Allworth Financial LP Boosts Position in M&T Bank Co. (NYSE:MTB)

Allworth Financial LP boosted its holdings in shares of M&T Bank Co. (NYSE:MTB) by 1,381.3% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 18,665 shares of the financial services provider’s stock after buying an additional 17,405 shares during the quarter. Allworth Financial LP’s holdings in M&T Bank were worth $3,651,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of MTB. Hedeker Wealth LLC grew its stake in shares of M&T Bank by 1.6% during the 3rd quarter. Hedeker Wealth LLC now owns 3,519 shares of the financial services provider’s stock worth $627,000 after purchasing an additional 55 shares during the period. Catalina Capital Group LLC grew its stake in shares of M&T Bank by 2.0% during the 4th quarter. Catalina Capital Group LLC now owns 2,824 shares of the financial services provider’s stock worth $531,000 after purchasing an additional 56 shares during the period. Frank Rimerman Advisors LLC grew its stake in shares of M&T Bank by 1.0% during the 3rd quarter. Frank Rimerman Advisors LLC now owns 5,644 shares of the financial services provider’s stock worth $1,005,000 after purchasing an additional 57 shares during the period. Crestwood Advisors Group LLC grew its stake in shares of M&T Bank by 1.9% during the 3rd quarter. Crestwood Advisors Group LLC now owns 3,103 shares of the financial services provider’s stock worth $553,000 after purchasing an additional 57 shares during the period. Finally, Meitav Investment House Ltd. grew its stake in shares of M&T Bank by 3.1% during the 3rd quarter. Meitav Investment House Ltd. now owns 2,270 shares of the financial services provider’s stock worth $386,000 after purchasing an additional 69 shares during the period. 84.68% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Tracy S. Woodrow sold 2,121 shares of the business’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $220.75, for a total transaction of $468,210.75. Following the transaction, the executive vice president now owns 5,141 shares of the company’s stock, valued at approximately $1,134,875.75. The trade was a 29.21 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director John P. Barnes sold 20,000 shares of the business’s stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $217.45, for a total transaction of $4,349,000.00. Following the transaction, the director now directly owns 35,480 shares in the company, valued at approximately $7,715,126. The trade was a 36.05 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 24,611 shares of company stock valued at $5,354,777. 0.82% of the stock is currently owned by insiders.

M&T Bank Price Performance

M&T Bank stock opened at $198.75 on Tuesday. M&T Bank Co. has a 52-week low of $133.03 and a 52-week high of $225.70. The firm has a market capitalization of $32.98 billion, a price-to-earnings ratio of 13.59, a PEG ratio of 1.42 and a beta of 0.79. The company has a fifty day simple moving average of $195.59 and a 200-day simple moving average of $189.02. The company has a quick ratio of 0.99, a current ratio of 0.93 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last announced its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share 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 quarter in the previous year, the business posted $2.74 EPS. On average, equities analysts anticipate that M&T Bank Co. will post 16.56 EPS for the current fiscal year.

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

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the stock. Evercore ISI raised their price objective on shares of M&T Bank from $210.00 to $232.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 30th. Piper Sandler raised their price objective on shares of M&T Bank from $205.00 to $243.00 and gave the stock an “overweight” rating in a research note on Wednesday, November 27th. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $223.50 price target (up previously from $215.00) on shares of M&T Bank in a research note on Wednesday, December 4th. Wells Fargo & Company lifted their price target on shares of M&T Bank from $190.00 to $205.00 and gave the company an “underweight” rating in a research note on Friday, November 15th. Finally, Citigroup cut shares of M&T Bank from a “buy” rating to a “neutral” rating and lifted their price target for the company from $220.00 to $230.00 in a research note on Monday, November 25th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $221.68.

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: Business Banking, Commercial Banking, Commercial Real Estate, Discretionary Portfolio, Residential Mortgage Banking, and Retail Banking.