Jones Financial Companies Lllp Has $1 Million Holdings in M&T Bank Co. (NYSE:MTB)

Jones Financial Companies Lllp boosted its position in M&T Bank Co. (NYSE:MTB) by 298.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,334 shares of the financial services provider’s stock after buying an additional 3,995 shares during the quarter. Jones Financial Companies Lllp’s holdings in M&T Bank were worth $1,003,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of MTB. FMR LLC grew its position 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 worth $2,199,675,000 after purchasing an additional 1,508,846 shares during the last quarter. State Street Corp grew its position in M&T Bank by 6.4% in the 3rd 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 last quarter. Zurich Insurance Group Ltd FI acquired a new stake in M&T Bank in the 3rd quarter worth $44,422,000. Charles Schwab Investment Management Inc. grew its position in M&T Bank by 3.9% in the 3rd 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 last quarter. Finally, Sapient Capital LLC grew its position in M&T Bank by 9,754.9% in the 4th quarter. Sapient Capital LLC now owns 184,287 shares of the financial services provider’s stock worth $34,648,000 after purchasing an additional 182,417 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Trading Up 0.9 %

Shares of MTB stock opened at $178.62 on Friday. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The company has a market capitalization of $29.34 billion, a P/E ratio of 12.21, a P/E/G ratio of 1.38 and a beta of 0.74. M&T Bank Co. has a 12-month low of $133.03 and a 12-month high of $225.70. The firm has a 50-day moving average price of $194.07 and a 200 day moving average price of $191.77.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating the consensus estimate of $3.70 by $0.22. M&T Bank had a net margin of 19.24% and a return on equity of 10.12%. During the same period in the previous year, the firm posted $2.74 earnings per share. Research analysts forecast that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be given a $1.35 dividend. This represents a $5.40 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s payout ratio is presently 36.91%.

M&T Bank announced that its board has authorized a stock repurchase plan 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 stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Barclays raised their price target on shares of M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. Citigroup downgraded shares of M&T Bank from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $220.00 to $230.00 in a report on Monday, November 25th. DA Davidson raised their price objective on shares of M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a report on Friday, January 17th. Keefe, Bruyette & Woods raised their price objective on shares of M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. Finally, Truist Financial reaffirmed a “buy” rating and set a $236.00 price objective (up from $233.00) on shares of M&T Bank in a report on Friday, January 17th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, M&T Bank currently has an average rating of “Hold” and an average target price of $221.68.

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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.