Polaris Capital Management LLC Sells 22,400 Shares of M&T Bank Corporation $MTB

Polaris Capital Management LLC lowered its stake in M&T Bank Corporation (NYSE:MTB) by 15.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 125,994 shares of the financial services provider’s stock after selling 22,400 shares during the quarter. M&T Bank makes up 2.1% of Polaris Capital Management LLC’s investment portfolio, making the stock its 25th largest position. Polaris Capital Management LLC’s holdings in M&T Bank were worth $25,385,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Bank of Jackson Hole Trust boosted its stake in M&T Bank by 342.9% in the 3rd quarter. Bank of Jackson Hole Trust now owns 155 shares of the financial services provider’s stock worth $31,000 after purchasing an additional 120 shares during the period. Triumph Capital Management bought a new position in M&T Bank in the 3rd quarter worth about $32,000. Ameriflex Group Inc. boosted its position in shares of M&T Bank by 82.4% during the 3rd quarter. Ameriflex Group Inc. now owns 186 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 84 shares during the last quarter. Westside Investment Management Inc. boosted its position in shares of M&T Bank by 61.8% during the 3rd quarter. Westside Investment Management Inc. now owns 199 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 76 shares during the last quarter. Finally, Hoese & Co LLP bought a new stake in shares of M&T Bank during the 4th quarter valued at about $50,000. Institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Performance

NYSE:MTB opened at $215.20 on Friday. The business has a 50 day moving average of $213.30 and a 200 day moving average of $205.01. The company has a market capitalization of $32.06 billion, a price-to-earnings ratio of 12.05, a PEG ratio of 1.12 and a beta of 0.60. M&T Bank Corporation has a 1-year low of $165.34 and a 1-year high of $239.00. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.88 and a quick ratio of 0.96.

M&T Bank (NYSE:MTB) last released its earnings results on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share for the quarter, topping analysts’ consensus estimates of $4.02 by $0.16. The company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.43 billion. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.During the same quarter in the previous year, the company posted $3.32 EPS. On average, sell-side analysts predict that M&T Bank Corporation will post 18.67 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Monday, June 1st will be given a $1.50 dividend. The ex-dividend date is Monday, June 1st. This represents a $6.00 dividend on an annualized basis and a yield of 2.8%. M&T Bank’s payout ratio is presently 33.59%.

M&T Bank declared that its Board of Directors has approved a share buyback program on Tuesday, March 31st that authorizes the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 16.7% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

MTB has been the subject of a number of research analyst reports. Truist Financial set a $230.00 price target on M&T Bank in a research report on Tuesday, January 20th. Cantor Fitzgerald dropped their price target on M&T Bank from $255.00 to $253.00 and set an “overweight” rating for the company in a research report on Friday, April 17th. Wolfe Research downgraded M&T Bank from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, January 7th. Argus lifted their price target on M&T Bank from $230.00 to $245.00 and gave the company a “buy” rating in a research report on Friday, April 17th. Finally, Royal Bank Of Canada lifted their price target on M&T Bank from $220.00 to $225.00 and gave the company an “outperform” rating in a research report on Thursday, April 16th. Eight investment analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $235.55.

Insider Transactions at M&T Bank

In other M&T Bank news, Vice Chairman Gary N. Geisel sold 887 shares of M&T Bank stock in a transaction that occurred on Wednesday, January 28th. The stock was sold at an average price of $215.79, for a total value of $191,405.73. Following the transaction, the insider directly owned 16,446 shares of the company’s stock, valued at $3,548,882.34. The trade was a 5.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kirk W. Walters sold 909 shares of M&T Bank stock in a transaction that occurred on Tuesday, February 3rd. The stock was sold at an average price of $227.37, for a total value of $206,679.33. Following the completion of the transaction, the director directly owned 5,976 shares in the company, valued at $1,358,763.12. This trade represents a 13.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 31,226 shares of company stock worth $7,237,259. 0.44% of the stock is owned by corporate insiders.

M&T Bank Profile

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid‑Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle‑market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.