M&T Bank Co. (NYSE:MTB) Shares Sold by Eastern Bank

Eastern Bank decreased its position in shares of M&T Bank Co. (NYSE:MTB) by 13.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,856 shares of the financial services provider’s stock after selling 283 shares during the quarter. Eastern Bank’s holdings in M&T Bank were worth $349,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in MTB. Wedmont Private Capital boosted its position in M&T Bank by 4.6% during the fourth quarter. Wedmont Private Capital now owns 4,305 shares of the financial services provider’s stock worth $808,000 after purchasing an additional 189 shares in the last quarter. Fiduciary Alliance LLC grew its stake in M&T Bank by 8.7% in the 4th quarter. Fiduciary Alliance LLC now owns 25,991 shares of the financial services provider’s stock valued at $4,887,000 after acquiring an additional 2,086 shares during the period. Czech National Bank increased its holdings in M&T Bank by 5.7% in the 4th quarter. Czech National Bank now owns 35,975 shares of the financial services provider’s stock worth $6,764,000 after acquiring an additional 1,956 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in M&T Bank by 9.0% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 17,774 shares of the financial services provider’s stock valued at $3,166,000 after purchasing an additional 1,468 shares in the last quarter. Finally, Fulton Bank N.A. grew its position in shares of M&T Bank by 6.5% in the fourth quarter. Fulton Bank N.A. now owns 3,667 shares of the financial services provider’s stock valued at $689,000 after purchasing an additional 225 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Stock Performance

NYSE:MTB opened at $194.82 on Wednesday. The company’s 50-day moving average is $203.21 and its two-hundred day moving average is $182.94. M&T Bank Co. has a 1-year low of $128.31 and a 1-year high of $225.70. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market capitalization of $32.32 billion, a price-to-earnings ratio of 14.42, a PEG ratio of 2.79 and a beta of 0.79.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Thursday, October 17th. The financial services provider reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.60 by $0.48. The company had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.30 billion. M&T Bank had a return on equity of 9.52% and a net margin of 17.82%. Analysts forecast that M&T Bank Co. will post 14.63 EPS for the current year.

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 2nd were given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date of this dividend was Monday, December 2nd. M&T Bank’s payout ratio is 39.97%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on MTB shares. Wedbush upped their price target on shares of M&T Bank from $208.00 to $210.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 24th. Truist Financial initiated coverage on M&T Bank in a report on Tuesday, January 7th. They set a “buy” rating and a $233.00 target price for the company. Wolfe Research raised M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price target on the stock in a research note on Friday, October 4th. DA Davidson increased their price objective on M&T Bank from $192.00 to $207.00 and gave the company a “neutral” rating in a research note on Monday, October 21st. Finally, Evercore ISI raised their price objective on M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $216.86.

Insider Activity at M&T Bank

In other M&T Bank news, EVP John R. Taylor sold 1,436 shares of M&T Bank stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $195.03, for a total transaction of $280,063.08. Following the completion of the sale, the executive vice president now directly owns 5,618 shares in the company, valued at $1,095,678.54. This trade represents a 20.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John P. Barnes sold 20,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 22nd. The stock was sold at an average price of $193.97, for a total transaction of $3,879,400.00. Following the completion of the transaction, the director now owns 49,960 shares in the company, valued at approximately $9,690,741.20. This represents a 28.59 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 84,994 shares of company stock worth $17,211,278. Company insiders own 0.82% of the company’s stock.

M&T Bank Company Profile

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.