M&T Bank Co. (NYSE:MTB) Shares Purchased by Synergy Asset Management LLC

Synergy Asset Management LLC grew its position in shares of M&T Bank Co. (NYSE:MTB) by 11.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,221 shares of the financial services provider’s stock after purchasing an additional 1,083 shares during the period. Synergy Asset Management LLC’s holdings in M&T Bank were worth $1,832,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of MTB. Hennion & Walsh Asset Management Inc. boosted 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 valued at $1,473,000 after acquiring an additional 2,018 shares during the period. Capital Performance Advisors LLP purchased a new position in shares of M&T Bank in the third quarter valued at approximately $44,000. Principal Financial Group Inc. grew its holdings in shares of M&T Bank by 1.4% in the third quarter. Principal Financial Group Inc. now owns 199,111 shares of the financial services provider’s stock valued at $35,466,000 after purchasing an additional 2,797 shares in the last quarter. Smead Capital Management Inc. increased its stake in M&T Bank by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 493,817 shares of the financial services provider’s stock worth $87,959,000 after buying an additional 16,657 shares during the period. Finally, Nomura Asset Management Co. Ltd. lifted its holdings in M&T Bank by 6.1% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 50,275 shares of the financial services provider’s stock worth $8,955,000 after buying an additional 2,883 shares in the last quarter. 84.68% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

MTB has been the subject of several research reports. Wolfe Research upgraded shares of M&T Bank from a “peer perform” rating to an “outperform” rating and set a $210.00 price target for the company in a research note on Friday, October 4th. Evercore ISI boosted their target price on M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Citigroup lowered M&T Bank from a “buy” rating to a “neutral” rating and increased their price target for the company from $220.00 to $230.00 in a research report on Monday, November 25th. Wells Fargo & Company upped their target price on shares of M&T Bank from $190.00 to $205.00 and gave the stock an “underweight” rating in a research note on Friday, November 15th. Finally, Keefe, Bruyette & Woods raised their target price on shares of M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, M&T Bank presently has a consensus rating of “Hold” and an average price target of $221.68.

Insiders Place Their Bets

In other news, Director Kirk W. Walters sold 1,590 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $210.22, for a total value of $334,249.80. Following the transaction, the director now owns 2,108 shares of the company’s stock, valued at approximately $443,143.76. The trade was a 43.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Vice Chairman Kevin J. Pearson sold 7,500 shares of the stock in a transaction on Friday, November 1st. The stock was sold at an average price of $195.88, for a total value of $1,469,100.00. Following the sale, the insider now directly owns 40,502 shares of the company’s stock, valued at approximately $7,933,531.76. This represents a 15.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 38,487 shares of company stock valued at $8,182,809. Insiders own 0.82% of the company’s stock.

M&T Bank Stock Up 0.3 %

MTB opened at $200.51 on Thursday. The stock has a market capitalization of $33.27 billion, a P/E ratio of 13.71, a price-to-earnings-growth ratio of 1.37 and a beta of 0.79. 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 Co. has a one year low of $128.31 and a one year high of $225.70. The business’s 50-day simple moving average is $200.23 and its 200-day simple moving average is $186.28.

M&T Bank (NYSE:MTB) last issued its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating 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 period in the previous year, the company earned $2.74 earnings per share. Analysts anticipate that M&T Bank Co. will post 16.56 EPS for the current year.

M&T Bank Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Monday, December 2nd were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date was Monday, December 2nd. M&T Bank’s dividend payout ratio is currently 36.91%.

M&T Bank declared that its Board of Directors has initiated a share repurchase program on Wednesday, January 22nd that permits the company to buyback $4.00 billion in outstanding shares. This buyback authorization permits the financial services provider to purchase up to 12.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

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.