Paradigm Asset Management Co. LLC Makes New Investment in M&T Bank Co. (NYSE:MTB)

Paradigm Asset Management Co. LLC acquired a new stake in M&T Bank Co. (NYSE:MTB) in the fourth quarter, HoldingsChannel reports. The fund acquired 4,100 shares of the financial services provider’s stock, valued at approximately $771,000.

Several other institutional investors also recently modified their holdings of MTB. Hennion & Walsh Asset Management Inc. grew its holdings in M&T Bank by 34.7% during the fourth 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 during the period. Capital Performance Advisors LLP acquired a new stake in shares of M&T Bank in the third quarter valued at approximately $44,000. Flagship Harbor Advisors LLC boosted its stake 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 worth $515,000 after acquiring an additional 1,295 shares during the period. Summit Trail Advisors LLC acquired a new position in shares of M&T Bank during the 4th quarter worth approximately $290,000. Finally, Principal Financial Group Inc. raised its stake in M&T Bank by 1.4% in the 3rd quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock valued at $35,466,000 after acquiring an additional 2,797 shares during the period. 84.68% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other M&T Bank news, EVP Tracy S. Woodrow sold 2,121 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $220.75, for a total transaction of $468,210.75. Following the completion of the transaction, the executive vice president now owns 5,141 shares of the company’s stock, valued at approximately $1,134,875.75. The trade was a 29.21 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Vice Chairman Gary N. Geisel sold 2,490 shares of the stock in a transaction dated Tuesday, December 3rd. The stock was sold at an average price of $215.89, for a total transaction of $537,566.10. Following the completion of the transaction, the insider now directly owns 16,429 shares of the company’s stock, valued at $3,546,856.81. This trade represents a 13.16 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.82% of the company’s stock.

M&T Bank Stock Down 2.0 %

Shares of NYSE MTB opened at $193.48 on Friday. The stock has a market capitalization of $32.10 billion, a P/E ratio of 13.23, a PEG ratio of 1.40 and a beta of 0.79. The stock’s fifty day moving average is $195.09 and its 200 day moving average is $189.87. M&T Bank Co. has a 52 week low of $133.03 and a 52 week high of $225.70. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.99 and a current ratio of 0.93.

M&T Bank (NYSE:MTB) last released 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 last year, the company posted $2.74 EPS. Sell-side analysts forecast that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank declared that its Board of Directors has approved a stock buyback 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 buy up to 12.3% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its shares are 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 dividend of $1.35 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $5.40 annualized dividend and a yield of 2.79%. M&T Bank’s dividend payout ratio is currently 36.91%.

Wall Street Analysts Forecast Growth

MTB has been the subject of a number of research analyst reports. Truist Financial reaffirmed a “buy” rating and set a $236.00 price objective (up from $233.00) on shares of M&T Bank in a research report on Friday, January 17th. Keefe, Bruyette & Woods lifted their target price on shares of M&T Bank from $205.00 to $221.00 and gave the stock a “market perform” rating in a report on Wednesday, December 4th. DA Davidson increased their price target on shares of M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a report on Friday, January 17th. JPMorgan Chase & Co. restated a “neutral” rating and set a $223.50 price objective (up from $215.00) on shares of M&T Bank in a research report on Wednesday, December 4th. Finally, Wells Fargo & Company upped their target price on M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a research report on Friday, November 15th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, M&T Bank currently has an average rating of “Hold” and an average target price of $221.68.

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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.