Magnetar Financial LLC Takes Position in M&T Bank Co. (NYSE:MTB)

Magnetar Financial LLC acquired a new stake in M&T Bank Co. (NYSE:MTB - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 12,570 shares of the financial services provider's stock, valued at approximately $2,363,000.

A number of other large investors also recently bought and sold shares of MTB. Empowered Funds LLC boosted its stake in shares of M&T Bank by 9.7% in the third quarter. Empowered Funds LLC now owns 2,767 shares of the financial services provider's stock valued at $493,000 after purchasing an additional 245 shares during the period. Thrivent Financial for Lutherans boosted its position in M&T Bank by 33.3% in the 3rd quarter. Thrivent Financial for Lutherans now owns 87,626 shares of the financial services provider's stock valued at $15,608,000 after buying an additional 21,881 shares during the period. Pathstone Holdings LLC boosted its position in M&T Bank by 0.7% in the 3rd quarter. Pathstone Holdings LLC now owns 28,625 shares of the financial services provider's stock valued at $5,099,000 after buying an additional 185 shares during the period. Caprock Group LLC grew its stake in shares of M&T Bank by 10.8% in the third quarter. Caprock Group LLC now owns 10,731 shares of the financial services provider's stock worth $1,911,000 after acquiring an additional 1,048 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG purchased a new stake in shares of M&T Bank during the third quarter worth $1,564,000. Institutional investors and hedge funds own 84.68% of the company's stock.

M&T Bank Stock Performance

Shares of MTB stock traded up $0.61 during trading hours on Tuesday, hitting $182.97. The stock had a trading volume of 708,935 shares, compared to its average volume of 1,049,327. The stock's 50 day moving average is $190.82 and its 200 day moving average is $192.44. The firm has a market capitalization of $30.06 billion, a PE ratio of 12.51, a PEG ratio of 1.38 and a beta of 0.74. M&T Bank Co. has a twelve month low of $133.03 and a twelve month high of $225.70. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99.

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M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly 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 quarter in the previous year, the company posted $2.74 earnings per share. As a group, research analysts forecast 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 declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be given a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 2.95%. The ex-dividend date is Monday, March 3rd. M&T Bank's dividend payout ratio (DPR) is presently 36.91%.

M&T Bank declared that its board has initiated a stock repurchase program on Wednesday, January 22nd that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Morgan Stanley lowered their target price on M&T Bank from $269.00 to $253.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. The Goldman Sachs Group boosted their price objective on M&T Bank from $216.00 to $243.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 26th. Piper Sandler raised their target price on shares of M&T Bank from $205.00 to $243.00 and gave the company an "overweight" rating in a report on Wednesday, November 27th. Compass Point boosted their price target on shares of M&T Bank from $220.00 to $250.00 and gave the stock a "neutral" rating in a report on Tuesday, December 10th. Finally, Truist Financial restated a "buy" rating and issued a $236.00 price objective (up from $233.00) on shares of M&T Bank in a report on Friday, January 17th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $219.97.

Insider Buying and Selling at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of the business's 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 transaction, the executive vice president now owns 10,751 shares of the company's stock, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.53% of the stock is owned by company insiders.

M&T Bank 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.