Founders Capital Management LLC bought a new stake in shares of M&T Bank Co. (NYSE: MTB – Get Rating) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 14,965 shares of the financial services provider’s stock, valued at approximately $ 2,298,000.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Barrow Hanley Mewhinney & Strauss LLC bought a new position in M&T Bank in the 4th quarter valued at $ 117,964,000. Wellington Management Group LLP grew its position in M&T Bank by 9.9% in the 3rd quarter. Wellington Management Group LLP now owns 7,219,835 shares of the financial services provider’s stock valued at $ 1,078,210,000 after acquiring an additional 648,872 shares during the last quarter. Thrivent Financial for Lutherans grew its position in M&T Bank by 7,874.3% in the 4th quarter. Thrivent Financial for Lutherans now owns 450,790 shares of the financial services provider’s stock valued at $ 69,233,000 after acquiring an additional 445,137 shares during the last quarter. Schonfeld Strategic Advisors LLC grew its position in M&T Bank by 324.1% in the 4th quarter. Schonfeld Strategic Advisors LLC now owns 502,360 shares of the financial services provider’s stock valued at $ 77,153,000 after acquiring an additional 383,917 shares during the last quarter. Finally, Eaton Vance Management grew its position in M&T Bank by 36.5% in the 4th quarter. Eaton Vance Management now owns 1,113,474 shares of the financial services provider’s stock valued at $ 170,743,000 after acquiring an additional 297,920 shares during the last quarter. 87.61% of the stock is currently owned by hedge funds and other institutional investors.
A number of research analysts have recently weighed in on the company. Piper Sandler increased their price objective on M&T Bank from $ 200.00 to $ 210.00 in a report on Wednesday, April 20th. Wells Fargo & Company raised their target price on M&T Bank from $ 180.00 to $ 195.00 and gave the stock an “equal weight” rating in a report on Thursday, April 21st. Deutsche Bank Aktiengesellschaft raised their target price on M&T Bank from $ 180.00 to $ 200.00 in a report on Friday, March 25th. The Goldman Sachs Group raised their price target on M&T Bank from $ 183.00 to $ 210.00 and gave the company a “neutral” rating in a report on Monday, April 4th. Finally, Morgan Stanley raised M&T Bank from an “underweight” rating to an “overweight” rating and raised their objective price for the company from $ 179.00 to $ 238.00 in a report on Thursday, April 21st. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat.com, M&T Bank presently has an average rating of “Buy” and a consensus target price of $ 194.21.
NYSE MTB opened at $ 164.90 on Wednesday. The company has a current ratio of 1.05, a quick ratio of 1.05 and a debt-to-equity ratio of 0.21. The business’s 50 day moving average is $ 169.42 and its two-hundred day moving average is $ 169.30. M&T Bank Co. has a 12-month low of $ 128.46 and a 12-month high of $ 186.95. The stock has a market capitalization of $ 29.59 billion, a price-to-earnings ratio of 12.60, a PEG ratio of 0.99 and a beta of 0.86.
M&T Bank (NYSE: MTB – Get Rating) last released its quarterly earnings results on Wednesday, April 20th. The financial services provider reported $ 2.62 earnings per share for the quarter, topping analysts’ consensus estimates of $ 2.38 by $ 0.24. M&T Bank had a return on equity of 11.45% and a net margin of 29.31%. During the same period in the previous year, the company posted $ 3.41 EPS. Equities analysts forecast that M&T Bank Co. will post 13.66 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Wednesday, June 1st will be given a $ 1.20 dividend. This represents a $ 4.80 annualized dividend and a dividend yield of 2.91%. The ex-dividend date of this dividend is Tuesday, May 31st. M&T Bank’s dividend payout ratio (DPR) is currently 36.67%.
M&T Bank declared that its Board of Directors has initiated a share buyback program on Tuesday, February 22nd that allows the company to repurchase $ 800.00 million in outstanding shares. This repurchase authorization allows the financial services provider to buy up to 3.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company leadership believes its stock is undervalued.
In related news, EVP Robert J. Bojdak sold 525 shares of M&T Bank stock in a transaction dated Wednesday, June 8th. The stock was sold at an average price of $ 177.82, for a total value of $ 93,355.50. Following the completion of the transaction, the executive vice president now directly owns 19,075 shares in the company, valued at $ 3,391,916.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Kevin J. Pearson sold 5,000 shares of M&T Bank stock in a transaction dated Tuesday, May 17th. The stock was sold at an average price of $ 169.71, for a total value of $ 848,550.00. Following the completion of the transaction, the insider now owns 39,008 shares of the company stock, valued at $ 6,620,047.68. The disclosure for this sale can be found here. Insiders sold a total of 7,725 shares of company stock worth $ 1,335,332 over the last ninety days. Corporate insiders own 0.73% of the company stock.
M&T Bank Company Profile: (Get Rating)
M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The company Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial lending and leasing, letters of credit, and cash management services for middle-market and large commercial customers.
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