Teza Capital Management LLC Invests $652,000 in M&T Bank Co. (NYSE:MTB)

Teza Capital Management LLC acquired a new position in M&T Bank Co. (NYSE:MTB) in the fourth quarter, Holdings Channel.com reports. The fund acquired 3,467 shares of the financial services provider’s stock, valued at approximately $652,000.

A number of other institutional investors have also recently made changes to their positions in MTB. Barclays PLC boosted its position in shares of M&T Bank by 11.9% in the 3rd quarter. Barclays PLC now owns 578,266 shares of the financial services provider’s stock worth $102,999,000 after purchasing an additional 61,375 shares in the last quarter. Park Avenue Securities LLC boosted its position in shares of M&T Bank by 14.1% in the 4th quarter. Park Avenue Securities LLC now owns 6,547 shares of the financial services provider’s stock worth $1,231,000 after purchasing an additional 807 shares in the last quarter. Ritholtz Wealth Management boosted its position in shares of M&T Bank by 21.3% in the 4th quarter. Ritholtz Wealth Management now owns 4,484 shares of the financial services provider’s stock worth $843,000 after purchasing an additional 787 shares in the last quarter. Merit Financial Group LLC boosted its position in shares of M&T Bank by 46.0% in the 4th quarter. Merit Financial Group LLC now owns 1,889 shares of the financial services provider’s stock worth $355,000 after purchasing an additional 595 shares in the last quarter. Finally, HB Wealth Management LLC boosted its position in shares of M&T Bank by 6.8% in the 4th quarter. HB Wealth Management LLC now owns 2,672 shares of the financial services provider’s stock worth $502,000 after purchasing an additional 170 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insider Buying and Selling

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction that occurred 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 of the company’s stock, valued at $1,852,827.34. This represents a 13.92% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.53% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

MTB has been the subject of a number of research analyst reports. Citigroup reduced their target price 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. Royal Bank of Canada restated an “outperform” rating and issued a $200.00 target price on shares of M&T Bank in a research note on Monday. Morgan Stanley reduced their target price on 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. Cowen initiated coverage on M&T Bank in a research note on Wednesday, May 14th. They issued a “buy” rating for the company. Finally, TD Cowen initiated coverage on M&T Bank in a research note on Thursday, May 15th. They issued a “buy” rating and a $230.00 target price for the company. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $209.33.

M&T Bank Stock Performance

NYSE MTB opened at $187.29 on Tuesday. The stock has a market capitalization of $30.06 billion, a price-to-earnings ratio of 12.80, a PEG ratio of 1.38 and a beta of 0.58. M&T Bank Co. has a twelve month low of $139.78 and a twelve month high of $225.70. 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 stock has a 50-day moving average of $171.53 and a 200 day moving average of $189.20.

M&T Bank (NYSE:MTB) last released its quarterly earnings results 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). The business had revenue of $2.31 billion during the quarter, compared to analyst estimates 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 company posted $3.09 EPS. Sell-side analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank declared that its Board of Directors has approved a share repurchase plan on Wednesday, January 22nd that permits the company to buyback $4.00 billion in shares. This buyback authorization permits the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

M&T Bank Announces Dividend

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

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.