M&T Bank Co. (NYSE:MTB) Stock Position Raised by HighTower Advisors LLC

HighTower Advisors LLC lifted its position in M&T Bank Co. (NYSE:MTB) by 1.9% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 53,479 shares of the financial services provider’s stock after acquiring an additional 972 shares during the quarter. HighTower Advisors LLC’s holdings in M&T Bank were worth $10,055,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the company. Sanctuary Advisors LLC lifted its position in M&T Bank by 0.3% in the 4th quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider’s stock worth $3,195,000 after buying an additional 52 shares in the last quarter. Catalina Capital Group LLC lifted its position in M&T Bank by 2.0% in the 4th quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider’s stock worth $531,000 after buying an additional 56 shares in the last quarter. Sheaff Brock Investment Advisors LLC lifted its position in M&T Bank by 1.2% in the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 5,188 shares of the financial services provider’s stock worth $975,000 after buying an additional 63 shares in the last quarter. Meridian Wealth Management LLC lifted its position in M&T Bank by 3.8% in the 4th quarter. Meridian Wealth Management LLC now owns 1,786 shares of the financial services provider’s stock worth $336,000 after buying an additional 66 shares in the last quarter. Finally, Pitcairn Co. lifted its position in M&T Bank by 0.8% in the 3rd quarter. Pitcairn Co. now owns 9,362 shares of the financial services provider’s stock worth $1,668,000 after buying an additional 70 shares in the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Stock Performance

NYSE:MTB opened at $175.61 on Tuesday. M&T Bank Co. has a 1 year low of $133.03 and a 1 year high of $225.70. The firm’s fifty day simple moving average is $192.09 and its 200 day simple moving average is $192.19. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47. The firm has a market capitalization of $28.85 billion, a PE ratio of 12.00, a PEG ratio of 1.38 and a beta of 0.74.

M&T Bank (NYSE:MTB) last posted 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 net margin of 19.24% and a return on equity of 10.12%. During the same period last year, the business posted $2.74 EPS. On average, sell-side analysts anticipate that M&T Bank Co. will post 16.57 EPS for the current year.

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

M&T Bank Dividend Announcement

The business also recently declared 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. The ex-dividend date is Monday, March 3rd. This represents a $5.40 annualized dividend and a yield of 3.07%. M&T Bank’s dividend payout ratio is 36.91%.

Insiders Place Their Bets

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the firm’s stock in a transaction 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 sale, the executive vice president now directly owns 10,751 shares in the company, valued at $1,852,827.34. This trade represents a 13.92 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 0.53% of the company’s stock.

Analysts Set New Price Targets

MTB has been the subject of a number of research analyst reports. DA Davidson increased their target price on shares of M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. Piper Sandler raised their price target on shares of M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a report on Wednesday, November 27th. Keefe, Bruyette & Woods raised their price target on shares of M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Finally, Citigroup downgraded shares of M&T Bank from a “buy” rating to a “neutral” rating and raised their price target for the company from $220.00 to $230.00 in a report on Monday, November 25th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, M&T Bank presently has a consensus rating of “Hold” and an average price target of $222.03.

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.