Picton Mahoney Asset Management Has $12.13 Million Holdings in M&T Bank Co. (NYSE:MTB)

Picton Mahoney Asset Management lifted its holdings in shares of M&T Bank Co. (NYSE:MTB - Free Report) by 156.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 64,528 shares of the financial services provider's stock after purchasing an additional 39,359 shares during the quarter. Picton Mahoney Asset Management's holdings in M&T Bank were worth $12,132,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Wellington Shields & Co. LLC increased its stake in shares of M&T Bank by 5.2% during the 4th quarter. Wellington Shields & Co. LLC now owns 1,966 shares of the financial services provider's stock worth $370,000 after purchasing an additional 98 shares during the last quarter. PGGM Investments acquired a new position in shares of M&T Bank during the 4th quarter worth $1,313,000. Essential Planning LLC. acquired a new position in shares of M&T Bank during the 4th quarter worth $9,459,000. HighTower Advisors LLC increased its stake in shares of M&T Bank by 1.9% during the 4th quarter. HighTower Advisors LLC now owns 53,479 shares of the financial services provider's stock worth $10,055,000 after purchasing an additional 972 shares during the last quarter. Finally, Moors & Cabot Inc. grew its stake in M&T Bank by 1.6% in the 4th quarter. Moors & Cabot Inc. now owns 7,551 shares of the financial services provider's stock valued at $1,420,000 after buying an additional 122 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

Insider Activity at M&T Bank

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

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Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on MTB. Barclays raised their target price on shares of M&T Bank from $228.00 to $235.00 and gave the company an "equal weight" rating in a research note on Monday, January 6th. The Goldman Sachs Group raised their target price on shares of M&T Bank from $216.00 to $243.00 and gave the company a "neutral" rating in a research note on Tuesday, November 26th. Truist Financial reiterated a "buy" rating and issued a $236.00 target price (up from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. Morgan Stanley lowered their target price on shares of 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, Piper Sandler raised their target price on shares of M&T Bank from $205.00 to $243.00 and gave the company an "overweight" rating in a research note on Wednesday, November 27th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $222.03.

M&T Bank Price Performance

Shares of NYSE:MTB traded up $2.27 during midday trading on Wednesday, reaching $177.10. 880,281 shares of the company's stock were exchanged, compared to its average volume of 1,018,751. The company's 50 day simple moving average is $191.75 and its two-hundred day simple moving average is $192.21. The firm has a market capitalization of $29.10 billion, a PE ratio of 12.11, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74. M&T Bank Co. has a 12 month low of $133.03 and a 12 month high of $225.70. 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 released its quarterly earnings data 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 net margin of 19.24% and a return on equity of 10.12%. During the same quarter in the prior year, the business posted $2.74 earnings per share. Equities research analysts expect that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, January 22nd that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its stock is undervalued.

M&T Bank Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 3.05%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank's dividend payout ratio is currently 36.91%.

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.