Deseret Mutual Benefit Administrators Sells 68 Shares of M&T Bank Co. (NYSE:MTB)

Deseret Mutual Benefit Administrators decreased its position in shares of M&T Bank Co. (NYSE:MTB) by 18.6% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 297 shares of the financial services provider’s stock after selling 68 shares during the quarter. Deseret Mutual Benefit Administrators’ holdings in M&T Bank were worth $56,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Sanctuary Advisors LLC lifted its position in M&T Bank by 0.3% during the fourth quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider’s stock worth $3,195,000 after purchasing an additional 52 shares during the period. Hedeker Wealth LLC lifted its position in M&T Bank by 1.6% during the third quarter. Hedeker Wealth LLC now owns 3,519 shares of the financial services provider’s stock worth $627,000 after purchasing an additional 55 shares during the period. Catalina Capital Group LLC lifted its position in M&T Bank by 2.0% during the fourth quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider’s stock worth $531,000 after purchasing an additional 56 shares during the period. Frank Rimerman Advisors LLC lifted its position in M&T Bank by 1.0% during the third quarter. Frank Rimerman Advisors LLC now owns 5,644 shares of the financial services provider’s stock worth $1,005,000 after purchasing an additional 57 shares during the period. Finally, Crestwood Advisors Group LLC lifted its position in M&T Bank by 1.9% during the third quarter. Crestwood Advisors Group LLC now owns 3,103 shares of the financial services provider’s stock worth $553,000 after purchasing an additional 57 shares during the period. Institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Performance

NYSE:MTB opened at $193.48 on Friday. The company has a market capitalization of $31.80 billion, a PE ratio of 13.23, a P/E/G ratio of 1.38 and a beta of 0.79. The company has a 50 day simple moving average of $195.09 and a two-hundred day simple moving average of $190.08. 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 Co. has a fifty-two week low of $133.03 and a fifty-two week high of $225.70.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping 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 in the previous year, the business posted $2.74 EPS. Research analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current 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 buyback $4.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its shares are undervalued.

M&T Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s payout ratio is 36.91%.

Insiders Place Their Bets

In other M&T Bank news, Vice Chairman Gary N. Geisel sold 2,490 shares of the stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total transaction of $537,566.10. Following the transaction, the insider now directly owns 16,429 shares in the company, valued at approximately $3,546,856.81. This represents a 13.16 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Tracy S. Woodrow sold 2,121 shares of the stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total value of $468,210.75. Following the completion of the transaction, the executive vice president now owns 5,141 shares in the company, valued at approximately $1,134,875.75. This represents a 29.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.82% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Citigroup cut shares of M&T Bank from a “buy” rating to a “neutral” rating and increased their target price for the stock from $220.00 to $230.00 in a report on Monday, November 25th. Piper Sandler increased their target price on shares of M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. DA Davidson increased their target price on shares of M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Keefe, Bruyette & Woods increased their target price on shares of M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. 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 investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, M&T Bank has a consensus rating of “Hold” and an average 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.