NewEdge Advisors LLC Sells 2,374 Shares of M&T Bank Co. (NYSE:MTB)

NewEdge Advisors LLC decreased its position in M&T Bank Co. (NYSE:MTB - Free Report) by 14.3% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 14,277 shares of the financial services provider's stock after selling 2,374 shares during the quarter. NewEdge Advisors LLC's holdings in M&T Bank were worth $2,684,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Resurgent Financial Advisors LLC boosted its stake in M&T Bank by 7.9% during the 4th quarter. Resurgent Financial Advisors LLC now owns 2,867 shares of the financial services provider's stock valued at $539,000 after purchasing an additional 211 shares during the period. Evergreen Capital Management LLC boosted its position in shares of M&T Bank by 18.6% in the fourth quarter. Evergreen Capital Management LLC now owns 4,026 shares of the financial services provider's stock worth $757,000 after buying an additional 631 shares during the period. Jump Financial LLC acquired a new stake in M&T Bank during the fourth quarter valued at $251,000. Ontario Teachers Pension Plan Board bought a new position in M&T Bank during the fourth quarter valued at approximately $599,000. Finally, Canada Post Corp Registered Pension Plan bought a new stake in M&T Bank in the fourth quarter worth $836,000. 84.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on MTB. Robert W. Baird cut their target price on shares of M&T Bank from $220.00 to $200.00 and set an "outperform" rating for the company in a research report on Tuesday, April 15th. Royal Bank of Canada dropped their price objective on M&T Bank from $208.00 to $200.00 and set an "outperform" rating for the company in a research note on Tuesday, April 15th. DA Davidson dropped their price target on M&T Bank from $205.00 to $189.00 and set a "neutral" rating for the company in a report on Tuesday, April 15th. Barclays decreased their price target on shares of M&T Bank from $235.00 to $220.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 15th. Finally, Evercore ISI cut their price objective on shares of M&T Bank from $234.00 to $205.00 and set an "outperform" rating on the stock in a report on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat, M&T Bank currently has a consensus rating of "Hold" and an average target price of $208.24.

M&T Bank Stock Down 1.0 %

NYSE MTB traded down $1.72 during trading hours on Friday, hitting $167.44. The company's stock had a trading volume of 829,177 shares, compared to its average volume of 1,120,758. M&T Bank Co. has a 52 week low of $139.78 and a 52 week high of $225.70. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The company's 50-day simple moving average is $173.82 and its two-hundred day simple moving average is $190.86. The company has a market capitalization of $27.51 billion, a PE ratio of 11.44, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58.

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 for the quarter, missing the consensus estimate of $3.41 by ($0.03). The firm had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.35 billion. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same quarter in the previous year, the company posted $3.09 EPS. Research analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 3.23%. The ex-dividend date was Monday, March 3rd. M&T Bank's payout ratio is 36.17%.

M&T Bank announced that its board has approved a stock repurchase plan 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 plans are usually a sign that the company's board of directors believes its stock is undervalued.

Insider Activity at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the transaction, the executive vice president now directly owns 10,751 shares of the company's stock, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.53% of the stock is currently owned by insiders.

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.