Victory Capital Management Inc. Sells 775 Shares of M&T Bank Co. (NYSE:MTB)

Victory Capital Management Inc. decreased its stake in M&T Bank Co. (NYSE:MTB) by 0.4% in the 4th quarter, Holdings Channel.com reports. The firm owned 182,003 shares of the financial services provider’s stock after selling 775 shares during the quarter. Victory Capital Management Inc.’s holdings in M&T Bank were worth $34,218,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Sanctuary Advisors LLC lifted its stake in M&T Bank by 0.3% in the 4th quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider’s stock valued at $3,195,000 after purchasing an additional 52 shares during the last quarter. Catalina Capital Group LLC raised its stake in shares of M&T Bank by 2.0% during the fourth quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider’s stock valued at $531,000 after acquiring an additional 56 shares during the last quarter. Sheaff Brock Investment Advisors LLC raised its stake in shares of M&T Bank by 1.2% during the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 5,188 shares of the financial services provider’s stock valued at $975,000 after acquiring an additional 63 shares during the last quarter. Meridian Wealth Management LLC raised its stake in shares of M&T Bank by 3.8% during the fourth quarter. Meridian Wealth Management LLC now owns 1,786 shares of the financial services provider’s stock valued at $336,000 after acquiring an additional 66 shares during the last quarter. Finally, Pitcairn Co. raised its stake in shares of M&T Bank by 0.8% during the third quarter. Pitcairn Co. now owns 9,362 shares of the financial services provider’s stock valued at $1,668,000 after acquiring an additional 70 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on MTB shares. Piper Sandler raised their price target on shares of M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. Barclays raised their price target 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. DA Davidson raised their price target on shares of M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a research note on Friday, January 17th. Citigroup downgraded shares of M&T Bank from a “buy” rating to a “neutral” rating and raised their price target for the company from $220.00 to $230.00 in a research note on Monday, November 25th. Finally, The Goldman Sachs Group increased their price objective 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. One 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. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $221.68.

M&T Bank Trading Up 0.9 %

NYSE:MTB opened at $178.62 on Monday. 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 capitalization of $29.34 billion, a price-to-earnings ratio of 12.21, a PEG ratio of 1.38 and a beta of 0.74. The firm has a fifty day simple moving average of $194.07 and a two-hundred day simple moving average of $191.97. M&T Bank Co. has a 12 month low of $133.03 and a 12 month high of $225.70.

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 net margin of 19.24% and a return on equity of 10.12%. During the same period in the previous year, the business earned $2.74 earnings per share. Analysts expect that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

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

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.02%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is 36.91%.

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.