Prudential Financial Inc. Acquires 35,001 Shares of M&T Bank Co. (NYSE:MTB)

Prudential Financial Inc. lifted its holdings in M&T Bank Co. (NYSE:MTB - Free Report) by 30.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 149,681 shares of the financial services provider's stock after buying an additional 35,001 shares during the quarter. Prudential Financial Inc. owned about 0.09% of M&T Bank worth $28,142,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. FMR LLC lifted its position in shares of M&T Bank by 13.9% during the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider's stock worth $2,199,675,000 after purchasing an additional 1,508,846 shares in the last quarter. State Street Corp boosted its position in M&T Bank by 6.4% in the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider's stock valued at $1,562,725,000 after buying an additional 527,854 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of M&T Bank by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider's stock valued at $994,522,000 after acquiring an additional 252,583 shares during the period. Zurich Insurance Group Ltd FI bought a new position in M&T Bank in the third quarter valued at about $44,422,000. Finally, Amundi increased its position in M&T Bank by 43.5% in the fourth quarter. Amundi now owns 807,339 shares of the financial services provider's stock worth $154,315,000 after purchasing an additional 244,709 shares during the period. Institutional investors and hedge funds own 84.68% of the company's stock.

Remove Ads

Analyst Ratings Changes

A number of research analysts have issued reports on MTB shares. Keefe, Bruyette & Woods upped their target price on shares of M&T Bank from $205.00 to $221.00 and gave the company a "market perform" rating in a research report on Wednesday, December 4th. Truist Financial reissued a "buy" rating and issued a $236.00 target price (up previously from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. Compass Point boosted their target price on M&T Bank from $220.00 to $250.00 and gave the stock a "neutral" rating in a research report on Tuesday, December 10th. Evercore ISI decreased their price objective on shares of M&T Bank from $234.00 to $205.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Finally, JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $223.50 target price (up from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $218.79.

M&T Bank Stock Performance

Shares of NYSE:MTB traded down $4.46 during trading on Friday, reaching $175.21. 1,084,938 shares of the stock were exchanged, compared to its average volume of 1,089,406. M&T Bank Co. has a 12 month low of $133.03 and a 12 month high of $225.70. The stock has a 50-day moving average price of $189.44 and a 200-day moving average price of $192.44. 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 market cap of $28.78 billion, a PE ratio of 11.98, a PEG ratio of 1.38 and a beta of 0.74.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 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. Research analysts expect that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be paid a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.08%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank's dividend payout ratio (DPR) is 36.91%.

M&T Bank declared that its Board of Directors 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 repurchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company's board of directors believes its shares are undervalued.

Insiders Place Their Bets

In other news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction that occurred on Wednesday, March 12th. The shares were 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.53% of the company's stock.

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.