Quadcap Wealth Management LLC Has $487,000 Stock Holdings in M&T Bank Co. (NYSE:MTB)

Quadcap Wealth Management LLC cut its stake in shares of M&T Bank Co. (NYSE:MTB) by 3.3% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,589 shares of the financial services provider’s stock after selling 89 shares during the period. Quadcap Wealth Management LLC’s holdings in M&T Bank were worth $487,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of MTB. FMR LLC raised its position in M&T Bank by 14.3% during the fourth quarter. FMR LLC now owns 14,110,412 shares of the financial services provider’s stock valued at $2,652,899,000 after buying an additional 1,761,014 shares during the period. Norges Bank acquired a new position in M&T Bank during the fourth quarter valued at $317,690,000. Nuveen Asset Management LLC raised its position in M&T Bank by 22.3% during the fourth quarter. Nuveen Asset Management LLC now owns 1,567,270 shares of the financial services provider’s stock valued at $294,662,000 after buying an additional 286,049 shares during the period. D. E. Shaw & Co. Inc. acquired a new position in M&T Bank during the fourth quarter valued at $48,939,000. Finally, Charles Schwab Investment Management Inc. raised its position 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 valued at $994,522,000 after buying an additional 252,583 shares during the period. 84.68% of the stock is owned by institutional investors and hedge funds.

M&T Bank Price Performance

NYSE MTB opened at $187.06 on Friday. M&T Bank Co. has a twelve month low of $139.78 and a twelve month high of $225.70. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. The stock has a market capitalization of $30.03 billion, a PE ratio of 12.79, a P/E/G ratio of 1.38 and a beta of 0.58. The stock has a 50-day simple moving average of $170.90 and a 200 day simple moving average of $189.38.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing the consensus estimate of $3.41 by ($0.03). M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. The business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period in the prior year, the firm posted $3.09 EPS. Research analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 3rd were given a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $5.40 annualized dividend and a dividend yield of 2.89%. M&T Bank’s dividend payout ratio is presently 36.17%.

M&T Bank declared that its board has approved a stock repurchase plan on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

A number of brokerages have commented on MTB. Truist Financial lowered their target price on M&T Bank from $225.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. TD Cowen began coverage on M&T Bank in a research note on Thursday. They issued a “buy” rating and a $230.00 target price on the stock. DA Davidson lowered their target price on M&T Bank from $205.00 to $189.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 15th. Wells Fargo & Company lowered their target price on M&T Bank from $185.00 to $175.00 and set an “underweight” rating on the stock in a research note on Tuesday, April 15th. Finally, JPMorgan Chase & Co. lowered their target price on M&T Bank from $212.50 to $186.50 and set a “neutral” rating on the stock in a research note on Thursday, April 3rd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $209.33.

Insider Buying and Selling

In related 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 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.53% of the stock is owned by insiders.

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.