Fmr LLC Buys 1,761,014 Shares of M&T Bank Co. (NYSE:MTB)

Fmr LLC boosted its stake in M&T Bank Co. (NYSE:MTB) by 14.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,110,412 shares of the financial services provider’s stock after buying an additional 1,761,014 shares during the quarter. Fmr LLC owned approximately 8.50% of M&T Bank worth $2,652,899,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of MTB. Federated Hermes Inc. increased its holdings in shares of M&T Bank by 38.3% during the fourth quarter. Federated Hermes Inc. now owns 441,102 shares of the financial services provider’s stock worth $82,932,000 after buying an additional 122,113 shares in the last quarter. Aster Capital Management DIFC Ltd acquired a new position in M&T Bank during the 4th quarter worth about $1,370,000. Quadrant Capital Group LLC lifted its position in M&T Bank by 5.8% during the 4th quarter. Quadrant Capital Group LLC now owns 971 shares of the financial services provider’s stock valued at $183,000 after purchasing an additional 53 shares during the period. Russell Investments Group Ltd. grew its position in shares of M&T Bank by 1.0% during the 4th quarter. Russell Investments Group Ltd. now owns 73,383 shares of the financial services provider’s stock worth $13,803,000 after buying an additional 717 shares during the period. Finally, Aviva PLC raised its stake in shares of M&T Bank by 43.5% during the fourth quarter. Aviva PLC now owns 45,388 shares of the financial services provider’s stock worth $8,533,000 after buying an additional 13,768 shares during the last quarter. 84.68% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on MTB shares. Truist Financial lowered their target price on shares of M&T Bank from $236.00 to $225.00 and set a “buy” rating for the company in a report on Friday. Barclays upped their price target on M&T Bank from $228.00 to $235.00 and gave the company an “equal weight” rating in a research note on Monday, January 6th. Citigroup reduced their price objective on shares of M&T Bank from $230.00 to $195.00 and set a “neutral” rating on the stock in a research note on Monday, March 24th. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research note on Wednesday, February 5th. Finally, JPMorgan Chase & Co. cut their target price on shares of M&T Bank from $212.50 to $186.50 and set a “neutral” rating on the stock in a report on Thursday. One equities 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 company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $215.97.

M&T Bank Price Performance

NYSE MTB opened at $157.13 on Friday. M&T Bank Co. has a 12-month low of $133.03 and a 12-month high of $225.70. The firm’s 50 day moving average is $186.82 and its 200-day moving average is $192.67. The company has a market capitalization of $25.82 billion, a PE ratio of 10.74, a price-to-earnings-growth ratio of 1.38 and a beta of 0.58. 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 posted its quarterly earnings data on Thursday, January 16th. The financial services provider reported $3.92 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 quarter in the prior year, the business posted $2.74 earnings per share. Equities research analysts anticipate that M&T Bank Co. will post 16.57 earnings per share for the current fiscal year.

M&T Bank Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 3rd were paid a dividend of $1.35 per share. This represents a $5.40 dividend on an annualized basis and a dividend yield of 3.44%. The ex-dividend date was Monday, March 3rd. M&T Bank’s dividend payout ratio is currently 36.91%.

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

Insider Activity

In other news, EVP Christopher E. Kay sold 1,738 shares of the stock in a transaction that occurred on Wednesday, March 12th. The stock was 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 in the company, valued at approximately $1,852,827.34. This trade represents a 13.92 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.53% of the company’s stock.

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