PGGM Investments Makes New Investment in M&T Bank Co. (NYSE:MTB)

PGGM Investments purchased a new stake in shares of M&T Bank Co. (NYSE:MTB - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 6,982 shares of the financial services provider's stock, valued at approximately $1,313,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Sanctuary Advisors LLC boosted its holdings in shares of M&T Bank by 0.3% during the fourth quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider's stock valued at $3,195,000 after acquiring an additional 52 shares during the period. Catalina Capital Group LLC boosted its holdings in shares of M&T Bank by 2.0% during the fourth quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider's stock valued at $531,000 after acquiring an additional 56 shares during the period. Sheaff Brock Investment Advisors LLC boosted its holdings in shares of M&T Bank by 1.2% during the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 5,188 shares of the financial services provider's stock valued at $975,000 after acquiring an additional 63 shares during the period. Meridian Wealth Management LLC boosted its holdings in shares of M&T Bank by 3.8% during the fourth quarter. Meridian Wealth Management LLC now owns 1,786 shares of the financial services provider's stock valued at $336,000 after acquiring an additional 66 shares during the period. Finally, Pitcairn Co. boosted its holdings in shares of M&T Bank by 0.8% during the third quarter. Pitcairn Co. now owns 9,362 shares of the financial services provider's stock valued at $1,668,000 after acquiring an additional 70 shares during the period. Institutional investors and hedge funds own 84.68% of the company's stock.

Remove Ads

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. StockNews.com raised shares of M&T Bank from a "sell" rating to a "hold" rating in a report on Wednesday, February 5th. Morgan Stanley reduced 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 report on Thursday, March 13th. DA Davidson upped their price objective on shares of M&T Bank from $222.00 to $223.00 and gave the stock a "neutral" rating in a report on Friday, January 17th. The Goldman Sachs Group upped their price objective on shares of M&T Bank from $216.00 to $243.00 and gave the stock a "neutral" rating in a report on Tuesday, November 26th. Finally, Compass Point upped their price objective on shares of M&T Bank from $220.00 to $250.00 and gave the stock a "neutral" rating in a report on Tuesday, December 10th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $222.03.

M&T Bank Trading Down 0.3 %

NYSE MTB traded down $0.60 on Tuesday, hitting $174.82. 1,288,770 shares of the company were exchanged, compared to its average volume of 1,322,456. The company's 50 day moving average price is $192.09 and its 200-day moving average price is $192.19. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. The firm has a market capitalization of $28.72 billion, a P/E ratio of 11.95, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74. M&T Bank Co. has a twelve month low of $133.03 and a twelve month high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping the consensus estimate 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 in the prior year, the firm posted $2.74 EPS. Analysts predict that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The firm also recently announced 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 is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.09%. M&T Bank's dividend payout ratio is 36.91%.

M&T Bank announced that its Board of Directors has initiated a share repurchase 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 reacquire up to 12.3% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's leadership believes its shares are undervalued.

Insider Activity

In related 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 owns 10,751 shares of the company's stock, valued at approximately $1,852,827.34. The trade was 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 owned by corporate insiders.

M&T Bank 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.