Invenomic Capital Management LP Decreases Stock Holdings in M&T Bank Co. (NYSE:MTB)

Invenomic Capital Management LP lowered its stake in M&T Bank Co. (NYSE:MTB - Free Report) by 65.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 96,475 shares of the financial services provider's stock after selling 185,291 shares during the period. M&T Bank makes up 0.9% of Invenomic Capital Management LP's holdings, making the stock its 29th biggest holding. Invenomic Capital Management LP owned 0.06% of M&T Bank worth $18,138,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of MTB. Investment Management Corp of Ontario grew its position in M&T Bank by 32.7% in the fourth quarter. Investment Management Corp of Ontario now owns 7,397 shares of the financial services provider's stock valued at $1,391,000 after acquiring an additional 1,821 shares during the last quarter. Janus Henderson Group PLC raised its holdings in M&T Bank by 32.6% in the 4th quarter. Janus Henderson Group PLC now owns 28,223 shares of the financial services provider's stock valued at $5,308,000 after buying an additional 6,936 shares during the last quarter. Gotham Asset Management LLC boosted its position in M&T Bank by 43.0% during the 4th quarter. Gotham Asset Management LLC now owns 3,403 shares of the financial services provider's stock worth $640,000 after buying an additional 1,023 shares during the period. Focus Partners Wealth grew its holdings in M&T Bank by 379.9% during the 4th quarter. Focus Partners Wealth now owns 18,144 shares of the financial services provider's stock worth $3,412,000 after acquiring an additional 14,363 shares during the last quarter. Finally, Ellevest Inc. bought a new stake in M&T Bank during the 4th quarter worth approximately $268,000. Institutional investors own 84.68% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on MTB shares. Citigroup reduced their target price on shares of M&T Bank from $230.00 to $195.00 and set a "neutral" rating on the stock in a report on Monday, March 24th. Morgan Stanley reduced their target price on shares of M&T Bank from $269.00 to $253.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Robert W. Baird reduced their target price on shares of M&T Bank from $220.00 to $200.00 and set an "outperform" rating on the stock in a report on Tuesday, April 15th. Deutsche Bank Aktiengesellschaft raised shares of M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 target price on the stock in a report on Thursday, April 24th. Finally, Wells Fargo & Company dropped their price target on shares of M&T Bank from $185.00 to $175.00 and set an "underweight" rating on the stock in a research report on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and an average price target of $209.33.

Insider Activity at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of the firm's stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the sale, the executive vice president now directly owns 10,751 shares of the company's stock, valued at $1,852,827.34. This trade represents a 13.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.53% of the stock is currently owned by insiders.

M&T Bank Price Performance

Shares of MTB traded up $1.65 during midday trading on Thursday, hitting $187.06. 762,656 shares of the company traded hands, compared to its average volume of 1,133,793. The stock has a 50-day moving average of $170.63 and a 200-day moving average of $189.45. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. M&T Bank Co. has a one year low of $139.78 and a one year high of $225.70. The firm has a market cap of $30.03 billion, a P/E ratio of 12.79, a PEG ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing analysts' consensus estimates of $3.41 by ($0.03). The firm had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.35 billion. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same quarter last year, the business posted $3.09 earnings per share. As a group, sell-side analysts predict that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 3rd were paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank's dividend payout ratio is currently 36.17%.

M&T Bank declared that its board has approved a stock repurchase program on Wednesday, January 22nd that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

M&T Bank Company Profile

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management, and investment services. It operates through the following segments: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.