LGT Capital Partners LTD. acquired a new position in M&T Bank Co. (NYSE:MTB - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 185,110 shares of the financial services provider's stock, valued at approximately $34,803,000. M&T Bank makes up approximately 1.3% of LGT Capital Partners LTD.'s investment portfolio, making the stock its 26th biggest holding. LGT Capital Partners LTD. owned approximately 0.11% of M&T Bank at the end of the most recent quarter.
Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Amundi lifted its position in M&T Bank by 43.5% during the 4th quarter. Amundi now owns 807,339 shares of the financial services provider's stock valued at $154,315,000 after acquiring an additional 244,709 shares during the period. AMF Tjanstepension AB bought a new position in shares of M&T Bank during the fourth quarter valued at approximately $8,355,000. Davis Selected Advisers lifted its holdings in shares of M&T Bank by 2.3% during the fourth quarter. Davis Selected Advisers now owns 49,678 shares of the financial services provider's stock valued at $9,340,000 after purchasing an additional 1,113 shares during the last quarter. Machina Capital S.A.S. bought a new stake in shares of M&T Bank in the 4th quarter worth approximately $516,000. Finally, Bradyco Inc. purchased a new stake in shares of M&T Bank in the 4th quarter worth approximately $290,000. Hedge funds and other institutional investors own 84.68% of the company's stock.
M&T Bank Stock Performance
Shares of MTB traded down $2.35 during trading hours on Tuesday, hitting $171.40. The stock had a trading volume of 1,170,106 shares, compared to its average volume of 1,312,038. The firm has a market capitalization of $28.16 billion, a PE ratio of 11.72, a PEG ratio of 1.38 and a beta of 0.74. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. M&T Bank Co. has a 12 month low of $133.03 and a 12 month high of $225.70. The stock has a fifty day moving average price of $193.77 and a 200 day moving average price of $192.04.
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 (EPS) for the quarter, topping the consensus estimate 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 period in the previous year, the business earned $2.74 EPS. Analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current year.
M&T Bank announced that its Board of Directors has initiated a share repurchase plan on Wednesday, January 22nd that allows the company to buyback $4.00 billion in shares. This buyback authorization allows the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company's board of directors believes its stock is undervalued.
M&T Bank Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be issued a dividend of $1.35 per share. The ex-dividend date is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 3.15%. M&T Bank's dividend payout ratio is currently 36.91%.
Analyst Ratings Changes
A number of research analysts have issued reports on the company. Keefe, Bruyette & Woods lifted their price objective on M&T Bank from $205.00 to $221.00 and gave the company a "market perform" rating in a research note on Wednesday, December 4th. Wells Fargo & Company lifted their price target on M&T Bank from $190.00 to $205.00 and gave the stock an "underweight" rating in a research report on Friday, November 15th. The Goldman Sachs Group upped their price target on shares of M&T Bank from $216.00 to $243.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 26th. DA Davidson lifted their target price on shares of M&T Bank from $222.00 to $223.00 and gave the stock a "neutral" rating in a report on Friday, January 17th. Finally, Truist Financial reiterated a "buy" rating and issued a $236.00 target price (up previously from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $221.68.
Read Our Latest Analysis on MTB
M&T Bank Company Profile
(
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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