KLP Kapitalforvaltning AS Purchases New Shares in M&T Bank Co. (NYSE:MTB)

KLP Kapitalforvaltning AS bought a new stake in M&T Bank Co. (NYSE:MTB - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 55,704 shares of the financial services provider's stock, valued at approximately $10,473,000.

Several other institutional investors also recently added to or reduced their stakes in MTB. Hennion & Walsh Asset Management Inc. lifted its holdings in shares of M&T Bank by 34.7% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider's stock worth $1,473,000 after acquiring an additional 2,018 shares during the period. Flagship Harbor Advisors LLC raised its position in M&T Bank by 89.8% in the fourth quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider's stock worth $515,000 after purchasing an additional 1,295 shares in the last quarter. US Bancorp DE lifted its stake in M&T Bank by 24.3% during the fourth quarter. US Bancorp DE now owns 8,382 shares of the financial services provider's stock worth $1,576,000 after purchasing an additional 1,639 shares during the period. Summit Trail Advisors LLC bought a new position in M&T Bank during the fourth quarter worth about $290,000. Finally, Valeo Financial Advisors LLC acquired a new stake in M&T Bank during the fourth quarter valued at approximately $297,000. 84.68% of the stock is owned by institutional investors.

M&T Bank Trading Down 2.5 %

Shares of MTB traded down $4.46 during trading hours on Friday, reaching $175.21. The stock had a trading volume of 1,084,938 shares, compared to its average volume of 1,089,406. The firm has a 50-day moving average of $189.44 and a 200 day moving average of $192.44. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The company has a market cap of $28.78 billion, a P/E ratio of 11.98, a P/E/G ratio of 1.38 and a beta of 0.74. M&T Bank Co. has a 52 week low of $133.03 and a 52 week high of $225.70.

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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, 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 period last year, the firm posted $2.74 earnings per share. On average, sell-side analysts expect that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank declared that its board has authorized 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 repurchase up to 12.3% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's management believes its shares are undervalued.

M&T Bank Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 3.08%. 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 news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction that occurred 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 owns 10,751 shares of the company's stock, valued at approximately $1,852,827.34. This represents a 13.92 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.53% of the stock is owned by insiders.

Analysts Set New Price Targets

Several research firms have recently weighed in on MTB. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $223.50 target price (up previously from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. Barclays boosted 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. Truist Financial reaffirmed a "buy" rating and set a $236.00 price target (up from $233.00) on shares of M&T Bank in a report on Friday, January 17th. Compass Point boosted their price objective on M&T Bank from $220.00 to $250.00 and gave the stock a "neutral" rating in a research note on Tuesday, December 10th. Finally, Wells Fargo & Company lowered their price objective on shares of M&T Bank from $205.00 to $185.00 and set an "underweight" rating for the company in a research report on Friday. One equities research 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 MarketBeat, M&T Bank currently has a consensus rating of "Hold" and an average price target of $218.79.

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.