Allworth Financial LP Grows Stock Holdings in M&T Bank Co. (NYSE:MTB)

Allworth Financial LP lifted its holdings in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 1,381.3% during the 4th quarter, according to the company in its most recent filing with the SEC. The fund owned 18,665 shares of the financial services provider's stock after purchasing an additional 17,405 shares during the period. Allworth Financial LP's holdings in M&T Bank were worth $3,651,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in MTB. Hennion & Walsh Asset Management Inc. grew its holdings in M&T Bank by 34.7% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider's stock worth $1,473,000 after acquiring an additional 2,018 shares during the last quarter. Capital Performance Advisors LLP bought a new stake in M&T Bank in the 3rd quarter worth $44,000. Flagship Harbor Advisors LLC grew its holdings in M&T Bank by 89.8% in the 4th quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider's stock worth $515,000 after acquiring an additional 1,295 shares during the last quarter. Summit Trail Advisors LLC bought a new stake in M&T Bank in the 4th quarter worth $290,000. Finally, Principal Financial Group Inc. grew its holdings in M&T Bank by 1.4% in the 3rd quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider's stock worth $35,466,000 after acquiring an additional 2,797 shares during the last quarter. Institutional investors own 84.68% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on MTB shares. Citigroup lowered shares of M&T Bank from a "buy" rating to a "neutral" rating and raised their price target for the stock from $220.00 to $230.00 in a report on Monday, November 25th. Barclays raised their target price on shares of 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. Keefe, Bruyette & Woods raised their target price on shares of M&T Bank from $205.00 to $221.00 and gave the stock a "market perform" rating in a research report on Wednesday, December 4th. Piper Sandler raised their target price 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. Finally, Evercore ISI raised their target price on shares of M&T Bank from $210.00 to $232.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $221.68.

M&T Bank Price Performance

NYSE:MTB traded down $3.97 during trading hours on Friday, hitting $193.48. 1,753,063 shares of the stock traded hands, compared to its average volume of 1,208,231. M&T Bank Co. has a 1 year low of $133.03 and a 1 year high of $225.70. The stock has a 50 day moving average price of $195.09 and a 200 day moving average price of $189.87. 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 company has a market cap of $32.10 billion, a price-to-earnings ratio of 13.23, a price-to-earnings-growth ratio of 1.40 and a beta of 0.79.

M&T Bank (NYSE:MTB - Get Free Report) last released its earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS 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 period in the prior year, the firm earned $2.74 EPS. Sell-side analysts forecast that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 3rd will be issued a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.79%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank's dividend payout ratio (DPR) is presently 36.91%.

M&T Bank announced that its board has initiated a share buyback plan on Wednesday, January 22nd that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Insider Transactions at M&T Bank

In other news, Vice Chairman Gary N. Geisel sold 2,490 shares of the business's 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 transaction, the insider now owns 16,429 shares of the company's stock, valued at approximately $3,546,856.81. The trade was a 13.16 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Tracy S. Woodrow sold 2,121 shares of the company's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total transaction of $468,210.75. Following the sale, the executive vice president now directly owns 5,141 shares in the company, valued at approximately $1,134,875.75. The trade was a 29.21 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.82% of the company's stock.

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.