Inceptionr LLC Invests $421,000 in M&T Bank Co. (NYSE:MTB)

Inceptionr LLC acquired a new position in shares of M&T Bank Co. (NYSE:MTB) in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 2,238 shares of the financial services provider’s stock, valued at approximately $421,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. FMR LLC increased its holdings in M&T Bank by 13.9% in the 3rd quarter. FMR LLC now owns 12,349,398 shares of the financial services provider’s stock valued at $2,199,675,000 after purchasing an additional 1,508,846 shares in the last quarter. State Street Corp increased its holdings in M&T Bank by 6.4% in 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 purchasing an additional 527,854 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in 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 in the last quarter. Zurich Insurance Group Ltd FI acquired a new stake in M&T Bank in the 3rd quarter valued at $44,422,000. Finally, Sapient Capital LLC increased its holdings in M&T Bank by 9,754.9% in the 4th quarter. Sapient Capital LLC now owns 184,287 shares of the financial services provider’s stock valued at $34,648,000 after purchasing an additional 182,417 shares in the last quarter. 84.68% of the stock is currently owned by institutional investors and hedge funds.

M&T Bank Stock Performance

Shares of NYSE MTB opened at $178.62 on Friday. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47. The firm’s 50-day moving average price is $194.07 and its two-hundred day moving average price is $191.77. M&T Bank Co. has a 52-week low of $133.03 and a 52-week high of $225.70. The stock has a market capitalization of $29.34 billion, a P/E ratio of 12.21, a P/E/G ratio of 1.38 and a beta of 0.74.

M&T Bank (NYSE:MTB) last announced its quarterly 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 earned $2.74 EPS. As a group, sell-side analysts forecast 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 disclosed a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be paid a dividend of $1.35 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.02%. M&T Bank’s dividend payout ratio is presently 36.91%.

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

Wall Street Analyst Weigh In

Several analysts recently issued reports on MTB shares. DA Davidson increased their price target on M&T Bank from $222.00 to $223.00 and gave the company a “neutral” rating in a report on Friday, January 17th. Piper Sandler raised their target price on M&T Bank from $205.00 to $243.00 and gave the company an “overweight” rating in a research note on Wednesday, November 27th. Truist Financial restated a “buy” rating and set a $236.00 target price (up from $233.00) on shares of M&T Bank in a research note on Friday, January 17th. Citigroup downgraded M&T Bank from a “buy” rating to a “neutral” rating and raised their target price for the company from $220.00 to $230.00 in a research note on Monday, November 25th. Finally, JPMorgan Chase & Co. restated a “neutral” rating and set a $223.50 target price (up from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $221.68.

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.