Citizens & Northern Corp Buys Shares of 2,784 M&T Bank Co. (NYSE:MTB)

Citizens & Northern Corp purchased a new position in shares of M&T Bank Co. (NYSE:MTB) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 2,784 shares of the financial services provider’s stock, valued at approximately $523,000.

Several other institutional investors have also recently made changes to their positions in MTB. Sanctuary Advisors LLC boosted its position in shares of M&T Bank by 0.3% during the 4th quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider’s stock worth $3,195,000 after acquiring an additional 52 shares in the last quarter. Hedeker Wealth LLC boosted its holdings in M&T Bank by 1.6% in the third quarter. Hedeker Wealth LLC now owns 3,519 shares of the financial services provider’s stock valued at $627,000 after purchasing an additional 55 shares in the last quarter. Catalina Capital Group LLC increased its stake in M&T Bank by 2.0% in the fourth quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider’s stock valued at $531,000 after purchasing an additional 56 shares during the last quarter. Frank Rimerman Advisors LLC raised its holdings in M&T Bank by 1.0% during the third quarter. Frank Rimerman Advisors LLC now owns 5,644 shares of the financial services provider’s stock worth $1,005,000 after purchasing an additional 57 shares in the last quarter. Finally, Crestwood Advisors Group LLC lifted its position in shares of M&T Bank by 1.9% during the 3rd quarter. Crestwood Advisors Group LLC now owns 3,103 shares of the financial services provider’s stock worth $553,000 after buying an additional 57 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Tracy S. Woodrow sold 2,121 shares of M&T Bank stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total transaction of $468,210.75. Following the completion of the sale, the executive vice president now directly owns 5,141 shares in the company, valued at approximately $1,134,875.75. This trade represents a 29.21 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John P. Barnes sold 20,000 shares of the company’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $217.45, for a total value of $4,349,000.00. Following the completion of the sale, the director now owns 35,480 shares in the company, valued at approximately $7,715,126. This represents a 36.05 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 24,611 shares of company stock worth $5,354,777. Corporate insiders own 0.82% of the company’s stock.

M&T Bank Price Performance

Shares of NYSE:MTB opened at $198.75 on Tuesday. M&T Bank Co. has a 52 week low of $133.03 and a 52 week high of $225.70. The company has a 50-day moving average price of $195.59 and a 200 day moving average price of $189.02. The company has a market cap of $32.98 billion, a P/E ratio of 13.59, a PEG ratio of 1.42 and a beta of 0.79. The company has a quick ratio of 0.99, a current ratio of 0.93 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last posted its quarterly 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 company posted $2.74 earnings per share. Research analysts predict that M&T Bank Co. will post 16.56 earnings per share for the current year.

M&T Bank declared that its Board of Directors has authorized a share repurchase plan on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in shares. This repurchase authorization permits the financial services provider to reacquire up to 12.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.

Analysts Set New Price Targets

Several equities research analysts recently commented on MTB shares. Keefe, Bruyette & Woods lifted their price target on shares of M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a research note on Wednesday, December 4th. StockNews.com raised M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. Truist Financial restated a “buy” rating and set a $236.00 price target (up previously from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. Compass Point boosted their price objective on M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. Finally, Evercore ISI increased their price objective on M&T Bank from $210.00 to $232.00 and gave the company an “outperform” rating in a report on Wednesday, October 30th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $221.68.

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.