LPL Financial LLC Purchases 4,163 Shares of M&T Bank Co. (NYSE:MTB)

LPL Financial LLC boosted its position in M&T Bank Co. (NYSE:MTB) by 3.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 114,066 shares of the financial services provider’s stock after acquiring an additional 4,163 shares during the period. LPL Financial LLC’s holdings in M&T Bank were worth $21,446,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. State Street Corp lifted its holdings in shares of 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 in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in M&T Bank by 5.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider’s stock worth $994,522,000 after buying an additional 252,583 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of M&T Bank by 1.6% in the third quarter. Geode Capital Management LLC now owns 4,329,814 shares of the financial services provider’s stock valued at $768,824,000 after buying an additional 66,337 shares in the last quarter. Amundi grew its holdings in shares of M&T Bank by 43.5% during the fourth quarter. Amundi now owns 807,339 shares of the financial services provider’s stock valued at $154,315,000 after buying an additional 244,709 shares during the last quarter. Finally, Los Angeles Capital Management LLC increased its position in shares of M&T Bank by 1.9% during the fourth quarter. Los Angeles Capital Management LLC now owns 604,317 shares of the financial services provider’s stock worth $113,618,000 after acquiring an additional 11,365 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on MTB. StockNews.com upgraded M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. Citigroup cut their target price on M&T Bank from $230.00 to $195.00 and set a “neutral” rating on the stock in a research report on Monday, March 24th. Compass Point increased their price target on M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. DA Davidson lifted 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. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $223.50 target price (up previously from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, M&T Bank has an average rating of “Hold” and an average price target of $218.79.

Insiders Place Their Bets

In related news, EVP Christopher E. Kay sold 1,738 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. This trade represents a 13.92 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.53% of the company’s stock.

M&T Bank Trading Down 2.5 %

Shares of MTB stock opened at $175.21 on Monday. 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 firm has a market cap of $28.78 billion, a P/E ratio of 11.98, a PEG ratio of 1.38 and a beta of 0.74. The company has a 50 day moving average of $189.44 and a 200-day moving average of $192.80. M&T Bank Co. has a 12-month low of $133.03 and a 12-month high of $225.70.

M&T Bank (NYSE:MTB) last issued its earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (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 last year, the firm earned $2.74 EPS. Sell-side analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a yield of 3.08%. The ex-dividend date is Monday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is presently 36.91%.

M&T Bank declared that its board has approved a share buyback 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 repurchase up to 12.3% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors 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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.