Congress Wealth Management LLC DE Makes New Investment in M&T Bank Co. (NYSE:MTB)

Congress Wealth Management LLC DE purchased a new stake in M&T Bank Co. (NYSE:MTB - Free Report) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 1,776 shares of the financial services provider's stock, valued at approximately $334,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in MTB. Stevens Capital Management LP bought a new stake in shares of M&T Bank in the 4th quarter valued at about $986,000. LPL Financial LLC boosted its stake in shares of M&T Bank by 3.8% in the fourth quarter. LPL Financial LLC now owns 114,066 shares of the financial services provider's stock valued at $21,446,000 after buying an additional 4,163 shares during the period. Fox Run Management L.L.C. acquired a new position in shares of M&T Bank in the 4th quarter valued at approximately $777,000. KLP Kapitalforvaltning AS bought a new stake in M&T Bank during the fourth quarter worth $10,473,000. Finally, Umpqua Bank boosted its stake in M&T Bank by 11.1% in the fourth quarter. Umpqua Bank now owns 1,678 shares of the financial services provider's stock valued at $327,000 after buying an additional 168 shares in the last quarter. 84.68% of the stock is owned by institutional investors.

M&T Bank Price Performance

Shares of NYSE:MTB traded down $15.07 during midday trading on Thursday, reaching $164.64. 264,148 shares of the company's stock traded hands, compared to its average volume of 1,362,158. The company has a fifty day simple moving average of $188.33 and a two-hundred day simple moving average of $192.86. M&T Bank Co. has a 1 year low of $133.03 and a 1 year high of $225.70. The company has a market cap of $27.05 billion, a P/E ratio of 11.25, a PEG 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.

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M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, beating 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 last year, the firm earned $2.74 earnings per share. Equities analysts predict that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank announced that its Board of Directors has authorized 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 buy up to 12.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company's board believes its shares are undervalued.

M&T Bank Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were given a dividend of $1.35 per share. The ex-dividend date was Monday, March 3rd. This represents a $5.40 annualized dividend and a dividend yield of 3.28%. M&T Bank's dividend payout ratio is presently 36.91%.

Insiders Place Their Bets

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 company insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Evercore ISI cut their price objective on M&T Bank from $234.00 to $205.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. Morgan Stanley decreased their target price on 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. Compass Point lifted their target price on shares of M&T Bank from $220.00 to $250.00 and gave the stock a "neutral" rating in a research note on Tuesday, December 10th. Citigroup reduced their price target on shares of M&T Bank from $230.00 to $195.00 and set a "neutral" rating for the company in a research report on Monday, March 24th. Finally, Keefe, Bruyette & Woods increased their price target on shares of M&T Bank from $205.00 to $221.00 and gave the stock a "market perform" rating in a report on Wednesday, December 4th. One equities research 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. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average target price of $216.62.

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.