Nuveen Asset Management LLC Boosts Holdings in M&T Bank Co. (NYSE:MTB)

Nuveen Asset Management LLC raised its stake in shares of M&T Bank Co. (NYSE:MTB) by 22.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,567,270 shares of the financial services provider’s stock after purchasing an additional 286,049 shares during the period. Nuveen Asset Management LLC owned 0.94% of M&T Bank worth $294,662,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Sanctuary Advisors LLC lifted its holdings in M&T Bank by 0.3% during the fourth quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider’s stock valued at $3,195,000 after purchasing an additional 52 shares in the last quarter. Quadrant Capital Group LLC raised its position in shares of M&T Bank by 5.8% in the fourth quarter. Quadrant Capital Group LLC now owns 971 shares of the financial services provider’s stock valued at $183,000 after buying an additional 53 shares during the last quarter. Catalina Capital Group LLC raised its position in shares of M&T Bank by 2.0% in the fourth quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider’s stock valued at $531,000 after buying an additional 56 shares during the last quarter. Parallel Advisors LLC raised its position in shares of M&T Bank by 1.7% in the fourth quarter. Parallel Advisors LLC now owns 3,512 shares of the financial services provider’s stock valued at $660,000 after buying an additional 60 shares during the last quarter. Finally, Forum Financial Management LP raised its position in shares of M&T Bank by 2.2% in the fourth quarter. Forum Financial Management LP now owns 2,873 shares of the financial services provider’s stock valued at $540,000 after buying an additional 62 shares during the last quarter. 84.68% of the stock is owned by hedge funds and other institutional investors.

M&T Bank Price Performance

Shares of MTB opened at $185.39 on Thursday. M&T Bank Co. has a 1-year low of $139.78 and a 1-year high of $225.70. The stock has a market cap of $29.76 billion, a PE ratio of 12.67, a P/E/G ratio of 1.38 and a beta of 0.58. The firm has a 50-day simple moving average of $170.63 and a two-hundred day simple moving average of $189.45. 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 announced 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). M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. The company had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the prior year, the business earned $3.09 earnings per share. As a group, analysts forecast that M&T Bank Co. will post 16.57 EPS for the current year.

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

M&T Bank Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 3rd were issued a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 2.91%. The ex-dividend date was Monday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is currently 36.17%.

Insider Activity at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction that occurred 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 completion of the transaction, the executive vice president now owns 10,751 shares in the company, valued at approximately $1,852,827.34. The trade was a 13.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on MTB. Robert W. Baird reduced their target price on shares of M&T Bank from $220.00 to $200.00 and set an “outperform” rating for the company in a research report on Tuesday, April 15th. JPMorgan Chase & Co. reduced their target price 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 reduced their target price on shares of M&T Bank from $220.00 to $210.00 and set an “overweight” rating for the company in a research report on Tuesday, April 15th. Citigroup reduced their target price on shares of M&T Bank from $230.00 to $195.00 and set a “neutral” rating for the company in a research report on Monday, March 24th. Finally, Royal Bank of Canada reduced their target price 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. One analyst has rated the stock with a sell rating, nine have given a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $208.24.

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.