Gabelli Funds LLC Sells 2,530 Shares of M&T Bank Corporation $MTB

Gabelli Funds LLC reduced its position in shares of M&T Bank Corporation (NYSE:MTB) by 5.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 47,250 shares of the financial services provider’s stock after selling 2,530 shares during the period. Gabelli Funds LLC’s holdings in M&T Bank were worth $9,768,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Canoe Financial LP raised its position in M&T Bank by 50.5% in the 4th quarter. Canoe Financial LP now owns 652,744 shares of the financial services provider’s stock valued at $131,515,000 after buying an additional 219,065 shares during the last quarter. Miller Howard Investments Inc. NY bought a new position in shares of M&T Bank during the 4th quarter worth approximately $42,817,000. Danske Bank A S bought a new position in shares of M&T Bank during the 3rd quarter worth approximately $29,612,000. Russell Investments Group Ltd. raised its holdings in shares of M&T Bank by 35.4% in the fourth quarter. Russell Investments Group Ltd. now owns 396,531 shares of the financial services provider’s stock valued at $79,954,000 after purchasing an additional 103,692 shares during the last quarter. Finally, Munich Reinsurance Co Stock Corp in Munich raised its holdings in shares of M&T Bank by 37.1% in the fourth quarter. Munich Reinsurance Co Stock Corp in Munich now owns 351,076 shares of the financial services provider’s stock valued at $71,462,000 after purchasing an additional 95,025 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

MTB has been the subject of several recent research reports. Argus increased their target price on shares of M&T Bank from $230.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, April 17th. Truist Financial lifted their price target on shares of M&T Bank from $230.00 to $268.00 and gave the company a “hold” rating in a research note on Tuesday, July 21st. Jefferies Financial Group reissued a “buy” rating and set a $300.00 price target on shares of M&T Bank in a research report on Wednesday, July 15th. Weiss Ratings restated a “buy (b)” rating on shares of M&T Bank in a research note on Thursday, June 4th. Finally, Evercore set a $260.00 price objective on M&T Bank in a report on Monday, July 6th. Seven investment analysts have rated the stock with a Buy rating, fourteen have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $251.43.

M&T Bank Price Performance

NYSE:MTB opened at $249.36 on Monday. M&T Bank Corporation has a one year low of $174.76 and a one year high of $255.00. The company has a market cap of $36.52 billion, a P/E ratio of 13.17, a P/E/G ratio of 1.16 and a beta of 0.57. The firm’s fifty day moving average price is $230.22 and its two-hundred day moving average price is $220.64. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.89 and a quick ratio of 0.94.

M&T Bank (NYSE:MTB) last announced its earnings results on Wednesday, July 15th. The financial services provider reported $5.35 EPS for the quarter, topping the consensus estimate of $4.66 by $0.69. The business had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.46 billion. M&T Bank had a net margin of 22.72% and a return on equity of 11.80%. During the same quarter in the previous year, the firm posted $4.28 EPS. Equities analysts expect that M&T Bank Corporation will post 19.42 earnings per share for the current year.

M&T Bank announced that its Board of Directors has initiated a share repurchase program on Tuesday, March 31st that permits the company to buyback $5.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 16.7% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at M&T Bank

In other news, EVP Christopher E. Kay sold 3,105 shares of M&T Bank stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $216.50, for a total value of $672,232.50. Following the completion of the sale, the executive vice president directly owned 6,753 shares in the company, valued at approximately $1,462,024.50. The trade was a 31.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.44% of the company’s stock.

M&T Bank Company Profile

M&T Bank Corporation is a bank holding company headquartered in Buffalo, New York, that provides a broad range of banking and financial services to individuals, businesses and institutions. The company operates a commercial and retail banking franchise that includes deposit-taking, lending, and payment services delivered through branch networks, digital channels and commercial banking teams. M&T serves customers across the northeastern and mid?Atlantic United States and has expanded its geographic footprint through strategic acquisitions.

Its core businesses include commercial banking for middle?market and community businesses, consumer and retail banking, mortgage origination and servicing, treasury and cash management, and wealth management and trust services.