30,528 Shares in M&T Bank Co. (NYSE:MTB) Bought by Algebris UK Ltd

Algebris UK Ltd acquired a new position in M&T Bank Co. (NYSE:MTB - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 30,528 shares of the financial services provider's stock, valued at approximately $5,543,000. M&T Bank accounts for approximately 1.4% of Algebris UK Ltd's portfolio, making the stock its 25th largest holding.

A number of other hedge funds have also recently made changes to their positions in MTB. Y.D. More Investments Ltd boosted its stake in shares of M&T Bank by 122.6% in 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 during the period. Human Investing LLC bought a new position in shares of M&T Bank in the fourth quarter worth about $44,000. Sierra Ocean LLC bought a new position in shares of M&T Bank in the fourth quarter worth about $44,000. Principal Securities Inc. boosted its stake in shares of M&T Bank by 47.5% in the fourth quarter. Principal Securities Inc. now owns 410 shares of the financial services provider's stock worth $77,000 after acquiring an additional 132 shares during the period. Finally, Brooklyn Investment Group purchased a new stake in shares of M&T Bank in the third quarter worth about $91,000. Institutional investors own 84.68% of the company's stock.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction on 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 of the company's stock, valued at approximately $1,852,827.34. This trade represents a 13.92 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.53% of the company's stock.

Remove Ads

M&T Bank Trading Up 0.7 %

NYSE:MTB traded up $1.28 during midday trading on Friday, hitting $178.19. The stock had a trading volume of 8,883,487 shares, compared to its average volume of 1,049,915. M&T Bank Co. has a one year low of $133.03 and a one year high of $225.70. The company has a market capitalization of $29.27 billion, a price-to-earnings ratio of 12.18, a PEG ratio of 1.38 and a beta of 0.74. The stock has a 50-day moving average of $190.99 and a 200 day moving average of $192.35. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping the consensus estimate 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 period in the previous year, the company earned $2.74 EPS. As a group, sell-side analysts forecast that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank announced that its Board of Directors has approved 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 buy up to 12.3% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be given a dividend of $1.35 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $5.40 annualized dividend and a yield of 3.03%. M&T Bank's dividend payout ratio (DPR) is presently 36.91%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on MTB shares. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $223.50 target price (up from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. Barclays boosted their target price on M&T Bank from $228.00 to $235.00 and gave the stock an "equal weight" rating in a research report on Monday, January 6th. DA Davidson boosted their target price on M&T Bank from $222.00 to $223.00 and gave the stock a "neutral" rating in a research report on Friday, January 17th. Piper Sandler upped their price objective on M&T Bank from $205.00 to $243.00 and gave the company an "overweight" rating in a research report on Wednesday, November 27th. Finally, Truist Financial restated a "buy" rating and set a $236.00 price objective (up from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $222.03.

M&T Bank Profile

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.