Geneos Wealth Management Inc. purchased a new stake in shares of M&T Bank Co. (NYSE:MTB - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 1,380 shares of the financial services provider's stock, valued at approximately $259,000.
Other institutional investors have also added to or reduced their stakes in the company. Sound Income Strategies LLC boosted its holdings in M&T Bank by 8.9% in the fourth quarter. Sound Income Strategies LLC now owns 107,900 shares of the financial services provider's stock valued at $20,286,000 after acquiring an additional 8,853 shares in the last quarter. Janney Montgomery Scott LLC grew its stake in shares of M&T Bank by 9.1% during the 4th quarter. Janney Montgomery Scott LLC now owns 84,473 shares of the financial services provider's stock valued at $15,882,000 after purchasing an additional 7,035 shares during the period. Nisa Investment Advisors LLC raised its stake in shares of M&T Bank by 5.1% in the fourth quarter. Nisa Investment Advisors LLC now owns 70,741 shares of the financial services provider's stock worth $13,300,000 after buying an additional 3,404 shares during the period. Atomi Financial Group Inc. lifted its holdings in M&T Bank by 52.6% in the 4th quarter. Atomi Financial Group Inc. now owns 2,158 shares of the financial services provider's stock worth $406,000 after purchasing an additional 744 shares in the last quarter. Finally, Ballentine Partners LLC boosted its position in shares of M&T Bank by 23.0% during the 4th quarter. Ballentine Partners LLC now owns 2,130 shares of the financial services provider's stock valued at $400,000 after acquiring an additional 398 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company's stock.
Wall Street Analysts Forecast Growth
Several analysts recently weighed in on the company. Barclays increased their price target on M&T Bank from $228.00 to $235.00 and gave the company an "equal weight" rating in a report on Monday, January 6th. Piper Sandler increased their price objective on shares of M&T Bank from $205.00 to $243.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 27th. Wells Fargo & Company upped their target price on M&T Bank from $190.00 to $205.00 and gave the company an "underweight" rating in a research note on Friday, November 15th. Royal Bank of Canada boosted their price objective on M&T Bank from $190.00 to $208.00 and gave the company an "outperform" rating in a report on Friday, October 18th. Finally, Keefe, Bruyette & Woods lifted their price target on shares of M&T Bank from $205.00 to $221.00 and gave the company a "market perform" rating in a research note on Wednesday, December 4th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $221.68.
View Our Latest Stock Report on M&T Bank
Insiders Place Their Bets
In other M&T Bank news, Vice Chairman Kevin J. Pearson sold 7,500 shares of M&T Bank stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $195.88, for a total value of $1,469,100.00. Following the completion of the sale, the insider now owns 40,502 shares in the company, valued at $7,933,531.76. The trade was a 15.62 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director John P. Barnes sold 20,000 shares of the firm's stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $217.45, for a total transaction of $4,349,000.00. Following the completion of the sale, the director now directly owns 35,480 shares in the company, valued at $7,715,126. This represents a 36.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 38,487 shares of company stock valued at $8,182,809 in the last quarter. 0.82% of the stock is currently owned by company insiders.
M&T Bank Stock Up 0.9 %
MTB stock traded up $1.79 during trading on Thursday, hitting $202.15. 184,051 shares of the company's stock were exchanged, compared to its average volume of 1,327,546. The company has a current ratio of 0.93, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. M&T Bank Co. has a 52-week low of $128.31 and a 52-week high of $225.70. The business has a 50-day moving average price of $199.97 and a two-hundred day moving average price of $186.38. The stock has a market capitalization of $33.54 billion, a price-to-earnings ratio of 13.85, a PEG ratio of 1.37 and a beta of 0.79.
M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, beating analysts' consensus estimates of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period in the previous year, the business posted $2.74 EPS. As a group, equities research analysts expect that M&T Bank Co. will post 16.56 EPS for the current year.
M&T Bank Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Monday, December 2nd were paid a $1.35 dividend. The ex-dividend date was Monday, December 2nd. This represents a $5.40 annualized dividend and a yield of 2.67%. M&T Bank's payout ratio is currently 36.91%.
M&T Bank announced that its board has authorized a stock repurchase plan on Wednesday, January 22nd that allows the company to buyback $4.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 12.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's board of directors believes its shares are undervalued.
About M&T Bank
(
Free Report)
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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.
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