Amundi increased its stake in M&T Bank Co. (NYSE:MTB - Free Report) by 43.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 807,339 shares of the financial services provider's stock after acquiring an additional 244,709 shares during the period. Amundi owned about 0.49% of M&T Bank worth $154,315,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. AMF Tjanstepension AB bought a new stake in shares of M&T Bank in the 4th quarter valued at about $8,355,000. Davis Selected Advisers lifted its stake in shares of M&T Bank by 2.3% in the 4th quarter. Davis Selected Advisers now owns 49,678 shares of the financial services provider's stock valued at $9,340,000 after acquiring an additional 1,113 shares during the last quarter. Machina Capital S.A.S. bought a new stake in shares of M&T Bank in the 4th quarter valued at about $516,000. Bradyco Inc. bought a new stake in shares of M&T Bank in the 4th quarter valued at about $290,000. Finally, Andra AP fonden increased its holdings in M&T Bank by 100.0% during the 4th quarter. Andra AP fonden now owns 55,800 shares of the financial services provider's stock valued at $10,491,000 after purchasing an additional 27,900 shares during the period. Institutional investors own 84.68% of the company's stock.
Wall Street Analysts Forecast Growth
MTB has been the topic of a number of research analyst reports. The Goldman Sachs Group boosted their price target on M&T Bank from $216.00 to $243.00 and gave the company a "neutral" rating in a report on Tuesday, November 26th. DA Davidson boosted their price target on M&T Bank from $222.00 to $223.00 and gave the company a "neutral" rating in a report on Friday, January 17th. Truist Financial restated a "buy" rating and set a $236.00 price target (up previously from $233.00) on shares of M&T Bank in a report on Friday, January 17th. Piper Sandler boosted their price target on M&T Bank from $205.00 to $243.00 and gave the company an "overweight" rating in a report on Wednesday, November 27th. Finally, Compass Point boosted their price target on M&T Bank from $220.00 to $250.00 and gave the company a "neutral" rating in a report on Tuesday, December 10th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $221.68.
Read Our Latest Stock Analysis on MTB
M&T Bank Stock Down 1.4 %
Shares of MTB traded down $2.35 during mid-day trading on Tuesday, reaching $171.40. The company had a trading volume of 1,673,690 shares, compared to its average volume of 1,326,211. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. The firm has a 50-day moving average price of $193.77 and a 200 day moving average price of $192.04. M&T Bank Co. has a 52 week low of $133.03 and a 52 week high of $225.70. The company has a market capitalization of $28.16 billion, a price-to-earnings ratio of 11.72, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74.
M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings results 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 in the previous year, the company posted $2.74 EPS. On average, sell-side analysts forecast 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 will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be given a $1.35 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $5.40 annualized dividend and a yield of 3.15%. M&T Bank's dividend payout ratio (DPR) is presently 36.91%.
M&T Bank declared that its board has initiated a stock repurchase plan on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's management believes its stock is 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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