Elo Mutual Pension Insurance Co Boosts Stake in M&T Bank Co. (NYSE:MTB)

Elo Mutual Pension Insurance Co raised its stake in M&T Bank Co. (NYSE:MTB - Free Report) by 16.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,252 shares of the financial services provider's stock after buying an additional 2,487 shares during the period. Elo Mutual Pension Insurance Co's holdings in M&T Bank were worth $3,244,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. State Street Corp boosted its position in shares of M&T Bank by 6.4% in the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider's stock worth $1,562,725,000 after buying an additional 527,854 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in M&T Bank by 5.0% during 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 acquiring an additional 252,583 shares during the last quarter. Zurich Insurance Group Ltd FI purchased a new stake in shares of M&T Bank in the third quarter valued at about $44,422,000. Amundi lifted its holdings in shares of M&T Bank by 43.5% in the fourth quarter. Amundi now owns 807,339 shares of the financial services provider's stock valued at $154,315,000 after purchasing an additional 244,709 shares in the last quarter. Finally, LGT Capital Partners LTD. purchased a new position in shares of M&T Bank during the 4th quarter worth approximately $34,803,000. 84.68% of the stock is currently owned by institutional investors and hedge funds.

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Insiders Place Their Bets

In related news, EVP Christopher E. Kay sold 1,738 shares of the firm's stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the sale, the executive vice president now directly owns 10,751 shares in the company, valued at approximately $1,852,827.34. This trade represents a 13.92 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.53% of the stock is currently owned by insiders.

M&T Bank Trading Up 0.9 %

Shares of NYSE MTB traded up $1.63 during midday trading on Wednesday, hitting $178.00. The stock had a trading volume of 243,455 shares, compared to its average volume of 1,088,147. The company has a fifty day moving average price of $188.64 and a 200 day moving average price of $192.95. The company has a market capitalization of $29.24 billion, a price-to-earnings ratio of 12.17, a PEG ratio of 1.38 and a beta of 0.74. M&T Bank Co. has a 1-year low of $133.03 and a 1-year high of $225.70. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (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 quarter in the prior year, the company earned $2.74 earnings per share. On average, analysts predict that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank announced that its Board of Directors has initiated a stock buyback plan on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were given a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.03%. The ex-dividend date was Monday, March 3rd. M&T Bank's dividend payout ratio (DPR) is presently 36.91%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on MTB shares. Compass Point upped their target price on M&T Bank from $220.00 to $250.00 and gave the company a "neutral" rating in a research note on Tuesday, December 10th. Wells Fargo & Company decreased their price objective on M&T Bank from $205.00 to $185.00 and set an "underweight" rating on the stock in a research note on Friday, March 28th. Citigroup cut their target price on shares of 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. DA Davidson raised their price target on shares of M&T Bank from $222.00 to $223.00 and gave the stock a "neutral" rating in a research note on Friday, January 17th. Finally, Keefe, Bruyette & Woods boosted their price objective on shares of M&T Bank from $205.00 to $221.00 and gave the company a "market perform" rating in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $218.79.

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.