Reinhart Partners LLC. Sells 22,688 Shares of M&T Bank Corporation $MTB

Key Points

• Reinhart Partners LLC reduced its M&T Bank stake by 46.5% in the fourth quarter, selling 22,688 shares and leaving it with 26,133 shares valued at about $5.27 million.
• Insider selling and analyst views were mixed: EVP Christopher E. Kay sold 3,105 shares, while analysts mostly rate the stock a Hold overall with a consensus price target of $235.32.
• M&T Bank reported solid results and shareholder returns, beating quarterly EPS estimates and authorizing a $5 billion share buyback, while also declaring a $1.50 quarterly dividend payable June 30.

Reinhart Partners LLC. cut its stake in shares of M&T Bank Corporation (NYSE:MTB - Free Report) by 46.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 26,133 shares of the financial services provider's stock after selling 22,688 shares during the period. Reinhart Partners LLC.'s holdings in M&T Bank were worth $5,265,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Bank of New York Mellon Corp lifted its stake in M&T Bank by 3.6% during the 4th quarter. Bank of New York Mellon Corp now owns 1,416,224 shares of the financial services provider's stock valued at $285,341,000 after acquiring an additional 49,336 shares in the last quarter. Canoe Financial LP lifted its stake in M&T Bank by 50.5% during the 4th quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider's stock valued at $131,515,000 after acquiring an additional 219,065 shares in the last quarter. LSV Asset Management lifted its stake in M&T Bank by 14.5% during the 4th quarter. LSV Asset Management now owns 391,900 shares of the financial services provider's stock valued at $78,960,000 after acquiring an additional 49,500 shares in the last quarter. RNC Capital Management LLC lifted its stake in M&T Bank by 1.0% during the 4th quarter. RNC Capital Management LLC now owns 365,052 shares of the financial services provider's stock valued at $73,551,000 after acquiring an additional 3,618 shares in the last quarter. Finally, Huntington National Bank lifted its stake in M&T Bank by 0.9% during the 4th quarter. Huntington National Bank now owns 364,865 shares of the financial services provider's stock valued at $73,513,000 after acquiring an additional 3,215 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors.

Insider Transactions at M&T Bank

In related news, EVP Christopher E. Kay sold 3,105 shares of the business's stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $216.50, for a total value of $672,232.50. Following the sale, the executive vice president directly owned 6,753 shares in the company, valued at approximately $1,462,024.50. The trade was a 31.50% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.44% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently commented on MTB. Robert W. Baird lifted their target price on M&T Bank from $230.00 to $240.00 and gave the stock an "outperform" rating in a research note on Thursday, April 16th. Piper Sandler lifted their target price 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. Cantor Fitzgerald lowered their target price on M&T Bank from $255.00 to $253.00 and set an "overweight" rating on the stock in a research note on Friday, April 17th. DA Davidson lifted their target price on M&T Bank from $233.00 to $235.00 and gave the stock a "neutral" rating in a research note on Thursday, April 16th. Finally, JPMorgan Chase & Co. lowered their target price on M&T Bank from $231.50 to $227.00 and set a "neutral" rating on the stock in a research note on Thursday, April 30th. Eight investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $235.32.

M&T Bank Trading Up 2.8%

NYSE MTB opened at $217.50 on Wednesday. The stock has a market capitalization of $31.85 billion, a price-to-earnings ratio of 12.18, a PEG ratio of 1.07 and a beta of 0.57. M&T Bank Corporation has a one year low of $174.76 and a one year high of $239.00. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.94 and a quick ratio of 0.94. The business's fifty day moving average is $212.37 and its 200-day moving average is $210.15.

M&T Bank (NYSE:MTB - Get Free Report) last released its earnings results on Wednesday, April 15th. The financial services provider reported $4.18 EPS for the quarter, topping analysts' consensus estimates of $4.02 by $0.16. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.The company had revenue of $2.44 billion for the quarter, compared to analysts' expectations of $2.43 billion. During the same period in the previous year, the business posted $3.32 EPS. Equities research analysts predict that M&T Bank Corporation will post 18.69 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 repurchase up to 16.7% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company's board believes its stock is undervalued.

M&T Bank Dividend Announcement

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

M&T Bank Company 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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