abrdn plc Sells 5,318 Shares of M&T Bank Co. (NYSE:MTB)

abrdn plc lessened its position in M&T Bank Co. (NYSE:MTB) by 8.2% during the fourth quarter, Holdings Channel reports. The fund owned 59,727 shares of the financial services provider’s stock after selling 5,318 shares during the period. abrdn plc’s holdings in M&T Bank were worth $11,251,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. FMR LLC boosted its holdings in shares of M&T Bank by 13.9% in the 3rd quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock worth $2,199,675,000 after purchasing an additional 1,508,846 shares in the last quarter. State Street Corp boosted 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 buying an additional 527,854 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in M&T Bank by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock valued at $897,216,000 after acquiring an additional 190,837 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of M&T Bank by 1.6% during the third 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 in the last quarter. Finally, Senvest Management LLC lifted its holdings in shares of M&T Bank by 12.3% in the 3rd quarter. Senvest Management LLC now owns 882,841 shares of the financial services provider’s stock worth $157,252,000 after acquiring an additional 96,500 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Analyst Ratings Changes

MTB has been the topic of several recent research reports. Citigroup lowered shares of M&T Bank from a “buy” rating to a “neutral” rating and increased their target price for the company from $220.00 to $230.00 in a report on Monday, November 25th. The Goldman Sachs Group lifted their price objective on M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Evercore ISI increased their target price on M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. Piper Sandler lifted their price target on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 27th. Finally, Barclays raised their target price on shares of M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $221.68.

M&T Bank Price Performance

MTB stock opened at $200.59 on Friday. The firm has a 50-day moving average of $197.49 and a 200 day moving average of $187.72. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.93 and a quick ratio of 0.99. The company has a market cap of $33.28 billion, a P/E ratio of 13.71, a PEG ratio of 1.41 and a beta of 0.79. M&T Bank Co. has a 1 year low of $129.36 and a 1 year high of $225.70.

M&T Bank (NYSE:MTB) last released its earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, beating analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same period in the previous year, the firm posted $2.74 earnings per share. On average, sell-side analysts forecast that M&T Bank Co. will post 16.56 EPS for the current year.

M&T Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd were issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.69%. The ex-dividend date was Monday, December 2nd. M&T Bank’s dividend payout ratio (DPR) is presently 36.91%.

M&T Bank announced that its board has approved a share buyback plan on Wednesday, January 22nd that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 12.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at M&T Bank

In other M&T Bank news, Vice Chairman Gary N. Geisel sold 2,490 shares of M&T Bank stock in a transaction on Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total transaction of $537,566.10. Following the completion of the transaction, the insider now owns 16,429 shares in the company, valued at approximately $3,546,856.81. The trade was a 13.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John P. Barnes sold 20,000 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $217.45, for a total value of $4,349,000.00. Following the completion of the sale, the director now directly owns 35,480 shares in the company, valued at approximately $7,715,126. This represents a 36.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 29,397 shares of company stock valued at $6,379,459 in the last three months. 0.82% of the stock is currently owned by company insiders.

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.