Geode Capital Management LLC Buys 40,948 Shares of M&T Bank Co. (NYSE:MTB)

Geode Capital Management LLC lifted its position in M&T Bank Co. (NYSE:MTB - Free Report) by 0.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 4,370,762 shares of the financial services provider's stock after purchasing an additional 40,948 shares during the period. Geode Capital Management LLC owned about 2.63% of M&T Bank worth $819,768,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Norges Bank bought a new stake in M&T Bank during the fourth quarter valued at about $317,690,000. State Street Corp grew its position in shares of M&T Bank by 6.4% during the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider's stock worth $1,562,725,000 after purchasing an additional 527,854 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake 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 valued at $994,522,000 after purchasing an additional 252,583 shares during the period. Zurich Insurance Group Ltd FI purchased a new position in M&T Bank in the 3rd quarter worth approximately $44,422,000. Finally, Amundi boosted its stake in M&T Bank by 43.5% in 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 during the period. 84.68% of the stock is currently owned by institutional investors.

Remove Ads

M&T Bank Trading Down 0.1 %

Shares of NYSE:MTB traded down $0.12 on Monday, hitting $156.90. 700,336 shares of the company's stock were exchanged, compared to its average volume of 1,100,528. The stock has a market capitalization of $25.78 billion, a price-to-earnings ratio of 10.67, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58. M&T Bank Co. has a 12 month low of $133.03 and a 12 month high of $225.70. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. The business's 50 day simple moving average is $186.82 and its two-hundred day simple moving average is $192.80.

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 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 period in the prior year, the firm posted $2.74 EPS. Analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 3.44%. The ex-dividend date was Monday, March 3rd. M&T Bank's dividend payout ratio is presently 36.91%.

M&T Bank declared that its Board of Directors has approved a share repurchase program on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in shares. This repurchase authorization allows the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. StockNews.com raised shares of M&T Bank from a "sell" rating to a "hold" rating in a report on Wednesday, February 5th. Morgan Stanley dropped their price objective on shares of M&T Bank from $269.00 to $253.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Barclays lifted their target price on M&T Bank from $228.00 to $235.00 and gave the stock an "equal weight" rating in a report on Monday, January 6th. JPMorgan Chase & Co. dropped their price target on M&T Bank from $212.50 to $186.50 and set a "neutral" rating for the company in a research note on Thursday. Finally, 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 report on Monday, March 24th. 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 stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $215.97.

Insider Activity at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the company's 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 completion of the sale, the executive vice president now directly owns 10,751 shares in the company, valued at approximately $1,852,827.34. This represents a 13.92 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.53% of the stock is owned by company 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.