Speece Thorson Capital Group Inc. Sells 20,780 Shares of M&T Bank Corporation $MTB

Key Points

• Speece Thorson Capital Group reduced its stake in M&T Bank by 22.1%, selling 20,780 shares in Q4 and retaining 73,241 shares valued at about $14.76 million, roughly 3.2% of the fund's portfolio.
• Company insiders have been net sellers recently — insiders sold 31,226 shares in the last 90 days worth about $7.24 million, including Director John P. Barnes' sale of 21,193 shares for roughly $4.998 million.
• M&T launched a $5.0 billion share buyback program (up to 16.7% of shares), reported a quarterly EPS beat ($4.18 vs. $4.02) and declared a $1.50 quarterly dividend (annualized $6.00, ~2.8% yield).

Speece Thorson Capital Group Inc. decreased its holdings in M&T Bank Corporation (NYSE:MTB - Free Report) by 22.1% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 73,241 shares of the financial services provider's stock after selling 20,780 shares during the quarter. M&T Bank makes up about 3.2% of Speece Thorson Capital Group Inc.'s investment portfolio, making the stock its 14th largest position. Speece Thorson Capital Group Inc.'s holdings in M&T Bank were worth $14,757,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the business. Munich Reinsurance Co Stock Corp in Munich raised its position in M&T Bank by 37.1% in the 4th quarter. Munich Reinsurance Co Stock Corp in Munich now owns 351,076 shares of the financial services provider's stock valued at $71,462,000 after purchasing an additional 95,025 shares during the last quarter. Citizens & Northern Corp raised its position in M&T Bank by 7.6% in the 4th quarter. Citizens & Northern Corp now owns 3,642 shares of the financial services provider's stock valued at $734,000 after purchasing an additional 258 shares during the last quarter. Kingswood Wealth Advisors LLC raised its position in shares of M&T Bank by 17.0% during the fourth quarter. Kingswood Wealth Advisors LLC now owns 1,991 shares of the financial services provider's stock worth $401,000 after acquiring an additional 289 shares during the last quarter. Salomon & Ludwin LLC raised its position in shares of M&T Bank by 45.5% during the fourth quarter. Salomon & Ludwin LLC now owns 339 shares of the financial services provider's stock worth $71,000 after acquiring an additional 106 shares during the last quarter. Finally, Miller Howard Investments Inc. NY bought a new stake in shares of M&T Bank during the fourth quarter worth $42,817,000. Institutional investors own 84.68% of the company's stock.

Insider Buying and Selling

In other M&T Bank news, Director John P. Barnes sold 21,193 shares of the business'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 directly owned 15,142 shares of the company's stock, valued at approximately $3,571,240.70. The trade was a 58.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kirk W. Walters sold 909 shares of the business's stock in a transaction dated Tuesday, February 3rd. The shares were sold at an average price of $227.37, for a total value of $206,679.33. Following the completion of the transaction, the director directly owned 5,976 shares of the company's stock, valued at approximately $1,358,763.12. The trade was a 13.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 31,226 shares of company stock worth $7,237,259. Company insiders own 0.44% of the company's stock.

M&T Bank Trading Down 2.1%

NYSE MTB opened at $215.20 on Friday. The stock has a 50-day simple moving average of $213.30 and a 200 day simple moving average of $205.11. The company has a market capitalization of $32.06 billion, a PE ratio of 12.05, a P/E/G ratio of 1.12 and a beta of 0.60. The company has a current ratio of 0.88, a quick ratio of 0.96 and a debt-to-equity ratio of 0.44. M&T Bank Corporation has a 12 month low of $165.34 and a 12 month high of $239.00.

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 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 posted $3.32 earnings per share. Research analysts forecast that M&T Bank Corporation will post 18.67 EPS for the current year.

M&T Bank declared that its board has initiated a share repurchase plan on Tuesday, March 31st that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the financial services provider to purchase up to 16.7% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's management believes its shares are undervalued.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 1st will be issued 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 dividend payout ratio is currently 33.59%.

Analyst Ratings Changes

A number of research firms have recently weighed in on MTB. Cantor Fitzgerald dropped their target price on M&T Bank from $255.00 to $253.00 and set an "overweight" rating for the company in a research report on Friday, April 17th. Wells Fargo & Company boosted their target price on M&T Bank from $185.00 to $205.00 and gave the stock an "underweight" rating in a research report on Monday, January 5th. Barclays upped their price objective on M&T Bank from $220.00 to $236.00 and gave the company an "equal weight" rating in a report on Monday, January 5th. Jefferies Financial Group upped their price objective on M&T Bank from $255.00 to $265.00 and gave the company a "buy" rating in a report on Thursday, April 16th. Finally, Argus upped their price objective on M&T Bank from $230.00 to $245.00 and gave the company a "buy" rating in a report on Friday, April 17th. Eight investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $235.55.

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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