Essential Planning LLC. Invests $9.46 Million in M&T Bank Co. (NYSE:MTB)

Essential Planning LLC. purchased a new stake in shares of M&T Bank Co. (NYSE:MTB) during the 4th quarter, according to its most recent filing with the SEC. The institutional investor purchased 47,685 shares of the financial services provider’s stock, valued at approximately $9,459,000.

Several other hedge funds also recently added to or reduced their stakes in MTB. Hennion & Walsh Asset Management Inc. lifted its position in shares of M&T Bank by 34.7% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider’s stock worth $1,473,000 after purchasing an additional 2,018 shares during the period. Flagship Harbor Advisors LLC increased its stake in shares of M&T Bank by 89.8% in the fourth quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider’s stock worth $515,000 after acquiring an additional 1,295 shares during the period. Summit Trail Advisors LLC acquired a new stake in M&T Bank during the fourth quarter valued at $290,000. Principal Financial Group Inc. grew its position in M&T Bank by 1.4% during the third quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock valued at $35,466,000 after buying an additional 2,797 shares during the period. Finally, Smead Capital Management Inc. lifted its holdings in M&T Bank by 3.5% during the third quarter. Smead Capital Management Inc. now owns 493,817 shares of the financial services provider’s stock valued at $87,959,000 after purchasing an additional 16,657 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors.

M&T Bank Stock Performance

NYSE:MTB opened at $171.40 on Wednesday. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. M&T Bank Co. has a fifty-two week low of $133.03 and a fifty-two week high of $225.70. The stock has a market cap of $28.16 billion, a PE ratio of 11.72, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74. The firm’s fifty day simple moving average is $193.44 and its 200-day simple moving average is $192.06.

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

M&T Bank announced that its Board of Directors has initiated a stock buyback 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 shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

M&T Bank Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be issued a $1.35 dividend. The ex-dividend date is Monday, March 3rd. This represents a $5.40 annualized dividend and a yield of 3.15%. M&T Bank’s payout ratio is 36.91%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. 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 note on Monday, January 6th. Truist Financial reissued a “buy” rating and issued a $236.00 price target (up from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $223.50 price target (up from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Finally, Keefe, Bruyette & Woods raised 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. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average 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.