Envestnet Portfolio Solutions Inc. Sells 352 Shares of M&T Bank Co. (NYSE:MTB)

Envestnet Portfolio Solutions Inc. reduced its holdings in shares of M&T Bank Co. (NYSE:MTB) by 10.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,132 shares of the financial services provider’s stock after selling 352 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in M&T Bank were worth $589,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of MTB. Y.D. More Investments Ltd lifted its position in shares of M&T Bank by 122.6% during the fourth quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock worth $39,000 after acquiring an additional 114 shares in the last quarter. Human Investing LLC purchased a new stake in M&T Bank during the 4th quarter worth about $44,000. Sierra Ocean LLC bought a new position in M&T Bank in the 4th quarter worth about $44,000. Principal Securities Inc. grew its holdings in M&T Bank by 47.5% during the 4th quarter. Principal Securities Inc. now owns 410 shares of the financial services provider’s stock valued at $77,000 after buying an additional 132 shares in the last quarter. Finally, Brooklyn Investment Group bought a new stake in shares of M&T Bank during the third quarter valued at about $91,000. 84.68% of the stock is owned by institutional investors.

M&T Bank Stock Performance

Shares of M&T Bank stock opened at $182.50 on Tuesday. 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 stock’s fifty day moving average is $190.82 and its two-hundred day moving average is $192.44. M&T Bank Co. has a 52 week low of $133.03 and a 52 week high of $225.70. The company has a market capitalization of $29.98 billion, a PE ratio of 12.47, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) 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 quarter in the prior year, the business posted $2.74 EPS. As a group, analysts expect that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 3rd will be given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date is Monday, March 3rd. M&T Bank’s payout ratio is currently 36.91%.

M&T Bank declared that its board has authorized a share repurchase program on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several brokerages have commented on MTB. The Goldman Sachs Group raised their price target on shares of M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Truist Financial restated a “buy” rating and set a $236.00 target price (up from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. Citigroup lowered their price target on M&T Bank from $230.00 to $195.00 and set a “neutral” rating on the stock in a report on Monday. Keefe, Bruyette & Woods boosted their price objective on M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $223.50 target price (up from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $219.97.

Insiders Place Their Bets

In other M&T Bank 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 transaction of $299,526.92. Following the sale, the executive vice president now owns 10,751 shares in the company, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.