Lecap Asset Management Ltd. Takes $1.75 Million Position in M&T Bank Co. (NYSE:MTB)

Lecap Asset Management Ltd. acquired a new position in M&T Bank Co. (NYSE:MTB - Free Report) during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 9,284 shares of the financial services provider's stock, valued at approximately $1,745,000.

Several other hedge funds have also modified their holdings of the stock. FMR LLC increased its holdings in shares of M&T Bank by 13.9% during the 3rd quarter. FMR LLC now owns 12,349,398 shares of the financial services provider's stock valued at $2,199,675,000 after acquiring an additional 1,508,846 shares during the last quarter. State Street Corp increased its stake in shares of M&T Bank by 6.4% in the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider's stock valued at $1,562,725,000 after buying an additional 527,854 shares in the last quarter. Zurich Insurance Group Ltd FI bought a new position in M&T Bank in the 3rd quarter valued at $44,422,000. Charles Schwab Investment Management Inc. raised its position in shares of M&T Bank by 3.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider's stock valued at $897,216,000 after acquiring an additional 190,837 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its stake in M&T Bank by 30.8% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 599,995 shares of the financial services provider's stock worth $106,871,000 after acquiring an additional 141,337 shares during the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, 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 value of $4,349,000.00. Following the sale, the director now owns 35,480 shares of the company's stock, valued at approximately $7,715,126. This trade represents a 36.05 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of M&T Bank stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total value of $537,566.10. Following the sale, the insider now directly owns 16,429 shares in the company, valued at $3,546,856.81. The trade was a 13.16 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,611 shares of company stock valued at $5,354,777. Insiders own 0.82% of the company's stock.

M&T Bank Trading Up 0.6 %

NYSE:MTB traded up $1.23 on Tuesday, hitting $198.76. The stock had a trading volume of 330,543 shares, compared to its average volume of 1,233,623. The company has a quick ratio of 0.99, a current ratio of 0.93 and a debt-to-equity ratio of 0.47. The stock has a market cap of $32.98 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 1.42 and a beta of 0.79. The company has a fifty day moving average price of $196.74 and a two-hundred day moving average price of $188.32. M&T Bank Co. has a 1-year low of $130.84 and a 1-year high of $225.70.

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 earnings per share for the quarter, topping the consensus estimate 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 quarter in the prior year, the firm posted $2.74 earnings per share. Equities research analysts expect that M&T Bank Co. will post 16.56 earnings per share for the current fiscal year.

M&T Bank declared that its board has authorized a stock repurchase program on Wednesday, January 22nd that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company's board believes its stock is undervalued.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 2nd were given a dividend of $1.35 per share. The ex-dividend date was Monday, December 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.72%. M&T Bank's dividend payout ratio (DPR) is currently 36.91%.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Citigroup lowered shares of M&T Bank from a "buy" rating to a "neutral" rating and boosted their price objective for the stock from $220.00 to $230.00 in a research report on Monday, November 25th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $223.50 target price (up previously from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Evercore ISI boosted their target price on shares of M&T Bank from $210.00 to $232.00 and gave the company an "outperform" rating in a report on Wednesday, October 30th. Barclays lifted their price target on shares of M&T Bank from $228.00 to $235.00 and gave the company an "equal weight" rating in a research report on Monday, January 6th. Finally, The Goldman Sachs Group raised their target price on M&T Bank from $216.00 to $243.00 and gave the company a "neutral" rating in a research report on Tuesday, November 26th. 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 stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $221.68.

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.