Catalyst Funds Management Pty Ltd Invests $207,000 in M&T Bank Co. (NYSE:MTB)

Catalyst Funds Management Pty Ltd bought a new position in M&T Bank Co. (NYSE:MTB) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,100 shares of the financial services provider’s stock, valued at approximately $207,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Sanctuary Advisors LLC lifted its stake in shares of M&T Bank by 0.3% in the fourth quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider’s stock worth $3,195,000 after buying an additional 52 shares in the last quarter. Catalina Capital Group LLC raised its holdings in shares of M&T Bank by 2.0% during the fourth quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider’s stock valued at $531,000 after purchasing an additional 56 shares during the last quarter. Sheaff Brock Investment Advisors LLC raised its holdings in shares of M&T Bank by 1.2% during the fourth quarter. Sheaff Brock Investment Advisors LLC now owns 5,188 shares of the financial services provider’s stock valued at $975,000 after purchasing an additional 63 shares during the last quarter. Meridian Wealth Management LLC raised its holdings in shares of M&T Bank by 3.8% during the fourth quarter. Meridian Wealth Management LLC now owns 1,786 shares of the financial services provider’s stock valued at $336,000 after purchasing an additional 66 shares during the last quarter. Finally, Pitcairn Co. raised its holdings in shares of M&T Bank by 0.8% during the third quarter. Pitcairn Co. now owns 9,362 shares of the financial services provider’s stock valued at $1,668,000 after purchasing an additional 70 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.

Insider Buying and Selling

In related news, EVP Christopher E. Kay sold 1,738 shares of the company’s stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total transaction of $299,526.92. Following the completion of the transaction, the executive vice president now owns 10,751 shares in the company, valued at approximately $1,852,827.34. This represents a 13.92 % 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 this hyperlink. 0.53% of the stock is owned by company insiders.

M&T Bank Stock Performance

Shares of NYSE MTB opened at $175.69 on Monday. The firm has a fifty day moving average price of $192.44 and a 200-day moving average price of $192.15. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.98 and a quick ratio of 0.99. The stock has a market cap of $28.86 billion, a PE ratio of 12.01, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74. M&T Bank Co. has a 1 year low of $133.03 and a 1 year high of $225.70.

M&T Bank (NYSE:MTB) last announced its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 in the previous year, the firm earned $2.74 earnings per share. Equities analysts anticipate 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 authorized a share buyback program on Wednesday, January 22nd that authorizes the company to buyback $4.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 12.3% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s board believes its shares are undervalued.

M&T Bank Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Monday, March 3rd will be given a dividend of $1.35 per share. The ex-dividend date is Monday, March 3rd. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.07%. M&T Bank’s dividend payout ratio is 36.91%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on MTB. Truist Financial reissued a “buy” rating and set a $236.00 price objective (up from $233.00) on shares of M&T Bank in a report on Friday, January 17th. Barclays boosted their price objective on shares of M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a report on Monday, January 6th. Citigroup cut shares of M&T Bank from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $220.00 to $230.00 in a report on Monday, November 25th. Evercore ISI decreased their price objective on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a report on Thursday. Finally, The Goldman Sachs Group upped their target price on shares of M&T Bank from $216.00 to $243.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $222.03.

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.