Cerity Partners LLC Purchases 2,905 Shares of M&T Bank Co. (NYSE:MTB)

Cerity Partners LLC boosted its position in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 9.2% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 34,496 shares of the financial services provider's stock after purchasing an additional 2,905 shares during the quarter. Cerity Partners LLC's holdings in M&T Bank were worth $6,382,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in MTB. FMR LLC raised its position in shares of M&T Bank by 14.3% during the fourth quarter. FMR LLC now owns 14,110,412 shares of the financial services provider's stock worth $2,652,899,000 after purchasing an additional 1,761,014 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of M&T Bank by 5.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider's stock worth $994,522,000 after purchasing an additional 252,583 shares in the last quarter. Geode Capital Management LLC increased its position in shares of M&T Bank by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider's stock valued at $819,768,000 after acquiring an additional 40,948 shares during the last quarter. Norges Bank bought a new stake in shares of M&T Bank during the 4th quarter worth approximately $317,690,000. Finally, Amundi grew its position in shares of M&T Bank by 43.5% in the 4th quarter. Amundi now owns 807,339 shares of the financial services provider's stock valued at $154,315,000 after acquiring an additional 244,709 shares during the period. Institutional investors and hedge funds own 84.68% of the company's stock.

Remove Ads

M&T Bank Trading Up 0.6 %

Shares of NYSE:MTB traded up $0.97 during trading on Tuesday, reaching $159.47. The stock had a trading volume of 1,400,651 shares, compared to its average volume of 1,117,996. M&T Bank Co. has a 52 week low of $136.18 and a 52 week high of $225.70. The firm's fifty day moving average is $180.47 and its 200 day moving average is $191.77. The stock has a market cap of $26.20 billion, a price-to-earnings ratio of 10.90, a P/E/G ratio of 1.38 and a beta of 0.58. 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 (NYSE:MTB - Get Free Report) last announced its quarterly earnings data 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 business had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period in the prior year, the firm earned $3.09 earnings per share. As a group, equities analysts forecast that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were paid a $1.35 dividend. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.39%. M&T Bank's dividend payout ratio is currently 36.91%.

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

Wall Street Analysts Forecast Growth

MTB has been the subject of several research analyst reports. Truist Financial reduced their target price on shares of M&T Bank from $225.00 to $200.00 and set a "buy" rating for the company in a report on Tuesday. Piper Sandler decreased their target price 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. JPMorgan Chase & Co. reduced their target price on M&T Bank from $212.50 to $186.50 and set a "neutral" rating on the stock in a report on Thursday, April 3rd. DA Davidson reduced their price target on shares of M&T Bank from $205.00 to $189.00 and set a "neutral" rating on the stock in a research report on Tuesday. Finally, Barclays reduced their target price on M&T Bank from $235.00 to $220.00 and set an "equal weight" rating on the stock in a report on Tuesday. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have given a buy rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $208.14.

Insider Activity at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of the company's stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total transaction of $299,526.92. Following the transaction, the executive vice president now owns 10,751 shares in the company, valued at approximately $1,852,827.34. This represents a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.53% of the stock is owned by corporate insiders.

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.