Howe & Rusling Inc. Acquires 407 Shares of M&T Bank Co. (NYSE:MTB)

Howe & Rusling Inc. grew its stake in shares of M&T Bank Co. (NYSE:MTB) by 14.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,195 shares of the financial services provider’s stock after acquiring an additional 407 shares during the period. Howe & Rusling Inc.’s holdings in M&T Bank were worth $601,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in MTB. Hennion & Walsh Asset Management Inc. lifted its holdings in 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 worth $1,473,000 after purchasing an additional 2,018 shares in the last quarter. Flagship Harbor Advisors LLC lifted its holdings 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 buying an additional 1,295 shares in the last quarter. US Bancorp DE boosted its position in shares of M&T Bank by 24.3% in the fourth quarter. US Bancorp DE now owns 8,382 shares of the financial services provider’s stock valued at $1,576,000 after acquiring an additional 1,639 shares during the period. Summit Trail Advisors LLC purchased a new position in M&T Bank during the fourth quarter valued at approximately $290,000. Finally, Valeo Financial Advisors LLC bought a new stake in M&T Bank during the 4th quarter worth approximately $297,000. 84.68% of the stock is owned by institutional investors.

M&T Bank Trading Down 1.4 %

NYSE MTB opened at $179.64 on Friday. The firm has a market cap of $29.51 billion, a PE ratio of 12.28, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74. M&T Bank Co. has a 1-year low of $133.03 and a 1-year high of $225.70. The stock has a 50-day moving average of $189.87 and a 200-day moving average of $192.40. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share 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 prior year, the company earned $2.74 earnings per share. As a group, sell-side analysts forecast that M&T Bank Co. will post 16.57 EPS for the current year.

M&T Bank Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be given a $1.35 dividend. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.01%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s payout ratio is 36.91%.

M&T Bank declared that its board has initiated a stock buyback plan on Wednesday, January 22nd that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on MTB. Truist Financial restated a “buy” rating and set a $236.00 price target (up from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. Evercore ISI decreased their target price on M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Keefe, Bruyette & Woods lifted their price target on M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research report on Wednesday, December 4th. Barclays upped their price objective on shares of M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a research report on Monday, January 6th. Finally, DA Davidson lifted their target price on shares of M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a research report on Friday, January 17th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $219.97.

Insider Activity

In related news, EVP Christopher E. Kay sold 1,738 shares of the business’s stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total transaction of $299,526.92. Following the transaction, the executive vice president now owns 10,751 shares in the company, valued at $1,852,827.34. The trade was a 13.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 0.53% of the company’s stock.

M&T Bank Company 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.