Public Employees Retirement Association of Colorado decreased its holdings in M&T Bank Co. (NYSE:MTB – Get Rating) by 18.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 14,804 shares of the financial services provider’s stock after selling 3,342 shares during the period. Public Employees Retirement Association of Colorado’s holdings in M&T Bank were worth $2,274,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. CVA Family Office LLC acquired a new stake in M&T Bank in the 4th quarter valued at about $31,000. Edmond DE Rothschild Holding S.A. purchased a new stake in shares of M&T Bank in the 3rd quarter valued at approximately $34,000. Widmann Financial Services Inc. purchased a new stake in shares of M&T Bank in the 4th quarter valued at approximately $37,000. UMB Bank N A MO purchased a new stake in shares of M&T Bank in the 4th quarter valued at approximately $49,000. Finally, Lindbrook Capital LLC grew its stake in shares of M&T Bank by 39.2% in the 4th quarter. Lindbrook Capital LLC now owns 355 shares of the financial services provider’s stock valued at $55,000 after buying an additional 100 shares during the period. Institutional investors own 87.61% of the company’s stock.
A number of equities analysts recently weighed in on the stock. The Goldman Sachs Group increased their price objective on shares of M&T Bank from $183.00 to $210.00 and gave the stock a “neutral” rating in a research report on Monday, April 4th. Morgan Stanley raised shares of M&T Bank from an “underweight” rating to an “overweight” rating and increased their price objective for the stock from $179.00 to $238.00 in a research report on Thursday, April 21st. StockNews.com assumed coverage on shares of M&T Bank in a report on Thursday, May 12th. They set a “sell” rating on the stock. JPMorgan Chase & Co. assumed coverage on shares of M&T Bank in a report on Thursday, April 14th. They set a “neutral” rating on the stock. Finally, Piper Sandler increased their target price on shares of M&T Bank from $200.00 to $210.00 in a report on Wednesday, April 20th. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $192.28.
M&T Bank (NYSE:MTB – Get Rating) last posted its quarterly earnings data on Wednesday, April 20th. The financial services provider reported $2.62 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.24. M&T Bank had a net margin of 29.31% and a return on equity of 11.45%. During the same period last year, the firm earned $3.41 earnings per share. As a group, analysts forecast that M&T Bank Co. will post 13.06 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Wednesday, June 1st will be issued a $1.20 dividend. The ex-dividend date is Tuesday, May 31st. This represents a $4.80 dividend on an annualized basis and a yield of 2.95%. M&T Bank’s payout ratio is 36.67%.
M&T Bank announced that its board has initiated a stock repurchase plan on Tuesday, February 22nd that authorizes the company to repurchase $800.00 million in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 3.4% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.
In related news, Vice Chairman Kevin J. Pearson sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 17th. The shares were sold at an average price of $169.71, for a total value of $848,550.00. Following the completion of the sale, the insider now directly owns 39,008 shares in the company, valued at $6,620,047.68. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.73% of the stock is currently owned by insiders.
M&T Bank Company Profile (Get Rating)
M&T Bank Corporation operates as a bank holding company that provides commercial and retail banking services. The company's Business Banking segment offers deposit, lending, cash management, and other financial services to small businesses and professionals. Its Commercial Banking segment provides deposit products, commercial lending and leasing, letters of credit, and cash management services for middle-market and large commercial customers.
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