Corebridge Financial Inc. Has $7.39 Million Stock Holdings in M&T Bank Co. (NYSE:MTB)

Corebridge Financial Inc. reduced its holdings in shares of M&T Bank Co. (NYSE:MTB) by 5.2% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 39,290 shares of the financial services provider’s stock after selling 2,167 shares during the quarter. Corebridge Financial Inc.’s holdings in M&T Bank were worth $7,387,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Y.D. More Investments Ltd boosted its stake in M&T Bank by 122.6% during the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock valued at $39,000 after purchasing an additional 114 shares during the last quarter. Human Investing LLC purchased a new position in shares of M&T Bank during the fourth quarter valued at approximately $44,000. Sierra Ocean LLC bought a new stake in M&T Bank during the fourth quarter worth $44,000. Principal Securities Inc. raised its position in M&T Bank by 47.5% in the 4th quarter. Principal Securities Inc. now owns 410 shares of the financial services provider’s stock valued at $77,000 after buying an additional 132 shares during the last quarter. Finally, Brooklyn Investment Group bought a new position in shares of M&T Bank during the third quarter valued at about $91,000. 84.68% of the stock is owned by institutional investors.

Insider Activity

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the firm’s stock in a transaction on Wednesday, March 12th. The shares were 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 $1,852,827.34. This trade represents a 13.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.53% of the company’s stock.

M&T Bank Stock Performance

Shares of MTB stock opened at $175.21 on Friday. M&T Bank Co. has a 12 month low of $133.03 and a 12 month high of $225.70. The stock has a market capitalization of $28.78 billion, a P/E ratio of 11.98, a PEG ratio of 1.38 and a beta of 0.74. 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 firm’s 50 day moving average is $189.44 and its 200 day moving average is $192.44.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, topping analysts’ consensus estimates 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 period last year, the company earned $2.74 earnings per share. On average, sell-side analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank announced that its board has initiated a stock buyback plan on Wednesday, January 22nd that allows the company to buyback $4.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

M&T Bank Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Compass Point increased their price objective on shares of M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Citigroup decreased their price target on M&T Bank from $230.00 to $195.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Keefe, Bruyette & Woods boosted 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. Truist Financial restated a “buy” rating and issued a $236.00 price objective (up previously from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. Finally, Barclays lifted their target price on M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a research note on Monday, January 6th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $218.79.

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.