Korea Investment CORP Decreases Stock Position in M&T Bank Co. (NYSE:MTB)

Korea Investment CORP trimmed its holdings in shares of M&T Bank Co. (NYSE:MTB) by 0.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 13,905 shares of the financial services provider’s stock after selling 100 shares during the period. Korea Investment CORP’s holdings in M&T Bank were worth $2,614,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Y.D. More Investments Ltd boosted its position 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 valued at $39,000 after buying an additional 114 shares during the last quarter. Human Investing LLC bought a new position in M&T Bank during the 4th quarter valued at about $44,000. Sierra Ocean LLC purchased a new stake in shares of M&T Bank during the 4th quarter valued at about $44,000. Principal Securities Inc. grew its stake in shares of M&T Bank by 47.5% in the fourth quarter. Principal Securities Inc. now owns 410 shares of the financial services provider’s stock worth $77,000 after acquiring an additional 132 shares during the period. Finally, Kentucky Trust Co purchased a new position in shares of M&T Bank during the fourth quarter valued at approximately $92,000. Institutional investors own 84.68% of the company’s stock.

M&T Bank Trading Down 1.4 %

Shares of MTB stock opened at $176.31 on Wednesday. The stock has a fifty day simple moving average of $188.64 and a two-hundred day simple moving average of $192.95. M&T Bank Co. has a 52-week low of $133.03 and a 52-week high of $225.70. The firm has a market capitalization of $28.97 billion, a PE ratio of 12.05, a PEG ratio of 1.38 and a beta of 0.74. 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 (NYSE:MTB) last issued its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, beating 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 in the prior year, the firm posted $2.74 EPS. On average, analysts predict that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 3rd were paid a dividend of $1.35 per share. The ex-dividend date was Monday, March 3rd. This represents a $5.40 annualized dividend and a yield of 3.06%. M&T Bank’s payout ratio is 36.91%.

M&T Bank announced that its Board of Directors has initiated a stock buyback 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 shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Analyst Upgrades and Downgrades

MTB has been the subject of a number of research analyst reports. Compass Point lifted their target price on shares of M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a research report on Tuesday, December 10th. Truist Financial reiterated a “buy” rating and set a $236.00 price objective (up previously from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. Evercore ISI dropped their target price on M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a research report 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. Finally, Morgan Stanley lowered 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. 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 company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $218.79.

Insider Buying and Selling at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of the business’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value of $299,526.92. Following the sale, the executive vice president now directly owns 10,751 shares in the company, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.53% of the stock is currently owned by insiders.

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.