APG Asset Management N.V. Takes Position in M&T Bank Co. (NYSE:MTB)

APG Asset Management N.V. purchased a new position in M&T Bank Co. (NYSE:MTB - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 88,800 shares of the financial services provider's stock, valued at approximately $16,123,000. APG Asset Management N.V. owned about 0.05% of M&T Bank at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Y.D. More Investments Ltd boosted its stake in M&T Bank by 122.6% during the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider's stock worth $39,000 after purchasing an additional 114 shares during the last quarter. Human Investing LLC purchased a new position in shares of M&T Bank in the fourth quarter worth about $44,000. Sierra Ocean LLC acquired a new position in M&T Bank during the fourth quarter worth about $44,000. Loomis Sayles & Co. L P purchased a new stake in M&T Bank during the 4th quarter valued at about $52,000. Finally, Principal Securities Inc. raised its holdings in M&T Bank by 47.5% in 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 during the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

M&T Bank Stock Up 1.4 %

Shares of MTB traded up $2.28 during mid-day trading on Tuesday, hitting $160.78. 547,398 shares of the company's stock were exchanged, compared to its average volume of 1,114,795. The stock's 50-day moving average is $180.47 and its 200-day moving average is $191.77. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. M&T Bank Co. has a fifty-two week low of $136.18 and a fifty-two week high of $225.70. The company has a market cap of $26.41 billion, a price-to-earnings ratio of 10.99, a P/E/G ratio of 1.38 and a beta of 0.58.

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M&T Bank (NYSE:MTB - Get Free Report) last released its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $3.41 by ($0.03). M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. The company had revenue of $2.31 billion during the quarter, compared to analysts' expectations of $2.35 billion. During the same quarter last year, the business posted $3.09 earnings per share. On average, sell-side analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank declared that its board has approved a share 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 reacquire up to 12.3% of its stock through open market purchases. Stock repurchase plans 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 Monday, March 31st. Investors of record on Monday, March 3rd were paid a dividend of $1.35 per share. The ex-dividend date was Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.36%. M&T Bank's payout ratio is 36.91%.

Insider Activity at M&T Bank

In related 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.53% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the company. DA Davidson lowered their target price on M&T Bank from $205.00 to $189.00 and set a "neutral" rating on the stock in a report on Tuesday. Robert W. Baird lowered their price objective on M&T Bank from $220.00 to $200.00 and set an "outperform" rating on the stock in a research note on Tuesday. Citigroup cut their target price on 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. Piper Sandler lowered their price target on shares of M&T Bank from $220.00 to $210.00 and set an "overweight" rating on the stock in a research report on Tuesday. Finally, Morgan Stanley cut their price objective on shares of 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. One analyst has rated the stock with a sell rating, nine have given a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $208.14.

M&T Bank Company 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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.