Rockbridge Investment Management LCC Takes Position in M&T Bank Co. (NYSE:MTB)

Rockbridge Investment Management LCC acquired a new position in M&T Bank Co. (NYSE:MTB) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 1,142 shares of the financial services provider’s stock, valued at approximately $215,000.

Several other institutional investors have also recently made changes to their positions in the business. Y.D. More Investments Ltd grew its position in M&T Bank by 122.6% during the 4th quarter. Y.D. More Investments Ltd now owns 207 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 114 shares during the period. Human Investing LLC purchased a new stake in shares of M&T Bank in the fourth quarter worth about $44,000. Sierra Ocean LLC acquired a new stake in M&T Bank during the fourth quarter worth about $44,000. Loomis Sayles & Co. L P purchased a new position in M&T Bank during the fourth quarter valued at approximately $52,000. Finally, Principal Securities Inc. lifted its holdings in M&T Bank by 47.5% in the fourth quarter. Principal Securities Inc. now owns 410 shares of the financial services provider’s stock valued at $77,000 after acquiring an additional 132 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Christopher E. Kay sold 1,738 shares of the business’s stock in a transaction dated Wednesday, March 12th. The shares were sold at an average price of $172.34, for a total transaction of $299,526.92. Following the transaction, the executive vice president now owns 10,751 shares of the company’s stock, valued at approximately $1,852,827.34. The trade was a 13.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.53% of the stock is currently owned by corporate insiders.

M&T Bank Price Performance

Shares of NYSE MTB opened at $182.10 on Thursday. The stock has a market capitalization of $29.92 billion, a price-to-earnings ratio of 12.45, a price-to-earnings-growth ratio of 1.38 and a beta of 0.74. M&T Bank Co. has a 52 week low of $133.03 and a 52 week high of $225.70. The firm has a 50-day simple moving average of $190.20 and a 200-day simple moving average of $192.48. The company has a quick ratio of 0.99, a current ratio of 0.98 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last released its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 EPS for the quarter, beating 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 prior year, the business posted $2.74 earnings per share. On average, equities analysts predict that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank declared that its board has authorized a stock repurchase plan on Wednesday, January 22nd that permits the company to repurchase $4.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to purchase up to 12.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

M&T Bank Dividend Announcement

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 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 yield of 2.97%. M&T Bank’s payout ratio is 36.91%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on MTB shares. Evercore ISI dropped their price objective on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating on the stock in a research note on Thursday, March 13th. Compass Point raised their price target on shares of M&T Bank from $220.00 to $250.00 and gave the company a “neutral” rating in a research report on Tuesday, December 10th. Keefe, Bruyette & Woods increased 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 research note on Wednesday, December 4th. Barclays raised their target price on M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a research report on Monday, January 6th. Finally, Piper Sandler upped their price target on M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $219.97.

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: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.