Ellevest Inc. Purchases Shares of 1,428 M&T Bank Co. (NYSE:MTB)

Ellevest Inc. purchased a new position in M&T Bank Co. (NYSE:MTB) in the fourth quarter, HoldingsChannel.com reports. The firm purchased 1,428 shares of the financial services provider’s stock, valued at approximately $268,000.

Other institutional investors have also recently made changes to their positions in the company. Banque Transatlantique SA purchased a new stake in M&T Bank in the 4th quarter worth approximately $38,000. Y.D. More Investments Ltd increased its stake in shares of 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 purchased a new stake in shares of M&T Bank in the fourth quarter worth $44,000. Sierra Ocean LLC bought a new stake in shares of M&T Bank during the 4th quarter valued at $44,000. Finally, Loomis Sayles & Co. L P purchased a new position in shares of M&T Bank during the 4th quarter valued at $52,000. Institutional investors own 84.68% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MTB. Citigroup cut their price target on M&T Bank from $230.00 to $195.00 and set a “neutral” rating for the company in a research note on Monday, March 24th. Morgan Stanley cut their target price on M&T Bank from $269.00 to $253.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Piper Sandler dropped their price target on M&T Bank from $220.00 to $210.00 and set an “overweight” rating for the company in a research note on Tuesday, April 15th. Robert W. Baird cut their price objective on shares of 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, Truist Financial lowered their target price on shares of M&T Bank from $225.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and ten have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $208.24.

Insiders Place Their Bets

In related news, EVP Christopher E. Kay sold 1,738 shares of the business’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the completion of the transaction, the executive vice president now owns 10,751 shares in the company, valued at $1,852,827.34. The trade was a 13.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.53% of the stock is owned by insiders.

M&T Bank Trading Down 0.3 %

Shares of MTB stock opened at $177.11 on Friday. The company has a market cap of $29.10 billion, a PE ratio of 12.11, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58. M&T Bank Co. has a 1 year low of $139.78 and a 1 year high of $225.70. The stock’s 50 day simple moving average is $170.16 and its two-hundred day simple moving average is $189.59. 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) last posted its quarterly earnings data on Monday, April 14th. The financial services provider reported $3.38 earnings per share for the quarter, missing analysts’ consensus estimates of $3.41 by ($0.03). M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. The firm had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter last year, the firm earned $3.09 EPS. Research analysts predict that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 3rd were given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is currently 36.17%.

M&T Bank announced that its board has authorized a stock repurchase 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 purchase up to 12.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its shares are undervalued.

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.