Mercer Global Advisors Inc. ADV Decreases Stake in M&T Bank Co. (NYSE:MTB)

Mercer Global Advisors Inc. ADV lowered its stake in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 34.9% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,965 shares of the financial services provider's stock after selling 3,196 shares during the period. Mercer Global Advisors Inc. ADV's holdings in M&T Bank were worth $1,121,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. FMR LLC raised its position in shares of M&T Bank by 14.3% during the fourth quarter. FMR LLC now owns 14,110,412 shares of the financial services provider's stock valued at $2,652,899,000 after buying an additional 1,761,014 shares during the last quarter. Norges Bank bought a new stake in M&T Bank during the fourth quarter worth about $317,690,000. Charles Schwab Investment Management Inc. raised its position in M&T Bank by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider's stock valued at $994,522,000 after purchasing an additional 252,583 shares during the last quarter. Amundi increased its position in M&T Bank by 43.5% in the 4th quarter. Amundi now owns 807,339 shares of the financial services provider's stock valued at $154,315,000 after acquiring an additional 244,709 shares in the last quarter. Finally, Northern Trust Corp raised its position in M&T Bank by 14.7% in the 4th quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider's stock worth $316,483,000 after purchasing an additional 215,100 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. DA Davidson decreased their price objective on shares of M&T Bank from $205.00 to $189.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Truist Financial dropped their target price on M&T Bank from $225.00 to $200.00 and set a "buy" rating on the stock in a report on Tuesday, April 15th. Piper Sandler dropped their price objective on M&T Bank from $220.00 to $210.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 15th. StockNews.com downgraded shares of M&T Bank from a "hold" rating to a "sell" rating in a research report on Tuesday, May 6th. Finally, Royal Bank of Canada cut their price objective on shares of M&T Bank from $208.00 to $200.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $208.24.

Insider Buying and Selling at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the sale, the executive vice president now owns 10,751 shares of the company's stock, valued at approximately $1,852,827.34. This represents a 13.92% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.53% of the company's stock.

M&T Bank Trading Up 4.3%

Shares of NYSE:MTB traded up $7.59 during mid-day trading on Monday, reaching $184.74. 1,452,190 shares of the company's stock were exchanged, compared to its average volume of 1,129,266. The business's fifty day moving average price is $170.30 and its 200-day moving average price is $189.50. M&T Bank Co. has a twelve month low of $139.78 and a twelve month high of $225.70. The firm has a market capitalization of $29.65 billion, a price-to-earnings ratio of 12.63, a PEG ratio of 1.38 and a beta of 0.58. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98.

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

M&T Bank Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank's payout ratio is 36.17%.

M&T Bank announced that its Board of Directors has initiated a share buyback plan on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board believes its shares are undervalued.

About M&T Bank

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.