Massachusetts Financial Services Co. MA Sells 27,324 Shares of M&T Bank Co. (NYSE:MTB)

Massachusetts Financial Services Co. MA lessened its stake in shares of M&T Bank Co. (NYSE:MTB) by 1.6% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,688,687 shares of the financial services provider’s stock after selling 27,324 shares during the period. Massachusetts Financial Services Co. MA owned 1.02% of M&T Bank worth $317,490,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in MTB. Y.D. More Investments Ltd increased its position in shares of M&T Bank by 122.6% in the fourth quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 114 shares during the period. Human Investing LLC acquired a new position in shares of M&T Bank in the 4th quarter valued at approximately $44,000. Sierra Ocean LLC bought a new stake in shares of M&T Bank during the 4th quarter worth approximately $44,000. Loomis Sayles & Co. L P bought a new stake in shares of M&T Bank during the 4th quarter worth approximately $52,000. Finally, Principal Securities Inc. boosted its position in shares of M&T Bank by 47.5% during the 4th quarter. Principal Securities Inc. now owns 410 shares of the financial services provider’s stock worth $77,000 after acquiring an additional 132 shares in the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

Insider Activity at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank 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 completion of the transaction, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. This trade represents a 13.92 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.53% of the stock is owned by company insiders.

M&T Bank Trading Up 2.0 %

Shares of MTB stock opened at $179.93 on Thursday. M&T Bank Co. has a 1-year low of $133.03 and a 1-year high of $225.70. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The stock has a market cap of $29.56 billion, a price-to-earnings ratio of 12.30, a PEG ratio of 1.38 and a beta of 0.58. The stock has a 50-day moving average of $188.33 and a 200-day moving average of $192.86.

M&T Bank (NYSE:MTB) last released 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 net margin of 19.24% and a return on equity of 10.12%. During the same quarter in the prior year, the firm posted $2.74 earnings per share. On average, equities research analysts forecast that M&T Bank Co. will post 16.57 earnings per share for the current year.

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 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 usually an indication that the company’s board believes its stock is undervalued.

M&T Bank Announces Dividend

The company 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. This represents a $5.40 dividend on an annualized basis and a yield of 3.00%. The ex-dividend date was Monday, March 3rd. M&T Bank’s dividend payout ratio is presently 36.91%.

Wall Street Analyst Weigh In

Several research firms have weighed in on MTB. Keefe, Bruyette & Woods upped their target price on M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. Barclays upped their price objective on M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. Morgan Stanley reduced their price objective on 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. Compass Point boosted their target price on M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Finally, StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, M&T Bank currently has an average rating of “Hold” and a consensus price target of $218.79.

About M&T Bank

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.