M&T Bank Co. (NYSE:MTB) Shares Purchased by Franklin Resources Inc.

Franklin Resources Inc. lifted its holdings in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 84.9% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 39,726 shares of the financial services provider's stock after purchasing an additional 18,245 shares during the quarter. Franklin Resources Inc.'s holdings in M&T Bank were worth $7,469,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. lifted its holdings in M&T Bank by 5.0% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider's stock worth $994,522,000 after buying an additional 252,583 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of M&T Bank by 1.6% in the third quarter. Geode Capital Management LLC now owns 4,329,814 shares of the financial services provider's stock valued at $768,824,000 after acquiring an additional 66,337 shares in the last quarter. Norges Bank purchased a new position in M&T Bank in the fourth quarter valued at $317,690,000. Amundi grew its stake in M&T Bank by 43.5% during the 4th quarter. Amundi now owns 807,339 shares of the financial services provider's stock worth $154,315,000 after purchasing an additional 244,709 shares in the last quarter. Finally, Los Angeles Capital Management LLC increased its holdings in M&T Bank by 1.9% during the 4th quarter. Los Angeles Capital Management LLC now owns 604,317 shares of the financial services provider's stock worth $113,618,000 after purchasing an additional 11,365 shares during the period. Hedge funds and other institutional investors own 84.68% of the company's stock.

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M&T Bank Stock Performance

Shares of NYSE:MTB traded up $3.43 during midday trading on Tuesday, hitting $161.93. The stock had a trading volume of 377,855 shares, compared to its average volume of 1,114,056. M&T Bank Co. has a 1 year low of $136.18 and a 1 year high of $225.70. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The stock has a 50 day moving average price of $180.47 and a two-hundred day moving average price of $191.77. The company has a market capitalization of $26.60 billion, a PE ratio of 11.08, a P/E/G ratio of 1.38 and a beta of 0.58.

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 for the quarter, missing analysts' consensus estimates of $3.41 by ($0.03). The business had revenue of $2.31 billion during the quarter, compared to analysts' expectations of $2.35 billion. 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 firm posted $3.09 EPS. As a group, equities analysts predict that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The firm 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 3.33%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank's payout ratio is 36.91%.

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

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Truist Financial lowered their price objective on M&T Bank from $225.00 to $200.00 and set a "buy" rating for the company in a research report on Tuesday. JPMorgan Chase & Co. dropped their price objective on shares of M&T Bank from $212.50 to $186.50 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. Barclays lowered their target price on shares of M&T Bank from $235.00 to $220.00 and set an "equal weight" rating for the company in a research note on Tuesday. Morgan Stanley cut their target price on M&T Bank from $269.00 to $253.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Finally, Wells Fargo & Company reduced their price target on shares of M&T Bank from $185.00 to $175.00 and set an "underweight" rating for the company in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, M&T Bank currently has an average rating of "Hold" and an average price target of $208.14.

Insider Buying and Selling at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the transaction, the executive vice president now directly owns 10,751 shares of the company's stock, valued at approximately $1,852,827.34. This trade represents a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.53% of the stock is owned by corporate insiders.

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.