Bank of New York Mellon Corp Sells 84,523 Shares of M&T Bank Co. (NYSE:MTB)

Bank of New York Mellon Corp lessened its stake in M&T Bank Co. (NYSE:MTB) by 5.6% during the fourth quarter, Holdings Channel reports. The firm owned 1,411,738 shares of the financial services provider’s stock after selling 84,523 shares during the period. Bank of New York Mellon Corp’s holdings in M&T Bank were worth $265,421,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Addison Advisors LLC lifted its stake in M&T Bank by 9.0% during the 4th quarter. Addison Advisors LLC now owns 1,811 shares of the financial services provider’s stock valued at $340,000 after acquiring an additional 150 shares in the last quarter. BankPlus Trust Department purchased a new stake in shares of M&T Bank in the fourth quarter valued at about $100,000. W.G. Shaheen & Associates DBA Whitney & Co bought a new position in shares of M&T Bank during the fourth quarter valued at about $202,000. IFP Advisors Inc boosted its holdings in M&T Bank by 1,620.5% during the fourth quarter. IFP Advisors Inc now owns 7,536 shares of the financial services provider’s stock worth $1,417,000 after purchasing an additional 7,098 shares during the last quarter. Finally, Y Intercept Hong Kong Ltd grew its position in M&T Bank by 1,694.1% in the 4th quarter. Y Intercept Hong Kong Ltd now owns 33,407 shares of the financial services provider’s stock worth $6,281,000 after purchasing an additional 31,545 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 stock opened at $189.54 on Thursday. The firm’s 50 day moving average is $194.90 and its 200 day moving average is $190.70. The stock has a market capitalization of $31.15 billion, a P/E ratio of 12.96, a PEG ratio of 1.38 and a beta of 0.79. 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 announced that its board has initiated a stock buyback 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 generally a sign that the company’s board of directors believes its stock is undervalued.

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 paid a $1.35 dividend. The ex-dividend date is Monday, March 3rd. This represents a $5.40 annualized dividend and a yield of 2.85%. M&T Bank’s dividend payout ratio is currently 36.91%.

Insider Buying and Selling at M&T Bank

In other news, Vice Chairman Gary N. Geisel sold 2,490 shares of the firm’s stock in a transaction that occurred on Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total value of $537,566.10. Following the completion of the transaction, the insider now directly owns 16,429 shares in the company, valued at approximately $3,546,856.81. This trade represents a 13.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.82% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have commented on the stock. Keefe, Bruyette & Woods lifted their target price on shares of M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. The Goldman Sachs Group lifted their price target on M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. DA Davidson boosted their price objective on M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Wells Fargo & Company raised their target price on M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a research report on Friday, November 15th. Finally, Barclays boosted their price target 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 equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $221.68.

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.