Kovitz Investment Group Partners LLC Buys New Shares in M&T Bank Co. (NYSE:MTB)

Kovitz Investment Group Partners LLC purchased a new position in shares of M&T Bank Co. (NYSE:MTB) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm purchased 2,897 shares of the financial services provider’s stock, valued at approximately $545,000.

Several other institutional investors also recently made changes to their positions in MTB. FMR LLC raised its stake in shares of M&T Bank by 14.3% in the 4th quarter. FMR LLC now owns 14,110,412 shares of the financial services provider’s stock valued at $2,652,899,000 after acquiring an additional 1,761,014 shares during the period. 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 worth $994,522,000 after purchasing an additional 252,583 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of M&T Bank by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 4,370,762 shares of the financial services provider’s stock worth $819,768,000 after buying an additional 40,948 shares during the period. Norges Bank purchased a new stake in shares of M&T Bank during the 4th quarter valued at about $317,690,000. Finally, First Trust Advisors LP lifted its position in M&T Bank by 2.1% during the 4th quarter. First Trust Advisors LP now owns 1,605,724 shares of the financial services provider’s stock worth $301,892,000 after acquiring an additional 33,017 shares in the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the sale, the executive vice president now directly owns 10,751 shares in the company, valued at $1,852,827.34. This trade represents a 13.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.53% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. Truist Financial dropped their price objective on shares of M&T Bank from $225.00 to $200.00 and set a “buy” rating on the stock in a research note on Tuesday, April 15th. JPMorgan Chase & Co. decreased their price objective on shares of M&T Bank from $212.50 to $186.50 and set a “neutral” rating for the company in a research report on Thursday, April 3rd. Piper Sandler dropped their target price on M&T Bank from $220.00 to $210.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 15th. Robert W. Baird reduced their price target on M&T Bank from $220.00 to $200.00 and set an “outperform” rating for the company in a report on Tuesday, April 15th. Finally, StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $208.24.

M&T Bank Trading Up 0.8 %

M&T Bank stock opened at $171.08 on Friday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.98. M&T Bank Co. has a 1 year low of $139.78 and a 1 year high of $225.70. The firm’s 50-day moving average is $171.74 and its 200-day moving average is $190.36. The company has a market cap of $28.11 billion, a P/E ratio of 11.69, a PEG ratio of 1.38 and a beta of 0.58.

M&T Bank (NYSE:MTB) last issued its earnings results on Monday, April 14th. The financial services provider reported $3.38 EPS for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). The company had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.35 billion. 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 firm earned $3.09 earnings per share. On average, equities analysts expect that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank declared that its Board of Directors has initiated a share buyback program on Wednesday, January 22nd that allows the company to buyback $4.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its stock is undervalued.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Shareholders of record on Monday, March 3rd were given a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.16%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank’s dividend payout ratio is presently 36.17%.

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.