Fifth Third Bancorp lessened its holdings in M&T Bank Co. (NYSE:MTB – Free Report) by 3.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 9,460 shares of the financial services provider’s stock after selling 298 shares during the quarter. Fifth Third Bancorp’s holdings in M&T Bank were worth $1,779,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of MTB. FMR LLC raised its holdings in M&T Bank by 13.9% in the 3rd quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after acquiring an additional 1,508,846 shares in the last quarter. State Street Corp increased its position in shares of M&T Bank by 6.4% in the third quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock worth $1,562,725,000 after purchasing an additional 527,854 shares during the period. Zurich Insurance Group Ltd FI acquired a new position in M&T Bank in the third quarter valued at about $44,422,000. Charles Schwab Investment Management Inc. lifted its position in M&T Bank by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 5,037,144 shares of the financial services provider’s stock worth $897,216,000 after purchasing an additional 190,837 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in M&T Bank by 30.8% during the third quarter. The Manufacturers Life Insurance Company now owns 599,995 shares of the financial services provider’s stock worth $106,871,000 after buying an additional 141,337 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.
Analyst Ratings Changes
Several brokerages have recently commented on MTB. Compass Point boosted their target price on shares of M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Piper Sandler upped their target price on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 27th. Bank of America lifted their price target on M&T Bank from $188.00 to $218.00 and gave the company a “buy” rating in a research note on Friday, October 18th. JPMorgan Chase & Co. restated a “neutral” rating and set a $223.50 price objective (up from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. Finally, Barclays lifted their target price on M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $221.68.
Insider Buying and Selling
In other news, Vice Chairman Kevin J. Pearson sold 7,500 shares of M&T Bank stock in a transaction dated Friday, November 1st. The stock was sold at an average price of $195.88, for a total value of $1,469,100.00. Following the completion of the transaction, the insider now directly owns 40,502 shares of the company’s stock, valued at approximately $7,933,531.76. This trade represents a 15.62 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the company’s stock in a transaction dated Tuesday, December 3rd. The shares were sold at an average price of $215.89, for a total value of $537,566.10. Following the sale, the insider now owns 16,429 shares in the company, valued at approximately $3,546,856.81. The trade was a 13.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 38,487 shares of company stock valued at $8,182,809 over the last quarter. Insiders own 0.82% of the company’s stock.
M&T Bank Stock Down 0.6 %
Shares of MTB opened at $199.86 on Wednesday. The stock’s 50-day moving average price is $200.51 and its two-hundred day moving average price is $185.97. M&T Bank Co. has a 12 month low of $128.31 and a 12 month high of $225.70. The company has a market capitalization of $33.16 billion, a PE ratio of 13.66, a PEG ratio of 1.37 and a beta of 0.79. The company has a current ratio of 0.93, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47.
M&T Bank (NYSE:MTB – Get Free Report) last announced its earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, beating the consensus estimate of $3.70 by $0.22. 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 firm earned $2.74 EPS. On average, analysts anticipate that M&T Bank Co. will post 16.56 EPS for the current year.
M&T Bank Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd were given a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 2.70%. The ex-dividend date of this dividend was Monday, December 2nd. M&T Bank’s dividend payout ratio (DPR) is presently 36.91%.
M&T Bank declared that its board has initiated a share buyback plan on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in outstanding shares. This buyback authorization authorizes the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s leadership believes its shares are undervalued.
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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.
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