Allstate Corp Makes New $932,000 Investment in M&T Bank Co. (NYSE:MTB)

Allstate Corp purchased a new stake in M&T Bank Co. (NYSE:MTB - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 4,957 shares of the financial services provider's stock, valued at approximately $932,000.

A number of other hedge funds also recently modified their holdings of MTB. Y.D. More Investments Ltd increased 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 valued at $39,000 after purchasing an additional 114 shares during the period. Human Investing LLC bought a new stake in M&T Bank in the 4th quarter valued at $44,000. Sierra Ocean LLC acquired a new position in shares of M&T Bank in the 4th quarter valued at $44,000. Loomis Sayles & Co. L P bought a new position in shares of M&T Bank during the 4th quarter worth about $52,000. Finally, Principal Securities Inc. boosted its position in shares of 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 acquiring an additional 132 shares in the last quarter. Institutional investors own 84.68% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on MTB shares. Citigroup cut their price target on shares of M&T Bank from $230.00 to $195.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. Morgan Stanley cut their target price on M&T Bank from $269.00 to $253.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Evercore ISI lowered their price target on M&T Bank from $234.00 to $205.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Wells Fargo & Company reduced their target price on shares of M&T Bank from $205.00 to $185.00 and set an "underweight" rating on the stock in a research note on Friday, March 28th. Finally, DA Davidson lifted their price target on shares of M&T Bank from $222.00 to $223.00 and gave the company a "neutral" rating in a report on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $215.97.

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Insider Buying and Selling at M&T Bank

In other 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 value of $299,526.92. Following the transaction, the executive vice president now owns 10,751 shares of the company's stock, valued at $1,852,827.34. This represents a 13.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.53% of the company's stock.

M&T Bank Trading Down 3.8 %

Shares of NYSE MTB traded down $6.23 during midday trading on Friday, hitting $157.13. The stock had a trading volume of 2,483,308 shares, compared to its average volume of 1,101,964. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. M&T Bank Co. has a fifty-two week low of $133.03 and a fifty-two week high of $225.70. The firm has a market cap of $25.82 billion, a P/E ratio of 10.74, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58. The company's 50-day simple moving average is $186.82 and its 200 day simple moving average is $192.67.

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 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 period last year, the business earned $2.74 earnings per share. 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 issued a $1.35 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $5.40 annualized dividend and a yield of 3.44%. M&T Bank's dividend payout ratio is currently 36.91%.

M&T Bank declared that its Board of Directors has initiated a share buyback program on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its shares are undervalued.

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.