Wellington Management Group LLP Has $1.40 Billion Stock Position in M&T Bank Co. (NYSE:MTB)

Wellington Management Group LLP cut its holdings in shares of M&T Bank Co. (NYSE:MTB) by 25.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,433,750 shares of the financial services provider’s stock after selling 2,560,086 shares during the period. Wellington Management Group LLP’s holdings in M&T Bank were worth $1,397,619,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. State Street Corp increased its holdings in 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 worth $1,562,725,000 after purchasing an additional 527,854 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings 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 worth $994,522,000 after buying an additional 252,583 shares in the last quarter. Geode Capital Management LLC grew its holdings in 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 buying an additional 66,337 shares in the last quarter. Norges Bank purchased a new stake in M&T Bank in the 4th quarter valued at $317,690,000. Finally, Amundi lifted its stake in M&T Bank by 43.5% during the 4th quarter. Amundi now owns 807,339 shares of the financial services provider’s stock valued at $154,315,000 after acquiring an additional 244,709 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Analyst Upgrades and Downgrades

MTB has been the subject of several recent analyst reports. Wells Fargo & Company reduced their target price on shares of M&T Bank from $205.00 to $185.00 and set an “underweight” rating for the company in a research note on Friday. Morgan Stanley decreased their price objective on shares of M&T Bank from $269.00 to $253.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Keefe, Bruyette & Woods boosted their target price on M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. Finally, Citigroup cut their price objective on M&T Bank from $230.00 to $195.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $218.79.

Insider Activity

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

M&T Bank Stock Performance

Shares of MTB stock opened at $175.21 on Monday. The firm’s 50 day moving average is $189.44 and its 200 day moving average is $192.80. The stock has a market capitalization of $28.78 billion, a P/E ratio of 11.98, a PEG ratio of 1.38 and a beta of 0.74. M&T Bank Co. has a 12 month low of $133.03 and a 12 month high of $225.70. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last posted its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping the consensus estimate 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 quarter in the prior year, the company earned $2.74 EPS. On average, sell-side analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date is Monday, March 3rd. M&T Bank’s payout ratio is presently 36.91%.

M&T Bank declared that its board has approved a share repurchase plan on Wednesday, January 22nd that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

M&T Bank Company 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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.