Entropy Technologies LP Takes Position in M&T Bank Co. (NYSE:MTB)

Entropy Technologies LP bought a new stake in shares of M&T Bank Co. (NYSE:MTB - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 7,973 shares of the financial services provider's stock, valued at approximately $1,499,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Plato Investment Management Ltd boosted its position in shares of M&T Bank by 2,300.0% in the third quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider's stock worth $30,000 after purchasing an additional 161 shares during the period. Ashton Thomas Securities LLC bought a new position in shares of M&T Bank in the third quarter worth approximately $32,000. Migdal Insurance & Financial Holdings Ltd. boosted its position in shares of M&T Bank by 329.2% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider's stock worth $37,000 after purchasing an additional 158 shares during the period. Y.D. More Investments Ltd boosted its position in shares of M&T Bank by 122.6% in the fourth 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 period. Finally, Capital Performance Advisors LLP bought a new position in shares of M&T Bank in the third quarter worth approximately $44,000. 84.68% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Price Performance

M&T Bank stock traded down $0.53 during mid-day trading on Thursday, reaching $197.06. 803,737 shares of the company's stock traded hands, compared to its average volume of 1,211,587. M&T Bank Co. has a 12-month low of $133.03 and a 12-month high of $225.70. The company has a market cap of $32.70 billion, a price-to-earnings ratio of 13.47, a PEG ratio of 1.42 and a beta of 0.79. The company has a quick ratio of 0.99, a current ratio of 0.93 and a debt-to-equity ratio of 0.47. The stock has a 50 day moving average of $196.15 and a two-hundred day moving average of $188.55.

M&T Bank (NYSE:MTB - Get Free Report) last announced its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating 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 period in the prior year, the company earned $2.74 EPS. Equities analysts forecast that M&T Bank Co. will post 16.56 earnings per share for the current year.

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

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd were paid a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 2.74%. The ex-dividend date of this dividend was Monday, December 2nd. M&T Bank's dividend payout ratio is currently 36.91%.

Insider Activity

In related news, EVP Tracy S. Woodrow sold 2,121 shares of the firm's stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total value of $468,210.75. Following the transaction, the executive vice president now owns 5,141 shares of the company's stock, valued at $1,134,875.75. This trade represents a 29.21 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director John P. Barnes sold 20,000 shares of the firm's stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $217.45, for a total transaction of $4,349,000.00. Following the completion of the transaction, the director now directly owns 35,480 shares in the company, valued at $7,715,126. This represents a 36.05 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 24,611 shares of company stock valued at $5,354,777. 0.82% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on MTB shares. StockNews.com upgraded shares of M&T Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, February 5th. Compass Point upped their price target on shares of M&T Bank from $220.00 to $250.00 and gave the stock a "neutral" rating in a research report on Tuesday, December 10th. Citigroup lowered shares of M&T Bank from a "buy" rating to a "neutral" rating and upped their price target for the stock from $220.00 to $230.00 in a research report on Monday, November 25th. Truist Financial restated a "buy" rating and set a $236.00 target price (up previously from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. Finally, Royal Bank of Canada upped their target price on shares of M&T Bank from $190.00 to $208.00 and gave the stock an "outperform" rating in a research report on Friday, October 18th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $221.68.

M&T Bank 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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.