Charter Research & Investment Group Inc. Sells 169 Shares of M&T Bank Co. (NYSE:MTB)

Charter Research & Investment Group Inc. trimmed its holdings in shares of M&T Bank Co. (NYSE:MTB) by 1.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,460 shares of the financial services provider’s stock after selling 169 shares during the quarter. M&T Bank accounts for about 1.4% of Charter Research & Investment Group Inc.’s portfolio, making the stock its 23rd largest position. Charter Research & Investment Group Inc.’s holdings in M&T Bank were worth $1,779,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Kingsview Wealth Management LLC raised its position in M&T Bank by 6.6% during the 3rd quarter. Kingsview Wealth Management LLC now owns 1,785 shares of the financial services provider’s stock worth $318,000 after purchasing an additional 110 shares during the last quarter. Townsquare Capital LLC bought a new position in shares of M&T Bank during the third quarter worth about $230,000. Glenmede Trust Co. NA lifted its stake in shares of M&T Bank by 2.8% in the third quarter. Glenmede Trust Co. NA now owns 8,873 shares of the financial services provider’s stock worth $1,580,000 after acquiring an additional 238 shares during the period. Fiduciary Trust Co boosted its holdings in M&T Bank by 20.9% in the third quarter. Fiduciary Trust Co now owns 3,207 shares of the financial services provider’s stock valued at $571,000 after acquiring an additional 554 shares during the last quarter. Finally, Public Sector Pension Investment Board increased its position in M&T Bank by 2.8% during the 3rd quarter. Public Sector Pension Investment Board now owns 29,095 shares of the financial services provider’s stock valued at $5,182,000 after purchasing an additional 800 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction on Wednesday, March 12th. The shares were 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 $1,852,827.34. The trade was a 13.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.53% of the stock is currently owned by corporate insiders.

M&T Bank Stock Performance

MTB opened at $175.21 on Friday. M&T Bank Co. has a 1-year low of $133.03 and a 1-year high of $225.70. The company has a market cap of $28.78 billion, a price-to-earnings ratio of 11.98, a PEG ratio of 1.38 and a beta of 0.74. The company’s fifty day moving average price is $189.44 and its two-hundred day moving average price is $192.62. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47.

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, topping analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period last year, the firm posted $2.74 EPS. On average, analysts expect that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

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

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be given a dividend of $1.35 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.08%. M&T Bank’s payout ratio is 36.91%.

Analyst Ratings Changes

A number of equities research analysts have recently commented on MTB shares. Morgan Stanley reduced their price objective on shares of M&T Bank from $269.00 to $253.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. DA Davidson upped their price target on shares of M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Keefe, Bruyette & Woods lifted their price objective on M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. Finally, Evercore ISI decreased their target price on M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a research note on Thursday, March 13th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $218.79.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.