Resona Asset Management Co. Ltd. Buys Shares of 48,097 M&T Bank Co. (NYSE:MTB)

Resona Asset Management Co. Ltd. bought 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 13F filing with the Securities and Exchange Commission (SEC). The fund bought 48,097 shares of the financial services provider's stock, valued at approximately $9,051,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. HighTower Advisors LLC lifted its stake in M&T Bank by 2.1% in the 3rd quarter. HighTower Advisors LLC now owns 52,507 shares of the financial services provider's stock valued at $9,353,000 after buying an additional 1,075 shares in the last quarter. EP Wealth Advisors LLC purchased a new stake in shares of M&T Bank in the third quarter valued at $1,148,000. MML Investors Services LLC boosted its stake in shares of M&T Bank by 13.4% during the third quarter. MML Investors Services LLC now owns 6,852 shares of the financial services provider's stock valued at $1,220,000 after acquiring an additional 809 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in M&T Bank during the 3rd quarter worth about $332,000. Finally, Nomura Asset Management Co. Ltd. raised its stake in M&T Bank by 6.1% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 50,275 shares of the financial services provider's stock valued at $8,955,000 after purchasing an additional 2,883 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company's stock.

Insider Activity

In related news, EVP Christopher E. Kay sold 1,738 shares of the firm's stock in a transaction 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 completion of the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.53% of the company's stock.

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Analysts Set New Price Targets

A number of equities research analysts have recently commented on MTB shares. Citigroup lowered their price target on shares of M&T Bank from $230.00 to $195.00 and set a "neutral" rating for the company in a report on Monday, March 24th. Morgan Stanley lowered their target price 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. Barclays increased their price target on M&T Bank from $228.00 to $235.00 and gave the stock an "equal weight" rating in a research note on Monday, January 6th. DA Davidson lifted their price objective on M&T Bank from $222.00 to $223.00 and gave the company a "neutral" rating in a research report on Friday, January 17th. Finally, JPMorgan Chase & Co. reduced their target price on M&T Bank from $212.50 to $186.50 and set a "neutral" rating on the stock in a research report on Thursday, April 3rd. One investment 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. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $215.97.

M&T Bank Trading Down 0.0 %

NYSE MTB traded down $0.03 during mid-day trading on Friday, hitting $157.82. The company's stock had a trading volume of 1,548,671 shares, compared to its average volume of 1,113,973. 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 Co. has a 52-week low of $136.18 and a 52-week high of $225.70. The stock's fifty day simple moving average is $181.27 and its two-hundred day simple moving average is $191.88. The firm has a market capitalization of $25.93 billion, a P/E ratio of 10.79, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB - Get Free Report) last posted its 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 net margin of 19.24% and a return on equity of 10.12%. During the same quarter last year, the business posted $2.74 EPS. Research analysts expect that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank announced that its Board of Directors has authorized a stock repurchase plan on Wednesday, January 22nd that allows the company to buyback $4.00 billion in shares. This buyback authorization allows the financial services provider to purchase up to 12.3% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's board of directors believes its shares are undervalued.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were given a $1.35 dividend. This represents a $5.40 annualized dividend and a dividend yield of 3.42%. The ex-dividend date was Monday, March 3rd. M&T Bank's payout ratio is 36.91%.

M&T Bank Company 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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.