Raymond James Financial Inc. Invests $21.78 Million in M&T Bank Co. (NYSE:MTB)

Raymond James Financial Inc. purchased a new position in shares of M&T Bank Co. (NYSE:MTB - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 115,860 shares of the financial services provider's stock, valued at approximately $21,783,000. Raymond James Financial Inc. owned 0.07% of M&T Bank as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Sanctuary Advisors LLC increased its position 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 worth $3,195,000 after acquiring an additional 52 shares during the period. Catalina Capital Group LLC increased its stake in M&T Bank by 2.0% in the fourth quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider's stock valued at $531,000 after purchasing an additional 56 shares during the period. Sheaff Brock Investment Advisors LLC raised its holdings in shares of M&T Bank by 1.2% in 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 buying an additional 63 shares during the last quarter. Meridian Wealth Management LLC boosted its stake 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 worth $336,000 after buying an additional 66 shares during the period. Finally, Pitcairn Co. grew 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 worth $1,668,000 after buying an additional 70 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

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Analyst Ratings Changes

Several research analysts have weighed in on MTB shares. Piper Sandler lifted their target price on M&T Bank from $205.00 to $243.00 and gave the company an "overweight" rating in a research note on Wednesday, November 27th. The Goldman Sachs Group boosted their target price on M&T Bank from $216.00 to $243.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 26th. Truist Financial restated a "buy" rating and set a $236.00 target price (up from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. 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 research note on Thursday, March 13th. Finally, Compass Point upped their target price on shares of M&T Bank from $220.00 to $250.00 and gave the stock a "neutral" rating in a research report on Tuesday, December 10th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $222.03.

M&T Bank Trading Up 1.3 %

Shares of NYSE MTB traded up $2.27 during midday trading on Wednesday, reaching $177.10. 652,061 shares of the stock were exchanged, compared to its average volume of 1,306,416. The stock has a 50 day moving average price of $191.75 and a 200-day moving average price of $192.21. 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 company has a market capitalization of $29.10 billion, a P/E ratio of 12.11, a P/E/G ratio of 1.38 and a beta of 0.74. M&T Bank Co. has a 52-week low of $133.03 and a 52-week high of $225.70.

M&T Bank (NYSE:MTB - Get Free Report) last issued its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating 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 period in the prior year, the firm 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 Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be given a dividend of $1.35 per share. The ex-dividend date is Monday, March 3rd. This represents a $5.40 annualized dividend and a yield of 3.05%. M&T Bank's dividend payout ratio (DPR) is presently 36.91%.

M&T Bank announced that its Board of Directors has initiated a stock buyback plan on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in shares. This buyback authorization authorizes 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 shares are undervalued.

Insider Buying and Selling at M&T Bank

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 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 document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.53% of the stock is owned by company insiders.

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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.