M&T Bank Co. (NYSE:MTB) Shares Sold by Cresset Asset Management LLC

Cresset Asset Management LLC reduced its position in M&T Bank Co. (NYSE:MTB - Free Report) by 26.8% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 26,246 shares of the financial services provider's stock after selling 9,605 shares during the period. Cresset Asset Management LLC's holdings in M&T Bank were worth $4,934,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. FMR LLC boosted its position in M&T Bank by 14.3% during the 4th quarter. FMR LLC now owns 14,110,412 shares of the financial services provider's stock worth $2,652,899,000 after acquiring an additional 1,761,014 shares during the last quarter. Norges Bank acquired a new stake in M&T Bank in the 4th quarter valued at about $317,690,000. Charles Schwab Investment Management Inc. lifted its position in shares of M&T Bank by 5.0% in the fourth 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 buying an additional 252,583 shares during the last quarter. Amundi boosted its stake in shares of M&T Bank by 43.5% during the 4th quarter. Amundi now owns 807,339 shares of the financial services provider's stock worth $154,315,000 after acquiring an additional 244,709 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of M&T Bank by 14.7% during the 4th quarter. Northern Trust Corp now owns 1,683,329 shares of the financial services provider's stock worth $316,483,000 after acquiring an additional 215,100 shares during the last quarter. Institutional investors own 84.68% of the company's stock.

Insiders Place Their Bets

In related news, EVP Christopher E. Kay sold 1,738 shares of the company's stock in a transaction 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 completion of the sale, the executive vice president now owns 10,751 shares in the company, valued at $1,852,827.34. This represents a 13.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.53% of the stock is owned by corporate insiders.

M&T Bank Price Performance

NYSE MTB traded up $7.59 during mid-day trading on Monday, hitting $184.74. The stock had a trading volume of 1,452,190 shares, compared to its average volume of 1,129,266. The stock has a market capitalization of $30.35 billion, a price-to-earnings ratio of 12.63, a PEG ratio of 1.38 and a beta of 0.58. The firm's 50 day moving average is $170.16 and its 200 day moving average is $189.56. M&T Bank Co. has a twelve month low of $139.78 and a twelve month high of $225.70. 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 (NYSE:MTB - Get Free Report) last issued its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $3.41 by ($0.03). M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. The company had revenue of $2.31 billion during the quarter, compared to analysts' expectations of $2.35 billion. During the same quarter last year, the firm posted $3.09 earnings per share. Equities research analysts forecast that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank declared that its Board of Directors has authorized a stock repurchase plan on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 12.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's management believes its stock is undervalued.

M&T Bank Announces Dividend

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MTB. Barclays dropped their price target on M&T Bank from $235.00 to $220.00 and set an "equal weight" rating for the company 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 for the company in a research report on Thursday, April 24th. Citigroup decreased their target price on M&T Bank from $230.00 to $195.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. StockNews.com lowered shares of M&T Bank from a "hold" rating to a "sell" rating in a research note on Tuesday, May 6th. Finally, Morgan Stanley dropped their target price on M&T Bank from $269.00 to $253.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $208.24.

M&T Bank 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.