Dana Investment Advisors Inc. Reduces Stake in M&T Bank Co. (NYSE:MTB)

Dana Investment Advisors Inc. decreased its stake in shares of M&T Bank Co. (NYSE:MTB) by 11.3% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 12,460 shares of the financial services provider’s stock after selling 1,583 shares during the period. Dana Investment Advisors Inc.’s holdings in M&T Bank were worth $2,343,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Arizona State Retirement System lifted its holdings in M&T Bank by 1.5% during the 4th quarter. Arizona State Retirement System now owns 48,506 shares of the financial services provider’s stock worth $9,120,000 after purchasing an additional 702 shares in the last quarter. Proficio Capital Partners LLC purchased a new stake in shares of M&T Bank in the 4th quarter valued at about $20,791,000. Assetmark Inc. raised its holdings in shares of M&T Bank by 6.0% in the 4th quarter. Assetmark Inc. now owns 40,731 shares of the financial services provider’s stock valued at $7,658,000 after acquiring an additional 2,315 shares in the last quarter. Keybank National Association OH raised its holdings in shares of M&T Bank by 4.9% in the 4th quarter. Keybank National Association OH now owns 1,665 shares of the financial services provider’s stock valued at $313,000 after acquiring an additional 78 shares in the last quarter. Finally, Exencial Wealth Advisors LLC purchased a new stake in shares of M&T Bank in the 4th quarter valued at about $8,183,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on MTB shares. Barclays raised their price target on M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Keefe, Bruyette & Woods raised their price target on M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Truist Financial reaffirmed a “buy” rating and issued a $236.00 price target (up previously from $233.00) on shares of M&T Bank in a report on Friday, January 17th. DA Davidson raised their price target on M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Finally, Piper Sandler increased their price objective on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research report on Wednesday, November 27th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, M&T Bank has an average rating of “Hold” and an average target price of $221.68.

M&T Bank Price Performance

MTB opened at $178.62 on Friday. The stock’s 50 day simple moving average is $194.07 and its 200 day simple moving average is $191.56. 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 Co. has a 1 year low of $133.03 and a 1 year high of $225.70. The firm has a market cap of $29.35 billion, a price-to-earnings ratio of 12.21, a PEG ratio of 1.38 and a beta of 0.79.

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 the consensus estimate 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 business posted $2.74 EPS. As a group, analysts predict that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 3rd will be given a $1.35 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.02%. M&T Bank’s dividend payout ratio is currently 36.91%.

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

M&T Bank Company 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.