Skandinaviska Enskilda Banken AB publ Trims Position in M&T Bank Co. (NYSE:MTB)

Skandinaviska Enskilda Banken AB publ lessened its stake in shares of M&T Bank Co. (NYSE:MTB) by 0.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 34,216 shares of the financial services provider’s stock after selling 170 shares during the quarter. Skandinaviska Enskilda Banken AB publ’s holdings in M&T Bank were worth $6,452,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. FMR LLC boosted its position in shares of M&T Bank by 13.9% during the 3rd quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after acquiring an additional 1,508,846 shares during the last quarter. State Street Corp raised its holdings in shares of M&T Bank by 6.4% during the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $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 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider’s stock valued at $994,522,000 after acquiring an additional 252,583 shares during the last quarter. Zurich Insurance Group Ltd FI purchased a new position in shares of M&T Bank during the third quarter worth approximately $44,422,000. Finally, Amundi boosted its stake in shares of M&T Bank by 43.5% in the 4th quarter. Amundi now owns 807,339 shares of the financial services provider’s stock valued at $154,315,000 after purchasing an additional 244,709 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Performance

Shares of MTB opened at $175.69 on Friday. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The business has a 50-day simple moving average of $192.44 and a two-hundred day simple moving average of $192.00. The stock has a market cap of $28.86 billion, a price-to-earnings ratio of 12.01, a PEG ratio of 1.38 and a beta of 0.74. M&T Bank Co. has a 52 week low of $133.03 and a 52 week high of $225.70.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, topping 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 last year, the business earned $2.74 earnings per share. On average, analysts expect that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders 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 3.07%. 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 announced that its board has approved a share repurchase program on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

Wall Street Analysts Forecast Growth

MTB has been the subject of several analyst reports. The Goldman Sachs Group upped their price target 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. Evercore ISI cut their price target on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a research report on Thursday. Citigroup lowered shares of M&T Bank from a “buy” rating to a “neutral” rating and upped their price target for the company from $220.00 to $230.00 in a research report on Monday, November 25th. Piper Sandler upped their price objective 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. Finally, Compass Point upped 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 note on Tuesday, December 10th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $222.03.

Insider Transactions at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of the business’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value of $299,526.92. Following the sale, the executive vice president now directly owns 10,751 shares in the company, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.53% of the company’s stock.

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.