2,511 Shares in M&T Bank Co. (NYSE:MTB) Bought by Mystic Asset Management Inc.

Mystic Asset Management Inc. acquired a new position in shares of M&T Bank Co. (NYSE:MTB - Free Report) in the fourth quarter, according to the company in its most recent filing with the SEC. The firm acquired 2,511 shares of the financial services provider's stock, valued at approximately $472,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Empowered Funds LLC grew its holdings in M&T Bank by 9.7% in the 3rd quarter. Empowered Funds LLC now owns 2,767 shares of the financial services provider's stock valued at $493,000 after buying an additional 245 shares during the period. Thrivent Financial for Lutherans grew its holdings 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 lifted its stake in shares of 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 purchasing an additional 185 shares in the last quarter. Caprock Group LLC lifted its stake in shares of M&T Bank by 10.8% in the 3rd quarter. Caprock Group LLC now owns 10,731 shares of the financial services provider's stock valued at $1,911,000 after purchasing an additional 1,048 shares in the last quarter. Finally, Smead Capital Management Inc. lifted its stake in shares of M&T Bank by 3.5% in the 3rd quarter. Smead Capital Management Inc. now owns 493,817 shares of the financial services provider's stock valued at $87,959,000 after purchasing an additional 16,657 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company's stock.

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Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on MTB shares. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $223.50 price objective (up from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Compass Point lifted their price objective on M&T Bank from $220.00 to $250.00 and gave the company a "neutral" rating in a research note on Tuesday, December 10th. The Goldman Sachs Group lifted their price objective on M&T Bank from $216.00 to $243.00 and gave the company a "neutral" rating in a research note on Tuesday, November 26th. Morgan Stanley reduced their price objective on M&T Bank from $269.00 to $253.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Finally, Citigroup lowered M&T Bank from a "buy" rating to a "neutral" rating and lifted their price objective for the company from $220.00 to $230.00 in a research note on Monday, November 25th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $222.03.

M&T Bank Stock Up 0.7 %

Shares of MTB traded up $1.28 during trading on Friday, reaching $178.19. The company's stock had a trading volume of 8,883,487 shares, compared to its average volume of 1,049,370. The company has a fifty day moving average of $190.99 and a two-hundred day moving average of $192.04. M&T Bank Co. has a twelve month low of $133.03 and a twelve month high of $225.70. The company has a market cap of $29.27 billion, a price-to-earnings ratio of 12.18, a P/E/G ratio of 1.38 and a beta of 0.74. 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 (NYSE:MTB - Get Free Report) last announced its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, beating 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 business posted $2.74 EPS. On average, sell-side analysts predict 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 will be paid on Monday, March 31st. Stockholders of record on Monday, March 3rd will be issued a $1.35 dividend. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.03%. M&T Bank's dividend payout ratio (DPR) is 36.91%.

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

Insider Activity

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 completion of the sale, the executive vice president now directly owns 10,751 shares in the company, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.53% of the company's stock.

M&T Bank Company 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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.