M&T Bank Co. (NYSE:MTB) Position Cut by Voya Investment Management LLC

Voya Investment Management LLC cut its stake in M&T Bank Co. (NYSE:MTB - Free Report) by 8.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 48,190 shares of the financial services provider's stock after selling 4,319 shares during the period. Voya Investment Management LLC's holdings in M&T Bank were worth $9,060,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of MTB. Y.D. More Investments Ltd increased its stake in shares of M&T Bank by 122.6% during the fourth quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider's stock worth $39,000 after buying an additional 114 shares during the period. Human Investing LLC acquired a new position in M&T Bank during the 4th quarter worth approximately $44,000. Sierra Ocean LLC purchased a new stake in shares of M&T Bank in the 4th quarter valued at approximately $44,000. Loomis Sayles & Co. L P acquired a new stake in shares of M&T Bank in the 4th quarter valued at $52,000. Finally, Principal Securities Inc. lifted its position in shares of M&T Bank by 47.5% during the 4th quarter. Principal Securities Inc. now owns 410 shares of the financial services provider's stock worth $77,000 after purchasing an additional 132 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company's stock.

Wall Street Analysts Forecast Growth

MTB has been the topic of several recent analyst reports. 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 note on Tuesday, April 15th. Piper Sandler cut their price target on shares of 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. Truist Financial decreased their price objective on shares of M&T Bank from $225.00 to $200.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Barclays cut their target price on M&T Bank from $235.00 to $220.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 15th. Finally, Royal Bank of Canada decreased their price target on shares of 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. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $208.24.

Insider Buying and Selling at M&T Bank

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

M&T Bank Stock Up 2.6 %

Shares of M&T Bank stock traded up $4.42 on Friday, hitting $175.28. 854,217 shares of the company's stock traded hands, compared to its average volume of 1,121,049. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The firm's 50-day moving average is $171.74 and its 200 day moving average is $190.36. The stock has a market cap of $28.80 billion, a P/E ratio of 11.98, a PEG ratio of 1.38 and a beta of 0.58. M&T Bank Co. has a 52-week low of $139.78 and a 52-week high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last released its 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 company had revenue of $2.31 billion during 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 period in the previous year, the firm posted $3.09 EPS. Equities analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date was Monday, March 3rd. M&T Bank's dividend payout ratio is presently 36.17%.

M&T Bank announced that its board has authorized a share buyback program on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's leadership believes its shares are undervalued.

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.