Parallel Advisors LLC Purchases 60 Shares of M&T Bank Co. (NYSE:MTB)

Parallel Advisors LLC grew its position in M&T Bank Co. (NYSE:MTB) by 1.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,512 shares of the financial services provider’s stock after acquiring an additional 60 shares during the period. Parallel Advisors LLC’s holdings in M&T Bank were worth $660,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Y.D. More Investments Ltd grew its position in shares of M&T Bank by 122.6% in the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 114 shares during the period. Human Investing LLC acquired a new stake in shares of M&T Bank during the 4th quarter worth about $44,000. Sierra Ocean LLC acquired a new stake in shares of M&T Bank during the 4th quarter worth about $44,000. Principal Securities Inc. lifted its stake in shares of M&T Bank by 47.5% during the 4th quarter. Principal Securities Inc. now owns 410 shares of the financial services provider’s stock worth $77,000 after buying an additional 132 shares during the last quarter. Finally, Brooklyn Investment Group acquired a new stake in shares of M&T Bank during the 3rd quarter worth about $91,000. Institutional investors own 84.68% of the company’s stock.

Wall Street Analysts Forecast Growth

MTB has been the subject of a number of research reports. Citigroup cut shares of M&T Bank from a “buy” rating to a “neutral” rating and raised their target price for the stock from $220.00 to $230.00 in a research note on Monday, November 25th. The Goldman Sachs Group raised their target price on shares of M&T Bank from $216.00 to $243.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Piper Sandler lifted their price objective on shares of M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 27th. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. Finally, Barclays lifted 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 note on Monday, January 6th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, M&T Bank has an average rating of “Hold” and an average price target of $222.03.

M&T Bank Price Performance

Shares of NYSE:MTB opened at $176.93 on Friday. The firm has a 50 day moving average of $191.19 and a 200-day moving average of $192.00. The stock has a market capitalization of $29.07 billion, a PE ratio of 12.09, a PEG ratio of 1.38 and a beta of 0.74. 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 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, beating the consensus estimate 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 in the previous year, the firm posted $2.74 earnings per share. On average, equities research analysts predict that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

The business 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 dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 3.05%. The ex-dividend date of this dividend is Monday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is presently 36.91%.

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

Insider Activity at M&T Bank

In related news, EVP Christopher E. Kay sold 1,738 shares of M&T Bank stock in a transaction that occurred on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total transaction of $299,526.92. Following the sale, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.53% of the stock is currently owned by insiders.

About M&T Bank

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.