L.K. Benson & Company P.C. Takes $835,000 Position in M&T Bank Co. (NYSE:MTB)

L.K. Benson & Company P.C. purchased a new stake in M&T Bank Co. (NYSE:MTB - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor purchased 4,439 shares of the financial services provider's stock, valued at approximately $835,000.

Several other large investors have also recently bought and sold shares of the stock. Y.D. More Investments Ltd grew its position in shares of M&T Bank by 122.6% during the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider's stock worth $39,000 after purchasing an additional 114 shares in the last quarter. Human Investing LLC acquired a new position in shares of M&T Bank during the 4th quarter worth approximately $44,000. Sierra Ocean LLC acquired a new position in shares of M&T Bank during the 4th quarter worth approximately $44,000. Principal Securities Inc. grew its position in shares of M&T Bank by 47.5% during the 4th quarter. Principal Securities Inc. now owns 410 shares of the financial services provider's stock worth $77,000 after purchasing an additional 132 shares in the last quarter. Finally, Brooklyn Investment Group acquired a new position in shares of M&T Bank during the 3rd quarter worth approximately $91,000. 84.68% of the stock is owned by institutional investors.

M&T Bank Price Performance

NYSE:MTB traded up $1.28 during mid-day trading on Friday, hitting $178.19. 8,883,487 shares of the stock traded hands, compared to its average volume of 1,049,915. The business's 50-day moving average price is $190.99 and its 200 day moving average price is $192.35. The company has a market cap of $29.27 billion, a PE ratio of 12.18, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74. M&T Bank Co. has a 12-month low of $133.03 and a 12-month high of $225.70. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47.

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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 EPS for the quarter, beating 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 quarter in the previous year, the company earned $2.74 earnings per share. On average, analysts expect that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank declared that its board has approved a share buyback program on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in shares. This repurchase authorization authorizes the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company's board of directors believes its shares are undervalued.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be paid a $1.35 dividend. The ex-dividend date is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 3.03%. M&T Bank's dividend payout ratio is presently 36.91%.

Insiders Place Their Bets

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the business's stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the completion of the transaction, the executive vice president now owns 10,751 shares of the company's stock, valued at $1,852,827.34. The trade was a 13.92 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.53% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on the stock. Keefe, Bruyette & Woods increased 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 research report on Wednesday, December 4th. Compass Point increased their price target on shares of M&T Bank from $220.00 to $250.00 and gave the stock a "neutral" rating in a research report on Tuesday, December 10th. Piper Sandler increased their price target on shares of M&T Bank from $205.00 to $243.00 and gave the stock an "overweight" rating in a research report on Wednesday, November 27th. Truist Financial reiterated a "buy" rating and set a $236.00 price target (up previously from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. Finally, StockNews.com raised shares of M&T Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, February 5th. One investment 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 an average target price of $222.03.

About M&T Bank

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.