Grimes & Company Inc. Has $428,000 Holdings in M&T Bank Co. (NYSE:MTB)

Grimes & Company Inc. cut its holdings in M&T Bank Co. (NYSE:MTB) by 20.4% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,275 shares of the financial services provider’s stock after selling 583 shares during the period. Grimes & Company Inc.’s holdings in M&T Bank were worth $428,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also modified their holdings of the company. Hennion & Walsh Asset Management Inc. grew its stake in shares of M&T Bank by 34.7% in the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider’s stock valued at $1,473,000 after acquiring an additional 2,018 shares in the last quarter. Capital Performance Advisors LLP acquired a new stake in M&T Bank during the third quarter worth about $44,000. Principal Financial Group Inc. grew its stake in M&T Bank by 1.4% during the third quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock worth $35,466,000 after buying an additional 2,797 shares in the last quarter. Smead Capital Management Inc. grew its stake in M&T Bank by 3.5% during the third quarter. Smead Capital Management Inc. now owns 493,817 shares of the financial services provider’s stock worth $87,959,000 after buying an additional 16,657 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. grew its stake in M&T Bank by 6.1% during the third quarter. Nomura Asset Management Co. Ltd. now owns 50,275 shares of the financial services provider’s stock worth $8,955,000 after buying an additional 2,883 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at M&T Bank

In other news, Vice Chairman Kevin J. Pearson sold 7,500 shares of the business’s stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $195.88, for a total transaction of $1,469,100.00. Following the completion of the transaction, the insider now owns 40,502 shares of the company’s stock, valued at approximately $7,933,531.76. The trade was a 15.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Tracy S. Woodrow sold 2,121 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total value of $468,210.75. Following the transaction, the executive vice president now directly owns 5,141 shares of the company’s stock, valued at $1,134,875.75. The trade was a 29.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 64,994 shares of company stock valued at $13,331,878 in the last quarter. 0.82% of the stock is currently owned by corporate insiders.

M&T Bank Trading Up 0.9 %

Shares of M&T Bank stock opened at $198.81 on Friday. M&T Bank Co. has a 52-week low of $128.31 and a 52-week high of $225.70. The stock’s 50-day simple moving average is $200.79 and its 200 day simple moving average is $185.16. The stock has a market capitalization of $32.99 billion, a P/E ratio of 13.59, a P/E/G ratio of 1.37 and a beta of 0.79. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.93.

M&T Bank (NYSE:MTB) last posted its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same quarter last year, the firm posted $2.74 earnings per share. As a group, research analysts anticipate that M&T Bank Co. will post 16.56 EPS for the current year.

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

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd were issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date was Monday, December 2nd. M&T Bank’s payout ratio is presently 36.91%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MTB. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Friday, October 18th. Piper Sandler increased their price objective on shares of M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 27th. Royal Bank of Canada increased their price objective on shares of M&T Bank from $190.00 to $208.00 and gave the stock an “outperform” rating in a research note on Friday, October 18th. Bank of America increased their target price on shares of M&T Bank from $188.00 to $218.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Finally, Compass Point increased their target price on shares of M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a report on Tuesday, December 10th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, M&T Bank presently has an average rating of “Hold” and a consensus target price of $221.68.

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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.