Aviva PLC Acquires 13,768 Shares of M&T Bank Co. (NYSE:MTB)

Aviva PLC grew its position in M&T Bank Co. (NYSE:MTB - Free Report) by 43.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 45,388 shares of the financial services provider's stock after buying an additional 13,768 shares during the quarter. Aviva PLC's holdings in M&T Bank were worth $8,533,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new stake in shares of M&T Bank in the fourth quarter valued at $317,690,000. Charles Schwab Investment Management Inc. lifted its holdings in M&T Bank by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider's stock valued at $994,522,000 after purchasing an additional 252,583 shares in the last quarter. Amundi boosted its stake in shares of M&T Bank by 43.5% during the 4th quarter. Amundi now owns 807,339 shares of the financial services provider's stock worth $154,315,000 after purchasing an additional 244,709 shares during the last quarter. LGT Capital Partners LTD. purchased a new stake in shares of M&T Bank during the fourth quarter worth about $34,803,000. Finally, Sapient Capital LLC raised its holdings in M&T Bank by 9,754.9% in the 4th quarter. Sapient Capital LLC now owns 184,287 shares of the financial services provider's stock valued at $34,648,000 after acquiring an additional 182,417 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

Analysts Set New Price Targets

A number of analysts have issued reports on MTB shares. Evercore ISI decreased their price target on M&T Bank from $234.00 to $205.00 and set an "outperform" rating on the stock in a research note on Thursday, March 13th. StockNews.com upgraded shares of M&T Bank from a "sell" rating to a "hold" rating in a report on Wednesday, February 5th. Truist Financial cut their price target on shares of M&T Bank from $236.00 to $225.00 and set a "buy" rating on the stock in a research note on Friday, April 4th. JPMorgan Chase & Co. lowered their price target on M&T Bank from $212.50 to $186.50 and set a "neutral" rating for the company in a research report on Thursday, April 3rd. Finally, Citigroup reduced their price objective on M&T Bank from $230.00 to $195.00 and set a "neutral" rating on the stock in a research note on Monday, March 24th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat, M&T Bank currently has a consensus rating of "Hold" and a consensus price target of $215.97.

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M&T Bank Trading Up 0.2 %

M&T Bank stock traded up $0.35 during midday trading on Monday, hitting $158.30. 344,251 shares of the stock were exchanged, compared to its average volume of 1,111,310. The stock has a market capitalization of $26.01 billion, a PE ratio of 10.82, a P/E/G ratio of 1.38 and a beta of 0.58. The company has a fifty day simple moving average of $181.27 and a two-hundred day simple moving average of $191.88. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. M&T Bank Co. has a 52 week low of $136.18 and a 52 week high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last released 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 quarter last year, the company earned $2.74 EPS. Equities research analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were issued a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 3.41%. The ex-dividend date was Monday, March 3rd. M&T Bank's payout ratio is 36.91%.

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

Insider Activity at M&T Bank

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the company's stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total transaction of $299,526.92. Following the sale, the executive vice president now directly owns 10,751 shares of the company's stock, valued at approximately $1,852,827.34. This represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.53% of the stock is owned by company insiders.

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.