Ontario Teachers Pension Plan Board Makes New $599,000 Investment in M&T Bank Co. (NYSE:MTB)

Ontario Teachers Pension Plan Board purchased a new position in M&T Bank Co. (NYSE:MTB - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 3,188 shares of the financial services provider's stock, valued at approximately $599,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Y.D. More Investments Ltd increased its holdings 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 valued at $39,000 after acquiring an additional 114 shares during the last quarter. Human Investing LLC acquired a new stake in shares of M&T Bank in the fourth quarter worth $44,000. Sierra Ocean LLC bought a new stake in shares of M&T Bank during the 4th quarter worth $44,000. Loomis Sayles & Co. L P acquired a new position in M&T Bank in the 4th quarter valued at $52,000. Finally, Principal Securities Inc. lifted its position in M&T Bank by 47.5% during the 4th quarter. Principal Securities Inc. now owns 410 shares of the financial services provider's stock worth $77,000 after acquiring an additional 132 shares during the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on MTB shares. Wells Fargo & Company cut their price objective on M&T Bank from $185.00 to $175.00 and set an "underweight" rating for the company in a research report on Tuesday, April 15th. Citigroup cut their target price on shares of M&T Bank from $230.00 to $195.00 and set a "neutral" rating for the company in a research note on Monday, March 24th. StockNews.com upgraded shares of M&T Bank from a "sell" rating to a "hold" rating in a research report on Wednesday, February 5th. Morgan Stanley cut their price objective on shares of M&T Bank from $269.00 to $253.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Finally, 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. One analyst has rated the stock with a sell rating, nine have issued a hold rating and nine have assigned a buy rating to the company's stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $208.14.

Insider Activity at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of the firm'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 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 can be accessed through this link. 0.53% of the stock is currently owned by company insiders.

M&T Bank Price Performance

Shares of M&T Bank stock traded up $3.93 during mid-day trading on Tuesday, reaching $160.70. 225,453 shares of the stock were exchanged, compared to its average volume of 1,110,709. The company has a market cap of $26.40 billion, a price-to-earnings ratio of 11.00, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58. M&T Bank Co. has a fifty-two week low of $139.78 and a fifty-two week high of $225.70. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The firm has a 50-day simple moving average of $176.44 and a 200 day simple moving average of $191.21.

M&T Bank (NYSE:MTB - Get Free Report) last announced its earnings results on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing the consensus estimate of $3.41 by ($0.03). M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. The business had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period in the previous year, the firm earned $3.09 earnings per share. 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 disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 3rd were given a $1.35 dividend. The ex-dividend date was Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a yield of 3.36%. M&T Bank's payout ratio is 36.17%.

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 shares. This repurchase authorization authorizes the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company's leadership believes its shares are undervalued.

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