M&T Bank Co. (NYSE:MTB) Shares Sold by Morningstar Investment Management LLC

Morningstar Investment Management LLC trimmed its holdings in M&T Bank Co. (NYSE:MTB) by 80.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 2,035 shares of the financial services provider’s stock after selling 8,457 shares during the period. Morningstar Investment Management LLC’s holdings in M&T Bank were worth $383,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also modified their holdings of MTB. Exchange Traded Concepts LLC acquired a new position in shares of M&T Bank in the 3rd quarter valued at $71,000. Creative Planning increased its holdings in shares of M&T Bank by 8.5% in the 3rd quarter. Creative Planning now owns 29,225 shares of the financial services provider’s stock valued at $5,206,000 after acquiring an additional 2,300 shares during the period. Blue Trust Inc. increased its holdings in shares of M&T Bank by 79.1% in the 3rd quarter. Blue Trust Inc. now owns 2,491 shares of the financial services provider’s stock valued at $444,000 after acquiring an additional 1,100 shares during the period. Raymond James & Associates increased its holdings in shares of M&T Bank by 11.0% in the 3rd quarter. Raymond James & Associates now owns 66,209 shares of the financial services provider’s stock valued at $11,793,000 after acquiring an additional 6,552 shares during the period. Finally, Foundations Investment Advisors LLC increased its holdings in shares of M&T Bank by 14.8% in the 3rd quarter. Foundations Investment Advisors LLC now owns 2,167 shares of the financial services provider’s stock valued at $386,000 after acquiring an additional 280 shares during the period. 84.68% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Vice Chairman Gary N. Geisel sold 2,490 shares of the business’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total value of $537,566.10. Following the sale, the insider now directly owns 16,429 shares in the company, valued at $3,546,856.81. The trade was a 13.16 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Tracy S. Woodrow sold 2,121 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total transaction of $468,210.75. Following the completion of the sale, the executive vice president now owns 5,141 shares in the company, valued at $1,134,875.75. This represents a 29.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.82% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Citigroup cut shares of M&T Bank from a “buy” rating to a “neutral” rating and lifted their target price for the company from $220.00 to $230.00 in a report on Monday, November 25th. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. The Goldman Sachs Group lifted their price objective on shares of M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Compass Point lifted 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 report on Tuesday, December 10th. Finally, DA Davidson lifted their price objective 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. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $221.68.

M&T Bank Price Performance

Shares of NYSE MTB opened at $199.37 on Thursday. 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 0.93. The company’s fifty day moving average is $195.25 and its two-hundred day moving average is $189.58. The firm has a market capitalization of $33.08 billion, a P/E ratio of 13.63, a PEG ratio of 1.39 and a beta of 0.79.

M&T Bank (NYSE:MTB) last released 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 period last year, the firm posted $2.74 EPS. Analysts forecast that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

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

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be given a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.71%. M&T Bank’s dividend payout ratio is presently 36.91%.

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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.