Mitsubishi UFJ Trust & Banking Corp Grows Stock Position in M&T Bank Co. (NYSE:MTB)

Mitsubishi UFJ Trust & Banking Corp lifted its holdings in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 54.0% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 123,101 shares of the financial services provider's stock after acquiring an additional 43,176 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned 0.07% of M&T Bank worth $23,144,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Y.D. More Investments Ltd increased its stake 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 during the last quarter. Human Investing LLC bought a new position in M&T Bank during the fourth quarter valued at $44,000. Sierra Ocean LLC purchased a new stake in M&T Bank in the fourth quarter worth $44,000. Principal Securities Inc. raised its stake in shares of M&T Bank by 47.5% in the fourth quarter. Principal Securities Inc. now owns 410 shares of the financial services provider's stock valued at $77,000 after buying an additional 132 shares during the period. Finally, Kentucky Trust Co bought a new stake in shares of M&T Bank in the fourth quarter valued at $92,000. 84.68% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on MTB. Keefe, Bruyette & Woods lifted their price objective on M&T Bank from $205.00 to $221.00 and gave the stock a "market perform" rating in a report on Wednesday, December 4th. Evercore ISI reduced their target price on shares of M&T Bank from $234.00 to $205.00 and set an "outperform" rating for the company in a research note on Thursday, March 13th. DA Davidson upped their price target on shares of M&T Bank from $222.00 to $223.00 and gave the company a "neutral" rating in a research note on Friday, January 17th. StockNews.com upgraded shares of M&T Bank from a "sell" rating to a "hold" rating in a research note on Wednesday, February 5th. Finally, Morgan Stanley lowered their target price on shares of M&T Bank from $269.00 to $253.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $218.79.

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M&T Bank Price Performance

Shares of NYSE MTB traded down $2.44 during midday trading on Tuesday, hitting $176.31. 1,039,683 shares of the company's stock were exchanged, compared to its average volume of 1,091,482. The business's fifty day moving average price is $188.64 and its two-hundred day moving average price is $192.95. The company has a market cap of $28.97 billion, a price-to-earnings ratio of 12.05, a PEG ratio of 1.38 and a beta of 0.74. 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.

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 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 period last year, the business posted $2.74 EPS. As a group, research analysts forecast that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were given a dividend of $1.35 per share. The ex-dividend date of this dividend was Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 3.06%. M&T Bank's payout ratio is 36.91%.

M&T Bank declared that its board has approved a stock 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 purchase up to 12.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.

Insiders Place Their Bets

In related news, EVP Christopher E. Kay sold 1,738 shares of the firm's stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the transaction, the executive vice president now directly owns 10,751 shares of the company's stock, valued at approximately $1,852,827.34. This trade represents a 13.92 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.53% of the company's stock.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.