Polaris Capital Management LLC reduced its position in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 1.4% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 189,294 shares of the financial services provider's stock after selling 2,600 shares during the quarter. M&T Bank comprises about 1.7% of Polaris Capital Management LLC's portfolio, making the stock its 25th biggest position. Polaris Capital Management LLC owned approximately 0.11% of M&T Bank worth $35,589,000 at the end of the most recent reporting period.
A number of other institutional investors have also added to or reduced their stakes in MTB. Plato Investment Management Ltd raised its stake in shares of M&T Bank by 2,300.0% in the third quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider's stock worth $30,000 after purchasing an additional 161 shares during the last quarter. Ashton Thomas Securities LLC purchased a new stake in shares of M&T Bank in the third quarter worth approximately $32,000. Migdal Insurance & Financial Holdings Ltd. raised its stake in shares of M&T Bank by 329.2% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider's stock worth $37,000 after purchasing an additional 158 shares during the last quarter. Y.D. More Investments Ltd raised its stake in shares of M&T Bank by 122.6% in the fourth 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. Finally, Capital Performance Advisors LLP purchased a new stake in shares of M&T Bank in the third quarter worth approximately $44,000. 84.68% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
A number of brokerages recently commented on MTB. StockNews.com raised M&T Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, February 5th. Keefe, Bruyette & Woods increased their price target on M&T Bank from $205.00 to $221.00 and gave the company a "market perform" rating in a research report on Wednesday, December 4th. Compass Point increased their price target on M&T Bank from $220.00 to $250.00 and gave the company a "neutral" rating in a research report on Tuesday, December 10th. Barclays increased their price target on M&T Bank from $228.00 to $235.00 and gave the company an "equal weight" rating in a research report on Monday, January 6th. Finally, Evercore ISI increased their price target on M&T Bank from $210.00 to $232.00 and gave the company an "outperform" rating in a research report on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $221.68.
Check Out Our Latest Analysis on MTB
M&T Bank Stock Performance
Shares of M&T Bank stock traded up $2.17 during trading hours on Friday, reaching $199.31. The company had a trading volume of 752,274 shares, compared to its average volume of 1,194,791. M&T Bank Co. has a one year low of $133.03 and a one year high of $225.70. The business has a fifty day simple moving average of $195.84 and a 200 day simple moving average of $188.61. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.93 and a quick ratio of 0.99. The firm has a market cap of $33.07 billion, a PE ratio of 13.64, a price-to-earnings-growth ratio of 1.42 and a beta of 0.79.
M&T Bank (NYSE:MTB - Get Free Report) last posted 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 return on equity of 10.12% and a net margin of 19.24%. During the same period last year, the company earned $2.74 earnings per share. On average, analysts anticipate that M&T Bank Co. will post 16.56 earnings per share for the current fiscal year.
M&T Bank Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 2nd were paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 2.71%. The ex-dividend date was Monday, December 2nd. M&T Bank's dividend payout ratio is 36.91%.
M&T Bank announced that its board has authorized a share buyback plan on Wednesday, January 22nd that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 12.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is undervalued.
Insider Activity at M&T Bank
In related news, Director John P. Barnes sold 20,000 shares of M&T Bank stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $217.45, for a total transaction of $4,349,000.00. Following the completion of the sale, the director now owns 35,480 shares of the company's stock, valued at approximately $7,715,126. This trade represents a 36.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Tracy S. Woodrow sold 2,121 shares of M&T Bank stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total value of $468,210.75. Following the sale, the executive vice president now directly owns 5,141 shares of the company's stock, valued at $1,134,875.75. This represents a 29.21 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 24,611 shares of company stock valued at $5,354,777. Company insiders own 0.82% of the company's stock.
M&T Bank 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.
See Also
Before you consider M&T Bank, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and M&T Bank wasn't on the list.
While M&T Bank currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
