Vanguard Group Inc. Raises Stake in M&T Bank Co. (NYSE:MTB)

Vanguard Group Inc. lifted its stake in shares of M&T Bank Co. (NYSE:MTB) by 0.2% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 19,496,793 shares of the financial services provider’s stock after purchasing an additional 42,377 shares during the quarter. Vanguard Group Inc. owned about 11.75% of M&T Bank worth $3,665,592,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in MTB. Sanctuary Advisors LLC raised its holdings in M&T Bank by 0.3% during the fourth quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider’s stock worth $3,195,000 after purchasing an additional 52 shares during the last quarter. Catalina Capital Group LLC increased its holdings in M&T Bank by 2.0% during the 4th quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider’s stock valued at $531,000 after acquiring an additional 56 shares in the last quarter. Parallel Advisors LLC raised its position in M&T Bank by 1.7% during the fourth quarter. Parallel Advisors LLC now owns 3,512 shares of the financial services provider’s stock worth $660,000 after acquiring an additional 60 shares during the last quarter. Sheaff Brock Investment Advisors LLC increased its stake in shares of M&T Bank by 1.2% during the 4th quarter. Sheaff Brock Investment Advisors LLC now owns 5,188 shares of the financial services provider’s stock worth $975,000 after purchasing an additional 63 shares in the last quarter. Finally, Meridian Wealth Management LLC lifted its stake in M&T Bank by 3.8% in the 4th quarter. Meridian Wealth Management LLC now owns 1,786 shares of the financial services provider’s stock valued at $336,000 after buying an additional 66 shares in the last quarter. Institutional investors and hedge funds own 84.68% of the company’s stock.

Insider Activity

In other M&T Bank news, EVP Christopher E. Kay sold 1,738 shares of the company’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 10,751 shares of the company’s stock, valued at $1,852,827.34. This represents a 13.92 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.53% of the company’s stock.

M&T Bank Stock Performance

NYSE:MTB opened at $182.50 on Tuesday. The firm’s fifty day simple moving average is $190.82 and its 200 day simple moving average is $192.44. 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 twelve month low of $133.03 and a twelve month high of $225.70. The firm has a market capitalization of $29.98 billion, a price-to-earnings ratio of 12.47, a PEG ratio of 1.38 and a beta of 0.74.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data 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 return on equity of 10.12% and a net margin of 19.24%. During the same quarter in the previous year, the firm earned $2.74 EPS. As a group, equities research analysts expect that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

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

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 annualized dividend and a yield of 2.96%. The ex-dividend date is Monday, March 3rd. M&T Bank’s dividend payout ratio (DPR) is 36.91%.

Wall Street Analyst Weigh In

MTB has been the subject of several analyst reports. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $223.50 target price (up previously from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Compass Point upped their price objective on shares of M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research note on Tuesday, December 10th. DA Davidson increased their price target on M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a research note on Friday, January 17th. Keefe, Bruyette & Woods lifted their price objective 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. Finally, Citigroup dropped their target price on M&T Bank from $230.00 to $195.00 and set a “neutral” rating for the company in a research note on Monday. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $219.97.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.