Greenleaf Trust raised its holdings in shares of M&T Bank Co. (NYSE:MTB – Free Report) by 3.8% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,502 shares of the financial services provider’s stock after purchasing an additional 92 shares during the quarter. Greenleaf Trust’s holdings in M&T Bank were worth $470,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. Plato Investment Management Ltd lifted its holdings in M&T Bank by 2,300.0% during the 3rd quarter. Plato Investment Management Ltd now owns 168 shares of the financial services provider’s stock valued at $30,000 after purchasing an additional 161 shares during the last quarter. Ashton Thomas Securities LLC bought a new position in M&T Bank in the 3rd quarter valued at about $32,000. Hexagon Capital Partners LLC raised its holdings in M&T Bank by 54.4% in the 3rd quarter. Hexagon Capital Partners LLC now owns 193 shares of the financial services provider’s stock valued at $34,000 after acquiring an additional 68 shares during the period. Migdal Insurance & Financial Holdings Ltd. raised its holdings in M&T Bank by 329.2% in the 3rd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 206 shares of the financial services provider’s stock valued at $37,000 after acquiring an additional 158 shares during the period. Finally, Capital Performance Advisors LLP bought a new position in M&T Bank in the 3rd quarter valued at about $44,000. Institutional investors and hedge funds own 84.68% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts have commented on the company. Citigroup lowered M&T Bank from a “buy” rating to a “neutral” rating and upped their price objective for the company from $220.00 to $230.00 in a report on Monday, November 25th. Bank of America upped their price objective on M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a report on Friday, October 18th. Piper Sandler boosted their price objective on shares of M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a report on Wednesday, November 27th. Compass Point boosted their price objective on shares of M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a report on Tuesday, December 10th. Finally, Truist Financial reissued a “buy” rating and issued a $236.00 price objective (up previously from $233.00) on shares of M&T Bank in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $221.68.
Insider Buying and Selling
In other news, Vice Chairman Gary N. Geisel sold 2,490 shares of the company’s stock in a transaction that occurred on Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total value of $537,566.10. Following the completion of the transaction, the insider now owns 16,429 shares of the company’s stock, valued at $3,546,856.81. This represents a 13.16 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Tracy S. Woodrow sold 2,121 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total value of $468,210.75. Following the completion of the transaction, the executive vice president now directly owns 5,141 shares of the company’s stock, valued at $1,134,875.75. This represents a 29.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,397 shares of company stock worth $6,379,459 in the last 90 days. Insiders own 0.82% of the company’s stock.
M&T Bank Trading Up 1.0 %
Shares of MTB stock opened at $197.86 on Wednesday. The company has a market cap of $32.83 billion, a PE ratio of 13.52, a P/E/G ratio of 1.41 and a beta of 0.79. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.93. M&T Bank Co. has a fifty-two week low of $128.31 and a fifty-two week high of $225.70. The stock’s fifty day moving average price is $198.76 and its two-hundred day moving average price is $187.31.
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 earnings per share (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 previous year, the business posted $2.74 earnings per share. Equities analysts predict that M&T Bank Co. will post 16.56 EPS for the current fiscal year.
M&T Bank Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 2nd were issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 2.73%. The ex-dividend date of this dividend was Monday, December 2nd. M&T Bank’s dividend payout ratio (DPR) is 36.91%.
M&T Bank announced that its board has authorized a share 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 stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.
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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.
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