Gotham Asset Management LLC Buys 1,023 Shares of M&T Bank Co. (NYSE:MTB)

Gotham Asset Management LLC grew its position in shares of M&T Bank Co. (NYSE:MTB) by 43.0% during the fourth quarter, Holdings Channel.com reports. The fund owned 3,403 shares of the financial services provider’s stock after purchasing an additional 1,023 shares during the quarter. Gotham Asset Management LLC’s holdings in M&T Bank were worth $640,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Hennion & Walsh Asset Management Inc. boosted its holdings in M&T Bank by 34.7% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider’s stock worth $1,473,000 after purchasing an additional 2,018 shares during the last quarter. Flagship Harbor Advisors LLC lifted its position in shares of M&T Bank by 89.8% during the 4th quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider’s stock worth $515,000 after buying an additional 1,295 shares in the last quarter. US Bancorp DE boosted its stake in shares of M&T Bank by 24.3% in the 4th quarter. US Bancorp DE now owns 8,382 shares of the financial services provider’s stock worth $1,576,000 after buying an additional 1,639 shares during the last quarter. Summit Trail Advisors LLC purchased a new position in shares of M&T Bank in the 4th quarter worth approximately $290,000. Finally, Valeo Financial Advisors LLC bought a new position in shares of M&T Bank in the fourth quarter valued at approximately $297,000. Institutional investors own 84.68% of the company’s stock.

Analyst Upgrades and Downgrades

MTB has been the topic of a number of recent analyst reports. Truist Financial dropped their price target on M&T Bank from $225.00 to $200.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, May 14th. Royal Bank of Canada reduced their price target on shares of M&T Bank from $208.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday, April 15th. Citigroup decreased their price objective 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. Finally, Piper Sandler dropped their target price on shares of M&T Bank from $220.00 to $210.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 15th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $209.33.

M&T Bank Stock Up 0.4%

MTB opened at $187.78 on Monday. M&T Bank Co. has a 12 month low of $139.78 and a 12 month high of $225.70. The company has a market cap of $30.14 billion, a PE ratio of 12.83, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The company has a 50 day moving average of $171.22 and a 200 day moving average of $189.23.

M&T Bank (NYSE:MTB) last posted its quarterly 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 the consensus estimate of $2.35 billion. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same period in the previous year, the business earned $3.09 earnings per share. On average, sell-side analysts expect that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 3rd were issued a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date of this dividend was Monday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is presently 36.17%.

M&T Bank declared that its board has approved a stock 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 purchase up to 12.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other news, EVP Christopher E. Kay sold 1,738 shares of the company’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total value of $299,526.92. Following the transaction, the executive vice president now owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. This represents a 13.92% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.53% of the company’s stock.

M&T Bank 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.