Royal London Asset Management Ltd. Grows Stock Position in M&T Bank Co. (NYSE:MTB)

Royal London Asset Management Ltd. increased its position in shares of M&T Bank Co. (NYSE:MTB) by 0.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 68,236 shares of the financial services provider’s stock after buying an additional 588 shares during the quarter. Royal London Asset Management Ltd.’s holdings in M&T Bank were worth $12,829,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Hennion & Walsh Asset Management Inc. raised its position in shares of M&T Bank by 34.7% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 7,835 shares of the financial services provider’s stock valued at $1,473,000 after buying an additional 2,018 shares during the period. Flagship Harbor Advisors LLC raised its position in shares of M&T Bank by 89.8% during the 4th quarter. Flagship Harbor Advisors LLC now owns 2,737 shares of the financial services provider’s stock valued at $515,000 after buying an additional 1,295 shares during the period. US Bancorp DE raised its position in shares of M&T Bank by 24.3% during the 4th quarter. US Bancorp DE now owns 8,382 shares of the financial services provider’s stock valued at $1,576,000 after buying an additional 1,639 shares during the period. Summit Trail Advisors LLC acquired a new stake in M&T Bank in the 4th quarter valued at approximately $290,000. Finally, Valeo Financial Advisors LLC acquired a new stake in M&T Bank in the 4th quarter valued at approximately $297,000. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insider Buying and Selling

In related news, EVP Christopher E. Kay sold 1,738 shares of the business’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 completion of the sale, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at $1,852,827.34. The trade was a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.53% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on MTB. Barclays lifted their target price on shares of M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Truist Financial reiterated a “buy” rating and issued a $236.00 target price (up previously from $233.00) on shares of M&T Bank in a report on Friday, January 17th. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. Citigroup downgraded shares of M&T Bank from a “buy” rating to a “neutral” rating and lifted their target price for the company from $220.00 to $230.00 in a report on Monday, November 25th. Finally, Keefe, Bruyette & Woods lifted their target price 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. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $222.03.

M&T Bank Stock Performance

Shares of MTB stock opened at $178.19 on Friday. 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 fifty day moving average price of $190.99 and a 200 day moving average price of $192.18. The company has a market cap of $29.27 billion, a P/E ratio of 12.18, a PEG ratio of 1.38 and a beta of 0.74. 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 EPS for the quarter, topping 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 quarter in the prior year, the company earned $2.74 earnings per share. Sell-side analysts predict 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 authorized a share repurchase plan on Wednesday, January 22nd that authorizes the company to repurchase $4.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 12.3% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

M&T Bank Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be paid a dividend of $1.35 per share. The ex-dividend date of this dividend 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 payout ratio is currently 36.91%.

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.