115,860 Shares in M&T Bank Co. (NYSE:MTB) Bought by Raymond James Financial Inc.

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

Other institutional investors have also recently added to or reduced their stakes in the company. Y.D. More Investments Ltd grew its stake in M&T Bank by 122.6% in the fourth quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider's stock worth $39,000 after purchasing an additional 114 shares in the last quarter. Human Investing LLC bought a new position in M&T Bank in the 4th quarter worth about $44,000. Sierra Ocean LLC acquired a new stake in shares of M&T Bank in the fourth quarter valued at approximately $44,000. Loomis Sayles & Co. L P acquired a new position in shares of M&T Bank during the fourth quarter worth approximately $52,000. Finally, Principal Securities Inc. grew its holdings in M&T Bank by 47.5% in the 4th quarter. Principal Securities Inc. now owns 410 shares of the financial services provider's stock worth $77,000 after buying an additional 132 shares in the last quarter. 84.68% of the stock is owned by institutional investors and hedge funds.

M&T Bank Stock Up 1.6 %

Shares of MTB traded up $2.59 during midday trading on Thursday, hitting $167.93. The stock had a trading volume of 233,695 shares, compared to its average volume of 1,114,747. The firm has a market cap of $27.59 billion, a price-to-earnings ratio of 11.47, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58. The company has a 50 day simple moving average of $175.07 and a two-hundred day simple moving average of $190.83. M&T Bank Co. has a twelve month low of $139.78 and a twelve month high of $225.70. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99.

M&T Bank (NYSE:MTB - Get Free Report) last released its earnings results on Monday, April 14th. The financial services provider reported $3.38 earnings per share (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 company had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the previous year, the company posted $3.09 EPS. On average, analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank declared that its Board of Directors has approved 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 repurchase up to 12.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company's board of directors believes its shares are undervalued.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 3.22%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank's dividend payout ratio is 36.17%.

Insiders Place Their Bets

In other news, EVP Christopher E. Kay sold 1,738 shares of the firm'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 transaction of $299,526.92. Following the transaction, the executive vice president now directly 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.53% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft raised M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 price target for the company in a research note on Thursday. Truist Financial reduced their price target on shares of M&T Bank from $225.00 to $200.00 and set a "buy" rating for the company in a research note on Tuesday, April 15th. Morgan Stanley dropped their target price on M&T Bank from $269.00 to $253.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Evercore ISI lowered their price target on M&T Bank from $234.00 to $205.00 and set an "outperform" rating on the stock in a research report on Thursday, March 13th. Finally, Citigroup cut their price objective on M&T Bank from $230.00 to $195.00 and set a "neutral" rating for the company in a report on Monday, March 24th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $208.24.

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.