1,689,752 Shares in M&T Bank Co. (NYSE:MTB) Acquired by Norges Bank

Norges Bank purchased a new position in shares of M&T Bank Co. (NYSE:MTB - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,689,752 shares of the financial services provider's stock, valued at approximately $317,690,000. Norges Bank owned about 1.02% of M&T Bank at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in MTB. Y.D. More Investments Ltd raised its position 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 acquiring an additional 114 shares in the last quarter. Human Investing LLC acquired a new stake in M&T Bank during the fourth quarter worth approximately $44,000. Sierra Ocean LLC purchased a new stake in shares of M&T Bank during the 4th quarter worth approximately $44,000. Loomis Sayles & Co. L P acquired a new position in shares of M&T Bank in the 4th quarter valued at $52,000. Finally, Principal Securities Inc. grew its position in shares of M&T Bank by 47.5% in the 4th 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 last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MTB. JPMorgan Chase & Co. decreased their price objective on shares of M&T Bank from $212.50 to $186.50 and set a "neutral" rating for the company in a research note on Thursday. Barclays raised their price target on M&T Bank from $228.00 to $235.00 and gave the stock an "equal weight" rating in a research note on Monday, January 6th. Wells Fargo & Company reduced their price objective on M&T Bank from $205.00 to $185.00 and set an "underweight" rating for the company in a research note on Friday, March 28th. DA Davidson raised their target price on shares of M&T Bank from $222.00 to $223.00 and gave the stock a "neutral" rating in a research report on Friday, January 17th. Finally, Evercore ISI reduced their price target on shares of M&T Bank from $234.00 to $205.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. 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. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $216.62.

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Insider Buying and Selling

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the business's stock in a transaction on Wednesday, March 12th. The stock was 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 in the company, 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 Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.53% of the company's stock.

M&T Bank Price Performance

NYSE:MTB traded down $14.64 during trading hours on Thursday, hitting $165.07. The company's stock had a trading volume of 322,828 shares, compared to its average volume of 1,088,139. The company has a market capitalization of $27.12 billion, a PE ratio of 11.28, a PEG ratio of 1.38 and a beta of 0.58. M&T Bank Co. has a 52-week low of $133.03 and a 52-week high of $225.70. The business's 50-day moving average is $188.33 and its two-hundred day moving average is $192.86. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98.

M&T Bank (NYSE:MTB - Get Free Report) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, beating the consensus estimate 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 in the previous year, the business earned $2.74 earnings per share. As a group, research analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were paid a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 3.27%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank's dividend payout ratio (DPR) is 36.91%.

M&T Bank announced that its board has approved a stock repurchase program on Wednesday, January 22nd that allows the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 12.3% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.

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.