Kestra Private Wealth Services LLC Decreases Holdings in M&T Bank Co. (NYSE:MTB)

Kestra Private Wealth Services LLC trimmed its stake in M&T Bank Co. (NYSE:MTB) by 52.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,095 shares of the financial services provider’s stock after selling 10,967 shares during the quarter. Kestra Private Wealth Services LLC’s holdings in M&T Bank were worth $1,384,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. GSA Capital Partners LLP purchased a new stake in M&T Bank in the 3rd quarter worth about $833,000. Tokio Marine Asset Management Co. Ltd. raised its position in shares of M&T Bank by 8.3% in the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 3,985 shares of the financial services provider’s stock valued at $504,000 after purchasing an additional 305 shares during the period. NBC Securities Inc. purchased a new stake in shares of M&T Bank during the 3rd quarter valued at approximately $299,000. Stevens Capital Management LP bought a new position in M&T Bank in the 4th quarter worth approximately $320,000. Finally, Metis Global Partners LLC grew its stake in M&T Bank by 15.2% in the 3rd quarter. Metis Global Partners LLC now owns 7,063 shares of the financial services provider’s stock valued at $893,000 after buying an additional 931 shares in the last quarter. 84.68% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have issued reports on MTB. JPMorgan Chase & Co. increased their target price on M&T Bank from $170.00 to $180.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 16th. Piper Sandler reduced their target price on M&T Bank from $156.00 to $152.00 and set an “overweight” rating for the company in a report on Friday, January 19th. DA Davidson reissued a “neutral” rating and issued a $159.00 price target on shares of M&T Bank in a report on Tuesday, April 16th. UBS Group raised their price objective on shares of M&T Bank from $139.00 to $154.00 in a research report on Wednesday, January 17th. Finally, Evercore ISI upped their target price on shares of M&T Bank from $146.00 to $157.00 and gave the stock an “in-line” rating in a report on Thursday, March 28th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $158.48.

M&T Bank Stock Performance

Shares of NYSE MTB opened at $146.58 on Friday. The stock’s 50-day moving average is $141.64 and its 200 day moving average is $134.37. The stock has a market cap of $24.42 billion, a price-to-earnings ratio of 9.91, a P/E/G ratio of 1.22 and a beta of 0.78. M&T Bank Co. has a 1-year low of $108.53 and a 1-year high of $148.93. The company has a current ratio of 0.94, a quick ratio of 0.99 and a debt-to-equity ratio of 0.46.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Monday, April 15th. The financial services provider reported $3.02 earnings per share for the quarter, missing analysts’ consensus estimates of $3.13 by ($0.11). M&T Bank had a return on equity of 10.68% and a net margin of 19.52%. The business had revenue of $2.26 billion during the quarter, compared to the consensus estimate of $2.26 billion. During the same quarter in the previous year, the firm posted $4.09 earnings per share. On average, sell-side analysts anticipate that M&T Bank Co. will post 13.92 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Monday, March 4th were paid a dividend of $1.30 per share. The ex-dividend date was Friday, March 1st. This represents a $5.20 dividend on an annualized basis and a dividend yield of 3.55%. M&T Bank’s dividend payout ratio (DPR) is currently 35.16%.

Insider Activity

In related news, Director Kirk W. Walters sold 28,845 shares of the stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $145.00, for a total transaction of $4,182,525.00. Following the completion of the sale, the director now directly owns 6,367 shares in the company, valued at approximately $923,215. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other M&T Bank news, Director John P. Barnes sold 10,000 shares of the business’s stock in a transaction dated Thursday, April 25th. The shares were sold at an average price of $147.11, for a total value of $1,471,100.00. Following the transaction, the director now owns 34,545 shares in the company, valued at $5,081,914.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kirk W. Walters sold 28,845 shares of the company’s stock in a transaction dated Wednesday, March 13th. The shares were sold at an average price of $145.00, for a total transaction of $4,182,525.00. Following the transaction, the director now directly owns 6,367 shares of the company’s stock, valued at $923,215. The disclosure for this sale can be found here. Over the last three months, insiders have sold 46,119 shares of company stock valued at $6,679,812. 0.82% of the stock is currently owned by insiders.

About M&T Bank

M&T Bank Corporation operates as a bank holding company for Manufacturers and Traders Trust Company and Wilmington Trust, National Association that engages in the provision of retail and commercial banking products and services in the United States. The company operates through three segments: Commercial Bank, Retail Bank, and Institutional Services and Wealth Management.