Modera Wealth Management LLC Takes Position in M&T Bank Co. (NYSE:MTB)

Modera Wealth Management LLC purchased a new position in M&T Bank Co. (NYSE:MTB) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,076 shares of the financial services provider’s stock, valued at approximately $202,000.

Several other institutional investors have also bought and sold shares of MTB. FMR LLC increased its position in M&T Bank by 13.9% in the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock worth $2,199,675,000 after buying an additional 1,508,846 shares during the last quarter. State Street Corp grew its stake in shares of M&T Bank by 6.4% during 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 acquiring an additional 527,854 shares during the period. Zurich Insurance Group Ltd FI purchased a new stake in M&T Bank in the 3rd quarter worth about $44,422,000. Charles Schwab Investment Management Inc. raised its stake 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 valued at $897,216,000 after acquiring an additional 190,837 shares during the period. Finally, Sapient Capital LLC lifted its holdings in M&T Bank by 9,754.9% during the fourth quarter. Sapient Capital LLC now owns 184,287 shares of the financial services provider’s stock valued at $34,648,000 after purchasing an additional 182,417 shares during the last quarter. Hedge funds and other institutional investors own 84.68% of the company’s stock.

M&T Bank Price Performance

MTB stock opened at $177.96 on Thursday. The firm has a 50 day simple moving average of $194.56 and a two-hundred day simple moving average of $191.57. The stock has a market cap of $29.24 billion, a PE ratio of 12.16, a P/E/G ratio of 1.38 and a beta of 0.79. M&T Bank Co. has a one year low of $133.03 and a one year high of $225.70. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99.

M&T Bank (NYSE:MTB) last released its earnings results on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, beating analysts’ consensus estimates 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 firm earned $2.74 EPS. On average, analysts predict that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank announced that its Board of Directors has initiated a stock buyback program on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in shares. This repurchase authorization permits the financial services provider to buy up to 12.3% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be issued a dividend of $1.35 per share. The ex-dividend date is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.03%. M&T Bank’s dividend payout ratio is 36.91%.

Analyst Ratings Changes

Several research firms have recently issued reports on MTB. The Goldman Sachs Group boosted their price target on shares of M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $223.50 target price (up previously from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. Truist Financial restated a “buy” rating and set a $236.00 target price (up previously from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. Barclays lifted their price target on M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Finally, Keefe, Bruyette & Woods increased their price objective on M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, M&T Bank currently has an average rating of “Hold” and a consensus price target 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.