Los Angeles Capital Management LLC Sells 115,827 Shares of M&T Bank Corporation $MTB

Los Angeles Capital Management LLC reduced its position in shares of M&T Bank Corporation (NYSE:MTB) by 25.4% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 341,050 shares of the financial services provider’s stock after selling 115,827 shares during the quarter. Los Angeles Capital Management LLC’s holdings in M&T Bank were worth $68,715,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. LSV Asset Management boosted its position in shares of M&T Bank by 19.9% during the 3rd quarter. LSV Asset Management now owns 342,400 shares of the financial services provider’s stock valued at $67,665,000 after acquiring an additional 56,750 shares during the last quarter. BI Asset Management Fondsmaeglerselskab A S boosted its position in shares of M&T Bank by 120.3% during the 3rd quarter. BI Asset Management Fondsmaeglerselskab A S now owns 17,925 shares of the financial services provider’s stock valued at $3,542,000 after acquiring an additional 9,788 shares during the last quarter. Plato Investment Management Ltd boosted its position in shares of M&T Bank by 54.3% during the 3rd quarter. Plato Investment Management Ltd now owns 8,251 shares of the financial services provider’s stock valued at $1,618,000 after acquiring an additional 2,905 shares during the last quarter. Fisher Asset Management LLC boosted its position in shares of M&T Bank by 64.0% during the 3rd quarter. Fisher Asset Management LLC now owns 36,215 shares of the financial services provider’s stock valued at $7,157,000 after acquiring an additional 14,135 shares during the last quarter. Finally, Delphi Management Inc. MA bought a new position in shares of M&T Bank during the 4th quarter valued at approximately $1,524,000. 84.68% of the stock is currently owned by institutional investors.

M&T Bank Stock Up 0.5%

Shares of MTB opened at $222.85 on Friday. The company has a market cap of $32.64 billion, a PE ratio of 12.48, a P/E/G ratio of 1.13 and a beta of 0.57. The business has a fifty day moving average of $213.75 and a 200 day moving average of $210.88. M&T Bank Corporation has a 52-week low of $174.76 and a 52-week high of $239.00. The company has a quick ratio of 0.94, a current ratio of 0.94 and a debt-to-equity ratio of 0.44.

M&T Bank (NYSE:MTB) last issued its quarterly earnings results on Wednesday, April 15th. The financial services provider reported $4.18 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.02 by $0.16. M&T Bank had a return on equity of 11.35% and a net margin of 22.07%.The company had revenue of $2.44 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period last year, the company earned $3.32 earnings per share. On average, sell-side analysts expect that M&T Bank Corporation will post 18.69 EPS for the current year.

M&T Bank announced that its board has authorized a share repurchase program on Tuesday, March 31st that allows the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 16.7% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.

M&T Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Monday, June 1st will be paid 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 2.7%. M&T Bank’s dividend payout ratio (DPR) is presently 33.59%.

Insiders Place Their Bets

In other M&T Bank news, EVP Christopher E. Kay sold 3,105 shares of the stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $216.50, for a total value of $672,232.50. Following the sale, the executive vice president owned 6,753 shares in the company, valued at $1,462,024.50. This trade represents a 31.50% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.44% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. JPMorgan Chase & Co. lowered their price target on M&T Bank from $231.50 to $227.00 and set a “neutral” rating for the company in a research report on Thursday, April 30th. Robert W. Baird raised their price target on M&T Bank from $230.00 to $240.00 and gave the stock an “outperform” rating in a research report on Thursday, April 16th. Argus raised their price target on M&T Bank from $230.00 to $245.00 and gave the stock a “buy” rating in a research report on Friday, April 17th. DA Davidson raised their price target on M&T Bank from $233.00 to $235.00 and gave the stock a “neutral” rating in a research report on Thursday, April 16th. Finally, Morgan Stanley lowered their price target on M&T Bank from $271.00 to $245.00 and set an “equal weight” rating for the company in a research report on Tuesday, March 31st. Eight investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, M&T Bank has an average rating of “Hold” and a consensus target price of $235.32.

M&T Bank Company 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.