M&T Bank Co. (NYSE:MTB) Stake Boosted by SouthState Corp

SouthState Corp raised its position in shares of M&T Bank Co. (NYSE:MTB) by 4.8% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 6,436 shares of the financial services provider’s stock after buying an additional 297 shares during the quarter. SouthState Corp’s holdings in M&T Bank were worth $1,210,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. FMR LLC grew its holdings in shares of M&T Bank by 13.9% during the third quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after buying an additional 1,508,846 shares in the last quarter. State Street Corp grew its stake in M&T Bank by 6.4% during the 3rd quarter. State Street Corp now owns 8,773,439 shares of the financial services provider’s stock valued at $1,562,725,000 after acquiring an additional 527,854 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of M&T Bank by 5.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 5,289,727 shares of the financial services provider’s stock valued at $994,522,000 after purchasing an additional 252,583 shares during the period. Zurich Insurance Group Ltd FI purchased a new stake in shares of M&T Bank in the third quarter worth approximately $44,422,000. Finally, Amundi boosted its holdings in shares of M&T Bank by 43.5% during the fourth quarter. Amundi now owns 807,339 shares of the financial services provider’s stock worth $154,315,000 after purchasing an additional 244,709 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. Barclays increased their price objective on M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a report on Monday, January 6th. Truist Financial reissued a “buy” rating and set a $236.00 price objective (up previously from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. Keefe, Bruyette & Woods upped their target price on M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a research report on Wednesday, December 4th. Finally, The Goldman Sachs Group lifted their price target on M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $222.03.

M&T Bank Stock Performance

Shares of MTB opened at $175.61 on Tuesday. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. M&T Bank Co. has a one year low of $133.03 and a one year high of $225.70. The company’s fifty day moving average price is $192.09 and its 200 day moving average price is $192.19. The company has a market capitalization of $28.85 billion, a PE ratio of 12.00, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74.

M&T Bank (NYSE:MTB) last posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, topping 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 quarter in the previous year, the firm posted $2.74 earnings per share. As a group, analysts expect that M&T Bank Co. will post 16.57 earnings per share for the current year.

M&T Bank Announces Dividend

The business also recently declared 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. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $5.40 annualized dividend and a yield of 3.07%. M&T Bank’s dividend payout ratio is 36.91%.

M&T Bank announced that its board has authorized a share buyback program 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 reacquire up to 12.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Activity

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

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.