Flagship Harbor Advisors LLC grew its position in shares of M&T Bank Co. (NYSE:MTB – Free Report) by 89.8% in the 4th quarter, HoldingsChannel.com reports. The fund owned 2,737 shares of the financial services provider’s stock after acquiring an additional 1,295 shares during the period. Flagship Harbor Advisors LLC’s holdings in M&T Bank were worth $515,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of the company. FMR LLC raised its stake in shares of 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 during the period. State Street Corp raised its position in 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 valued at $1,562,725,000 after purchasing an additional 527,854 shares during the period. Zurich Insurance Group Ltd FI acquired a new position in shares of M&T Bank during the third quarter worth about $44,422,000. Charles Schwab Investment Management Inc. boosted its position in shares of M&T Bank by 3.9% in 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 buying an additional 190,837 shares during the period. Finally, The Manufacturers Life Insurance Company grew its stake in shares of M&T Bank by 30.8% in the third quarter. The Manufacturers Life Insurance Company now owns 599,995 shares of the financial services provider’s stock valued at $106,871,000 after buying an additional 141,337 shares in the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
MTB has been the topic of several recent research reports. Evercore ISI boosted their price target on M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 30th. Keefe, Bruyette & Woods upped their target price on shares of M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. Wells Fargo & Company lifted their price target on shares of M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a research note on Friday, November 15th. DA Davidson upped their price objective on shares of M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. Finally, Royal Bank of Canada raised their target price on M&T Bank from $190.00 to $208.00 and gave the company an “outperform” rating in a research note on Friday, October 18th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $221.68.
M&T Bank Price Performance
MTB opened at $199.86 on Wednesday. The company has a quick ratio of 0.99, a current ratio of 0.93 and a debt-to-equity ratio of 0.47. The company’s 50-day moving average price is $200.51 and its 200 day moving average price is $185.97. M&T Bank Co. has a fifty-two week low of $128.31 and a fifty-two week high of $225.70. The firm has a market cap of $33.16 billion, a price-to-earnings ratio of 13.66, a price-to-earnings-growth ratio of 1.37 and a beta of 0.79.
M&T Bank (NYSE:MTB – Get Free Report) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping 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 prior year, the business posted $2.74 EPS. As a group, sell-side analysts expect that M&T Bank Co. will post 16.56 earnings per share for the current year.
M&T Bank Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Monday, December 2nd were issued 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 was Monday, December 2nd. M&T Bank’s dividend payout ratio (DPR) is 36.91%.
M&T Bank announced that its board has authorized a stock repurchase program on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 12.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s leadership believes its stock is undervalued.
Insider Transactions at M&T Bank
In related news, Vice Chairman Kevin J. Pearson sold 7,500 shares of the stock in a transaction that occurred on 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 $7,933,531.76. This represents a 15.62 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of M&T Bank stock in a transaction on 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 directly owns 16,429 shares in the company, valued at $3,546,856.81. The trade was a 13.16 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 38,487 shares of company stock worth $8,182,809. Insiders own 0.82% 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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.
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