Hussman Strategic Advisors Inc. purchased a new position in M&T Bank Co. (NYSE:MTB - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 6,300 shares of the financial services provider's stock, valued at approximately $1,184,000.
A number of other institutional investors also recently bought and sold shares of the stock. Meitav Investment House Ltd. lifted its position in M&T Bank by 35.9% in the fourth quarter. Meitav Investment House Ltd. now owns 3,085 shares of the financial services provider's stock worth $580,000 after buying an additional 815 shares during the last quarter. Handelsbanken Fonder AB lifted its position in M&T Bank by 17.8% in the fourth quarter. Handelsbanken Fonder AB now owns 37,164 shares of the financial services provider's stock worth $6,987,000 after buying an additional 5,626 shares during the last quarter. Ieq Capital LLC lifted its position in M&T Bank by 15.0% in the fourth quarter. Ieq Capital LLC now owns 11,136 shares of the financial services provider's stock worth $2,094,000 after buying an additional 1,453 shares during the last quarter. Good Life Advisors LLC purchased a new stake in M&T Bank in the fourth quarter worth $227,000. Finally, Alberta Investment Management Corp purchased a new stake in M&T Bank in the fourth quarter worth $1,034,000. 84.68% of the stock is currently owned by institutional investors.
M&T Bank Stock Down 2.0 %
MTB stock traded down $3.97 during trading on Friday, reaching $193.48. 1,753,063 shares of the company traded hands, compared to its average volume of 945,721. M&T Bank Co. has a 12 month low of $133.03 and a 12 month high of $225.70. The business has a 50 day simple moving average of $195.09 and a 200 day simple moving average of $190.29. The company has a market capitalization of $31.80 billion, a price-to-earnings ratio of 13.23, a price-to-earnings-growth ratio of 1.38 and a beta of 0.79. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98.
M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share 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 quarter in the prior year, the company earned $2.74 EPS. On average, equities research analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.
M&T Bank Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be given a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date is Monday, March 3rd. M&T Bank's payout ratio is currently 36.91%.
M&T Bank announced that its Board of Directors has authorized a stock 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 usually an indication that the company's board believes its shares are undervalued.
Analysts Set New Price Targets
A number of analysts have weighed in on the company. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $223.50 target price (up previously from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Barclays increased their target price on M&T Bank from $228.00 to $235.00 and gave the stock an "equal weight" rating in a research note on Monday, January 6th. Keefe, Bruyette & Woods increased their target price on M&T Bank from $205.00 to $221.00 and gave the stock a "market perform" rating in a research note on Wednesday, December 4th. The Goldman Sachs Group increased their target price on M&T Bank from $216.00 to $243.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 26th. Finally, Evercore ISI increased their target price on M&T Bank from $210.00 to $232.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 30th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, M&T Bank presently has a consensus rating of "Hold" and a consensus target price of $221.68.
View Our Latest Stock Report on M&T Bank
Insider Activity at M&T Bank
In other M&T Bank news, Vice Chairman Gary N. Geisel sold 2,490 shares of the firm's stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total value of $537,566.10. Following the completion of the sale, the insider now owns 16,429 shares of the company's stock, valued at approximately $3,546,856.81. This trade represents a 13.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Tracy S. Woodrow sold 2,121 shares of the firm's stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total value of $468,210.75. Following the completion of the sale, the executive vice president now directly owns 5,141 shares of the company's stock, valued at approximately $1,134,875.75. This represents a 29.21 % decrease in their position. The disclosure for this sale can be found here. 0.82% of the stock is owned by corporate insiders.
M&T Bank Profile
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Free Report)
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.
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