Anchor Capital Advisors LLC Sells 29,324 Shares of M&T Bank Co. (NYSE:MTB)

Anchor Capital Advisors LLC lessened its stake in shares of M&T Bank Co. (NYSE:MTB) by 7.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 349,198 shares of the financial services provider’s stock after selling 29,324 shares during the quarter. M&T Bank comprises approximately 1.9% of Anchor Capital Advisors LLC’s portfolio, making the stock its 8th biggest position. Anchor Capital Advisors LLC owned about 0.21% of M&T Bank worth $65,653,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Hennion & Walsh Asset Management Inc. lifted its stake in shares of M&T Bank by 34.7% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider’s stock worth $1,473,000 after acquiring an additional 2,018 shares during the period. Capital Performance Advisors LLP purchased a new position in M&T Bank during the third quarter worth about $44,000. Flagship Harbor Advisors LLC lifted its position in M&T Bank by 89.8% in the fourth quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider’s stock valued at $515,000 after purchasing an additional 1,295 shares during the period. Summit Trail Advisors LLC purchased a new stake in M&T Bank in the 4th quarter valued at approximately $290,000. Finally, Principal Financial Group Inc. increased its position in M&T Bank by 1.4% during the 3rd quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock worth $35,466,000 after purchasing an additional 2,797 shares during the period. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Stock Performance

Shares of MTB opened at $189.50 on Friday. M&T Bank Co. has a 1 year low of $133.03 and a 1 year high of $225.70. The company’s 50 day simple moving average is $194.98 and its 200 day simple moving average is $190.69. The company has a market capitalization of $31.14 billion, a price-to-earnings ratio of 12.95, a PEG ratio of 1.38 and a beta of 0.79. 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 posted its quarterly earnings data 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 in the previous year, the business earned $2.74 EPS. On average, sell-side analysts predict that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 3rd will be paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date is Monday, March 3rd. M&T Bank’s dividend payout ratio is currently 36.91%.

M&T Bank announced that its board has approved a share repurchase program on Wednesday, January 22nd that permits the company to buyback $4.00 billion in 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 generally an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of analysts recently weighed in on MTB shares. Piper Sandler lifted their price target on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. The Goldman Sachs Group boosted their target price on shares of M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Compass Point upped their price target on shares of M&T Bank from $220.00 to $250.00 and gave the stock a “neutral” rating in a research note on Tuesday, December 10th. Barclays raised their price objective on shares of M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. Finally, Wells Fargo & Company upped their target price on M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a report on Friday, November 15th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, M&T Bank currently has an average rating of “Hold” and an average price target of $221.68.

Insider Buying and Selling

In related news, Vice Chairman Gary N. Geisel sold 2,490 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total transaction of $537,566.10. Following the completion of the transaction, the insider now owns 16,429 shares of the company’s stock, valued at approximately $3,546,856.81. This represents a 13.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.82% of the company’s stock.

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.