Sei Investments Co. Sells 14,568 Shares of M&T Bank Co. (NYSE:MTB)

Sei Investments Co. lessened its position in M&T Bank Co. (NYSE:MTB) by 15.0% in the 4th quarter, Holdings Channel.com reports. The fund owned 82,273 shares of the financial services provider’s stock after selling 14,568 shares during the period. Sei Investments Co.’s holdings in M&T Bank were worth $15,467,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. State Street Corp lifted its stake in M&T Bank by 6.4% in the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after purchasing an additional 527,854 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of M&T Bank by 5.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider’s stock worth $994,522,000 after buying an additional 252,583 shares during the period. Geode Capital Management LLC lifted its stake in shares of M&T Bank by 1.6% during the 3rd quarter. Geode Capital Management LLC now owns 4,329,814 shares of the financial services provider’s stock worth $768,824,000 after acquiring an additional 66,337 shares during the last quarter. Amundi boosted its holdings in M&T Bank by 43.5% during the 4th quarter. Amundi now owns 807,339 shares of the financial services provider’s stock valued at $154,315,000 after acquiring an additional 244,709 shares during the period. Finally, Los Angeles Capital Management LLC grew its position in M&T Bank by 1.9% in the 4th quarter. Los Angeles Capital Management LLC now owns 604,317 shares of the financial services provider’s stock valued at $113,618,000 after acquiring an additional 11,365 shares during the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

MTB has been the subject of several research analyst reports. DA Davidson lifted their target price on M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Morgan Stanley lowered their price objective on shares of M&T Bank from $269.00 to $253.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Compass Point raised 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. Keefe, Bruyette & Woods lifted their price target on shares of M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Finally, Truist Financial reissued 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. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $218.79.

M&T Bank Stock Performance

Shares of M&T Bank stock opened at $175.21 on Friday. The company has a market capitalization of $28.78 billion, a PE ratio of 11.98, a P/E/G ratio of 1.38 and a beta of 0.74. The company has a 50-day simple moving average of $189.44 and a two-hundred day simple moving average of $192.44. M&T Bank Co. has a one year low of $133.03 and a one year high of $225.70. 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 EPS for the quarter, topping the consensus estimate 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 last year, the firm posted $2.74 earnings per share. Research analysts expect that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

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

M&T Bank declared that its Board of Directors has approved a stock buyback plan on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the firm’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 completion of the sale, the executive vice president now 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.53% of the stock is owned by company insiders.

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.