarter. LSV Asset Management increased its position in shares of M&T Bank by 19.9% during the 3rd quarter. LSV Asset Management now owns 342,400 shares of the financial services provider's stock valued at $67,665,000 after purchasing an additional 56,750 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S increased its position in shares of M&T Bank by 120.3% during the 3rd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 17,925 shares of the financial services provider's stock valued at $3,542,000 after purchasing an additional 9,788 shares during the last quarter. Plato Investment Management Ltd increased its position in shares of M&T Bank by 54.3% during the 3rd quarter. Plato Investment Management Ltd now owns 8,251 shares of the financial services provider's stock valued at $1,618,000 after purchasing an additional 2,905 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp increased its position in shares of M&T Bank by 19.1% during the 3rd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 86,731 shares of the financial services provider's stock valued at $17,140,000 after purchasing an additional 13,889 shares during the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other M&T Bank news, Director John P. Barnes sold 21,193 shares of the firm's stock in a transaction dated Monday, February 9th. The stock was sold at an average price of $235.85, for a total value of $4,998,369.05. Following the completion of the transaction, the director owned 15,142 shares in the company, valued at $3,571,240.70. This trade represents a 58.33% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Vice Chairman Gary N. Geisel sold 887 shares of the firm's stock in a transaction dated Wednesday, January 28th. The stock was sold at an average price of $215.79, for a total value of $191,405.73. Following the completion of the transaction, the insider owned 16,446 shares of the company's stock, valued at approximately $3,548,882.34. This represents a 5.12% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 31,226 shares of company stock worth $7,237,259 in the last 90 days. 0.44% of the stock is owned by company insiders.

M&T Bank Stock Down 2.1%

MTB stock opened at $215.20 on Friday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.96 and a current ratio of 0.88. The company has a market capitalization of $32.06 billion, a price-to-earnings ratio of 12.05, a PEG ratio of 1.12 and a beta of 0.60. M&T Bank Corporation has a fifty-two week low of $165.34 and a fifty-two week high of $239.00. The stock has a fifty day moving average of $213.30 and a 200-day moving average of $205.01.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings results 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 company had revenue of $2.44 billion during the quarter, compared to the consensus estimate 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 in the prior year, the company earned $3.32 EPS. As a group, equities research analysts predict that M&T Bank Corporation will post 18.67 earnings per share for the current year.

M&T Bank declared that its Board of Directors has approved a stock repurchase 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 buy up to 16.7% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 1st will be paid a $1.50 dividend. The ex-dividend date is Monday, June 1st. This represents a $6.00 annualized dividend and a yield of 2.8%. M&T Bank's dividend payout ratio (DPR) is currently 33.59%.

Analyst Upgrades and Downgrades

MTB has been the subject of several research analyst reports. TD Cowen reaffirmed a "buy" rating on shares of M&T Bank in a research report on Wednesday, January 7th. The Goldman Sachs Group increased their price target on M&T Bank from $231.00 to $235.00 and gave the stock a "neutral" rating in a research note on Monday, April 6th. Truist Financial set a $230.00 price target on M&T Bank in a research note on Tuesday, January 20th. Citigroup increased their price target on M&T Bank from $215.00 to $225.00 and gave the stock a "neutral" rating in a research note on Friday, January 2nd. Finally, Piper Sandler increased their price target on M&T Bank from $235.00 to $240.00 and gave the stock an "overweight" rating in a research note on Thursday, April 16th. Eight equities 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 stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $235.55.

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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