Ieq Capital LLC boosted its stake in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 15.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,136 shares of the financial services provider's stock after purchasing an additional 1,453 shares during the quarter. Ieq Capital LLC's holdings in M&T Bank were worth $2,094,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of the stock. FMR LLC boosted its holdings in shares of M&T Bank by 13.9% during the 3rd quarter. FMR LLC now owns 12,349,398 shares of the financial services provider's stock worth $2,199,675,000 after buying an additional 1,508,846 shares during the period. State Street Corp lifted its position in 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 acquiring an additional 527,854 shares during the last quarter. Zurich Insurance Group Ltd FI bought a new stake in shares of M&T Bank during the third quarter worth approximately $44,422,000. Charles Schwab Investment Management Inc. grew its position in shares of M&T Bank by 3.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider's stock valued at $897,216,000 after purchasing an additional 190,837 shares during the last quarter. Finally, Sapient Capital LLC increased its stake in shares of M&T Bank by 9,754.9% during the fourth quarter. Sapient Capital LLC now owns 184,287 shares of the financial services provider's stock worth $34,648,000 after purchasing an additional 182,417 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.
M&T Bank Stock Down 2.0 %
Shares of NYSE MTB opened at $193.48 on Monday. The company has a market cap of $31.80 billion, a price-to-earnings ratio of 13.23, a PEG ratio of 1.38 and a beta of 0.79. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. M&T Bank Co. has a 12 month low of $133.03 and a 12 month high of $225.70. The stock has a 50-day moving average price of $195.09 and a two-hundred day moving average price of $190.29.
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 analysts' consensus estimates 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 previous year, the business posted $2.74 earnings per share. As a group, analysts forecast that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.
M&T Bank declared that its Board of Directors has approved a share repurchase 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 reacquire up to 12.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's board believes its shares are undervalued.
M&T Bank Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 3rd will be paid a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.79%. The ex-dividend date is Monday, March 3rd. M&T Bank's payout ratio is 36.91%.
Insider Activity at M&T Bank
In other M&T Bank news, Vice Chairman Gary N. Geisel sold 2,490 shares of the 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 transaction, the insider now directly owns 16,429 shares in the company, valued at approximately $3,546,856.81. This trade represents a 13.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Tracy S. Woodrow sold 2,121 shares of the business'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 sale, the executive vice president now owns 5,141 shares in the company, valued at approximately $1,134,875.75. This trade represents a 29.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.82% of the stock is currently owned by company insiders.
Wall Street Analysts Forecast Growth
Several research firms recently issued reports on MTB. JPMorgan Chase & Co. restated a "neutral" rating and issued a $223.50 price target (up from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Piper Sandler boosted their target price on shares of M&T Bank from $205.00 to $243.00 and gave the company an "overweight" rating in a research report on Wednesday, November 27th. Evercore ISI raised their price target on shares of M&T Bank from $210.00 to $232.00 and gave the stock an "outperform" rating in a research report on Wednesday, October 30th. Barclays boosted their price objective on shares of M&T Bank from $228.00 to $235.00 and gave the company an "equal weight" rating in a report on Monday, January 6th. Finally, Keefe, Bruyette & Woods raised their target price on shares of M&T Bank from $205.00 to $221.00 and gave the stock a "market perform" rating in a report on Wednesday, December 4th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $221.68.
Get Our Latest Research Report on M&T Bank
About M&T Bank
(
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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