Mitsubishi UFJ Asset Management Co. Ltd. Has $50.50 Million Position in M&T Bank Co. (NYSE:MTB)

Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of M&T Bank Co. (NYSE:MTB) by 6.2% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 263,641 shares of the financial services provider’s stock after purchasing an additional 15,468 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned approximately 0.16% of M&T Bank worth $50,498,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Sanctuary Advisors LLC grew its holdings in M&T Bank by 0.3% during the 4th quarter. Sanctuary Advisors LLC now owns 15,819 shares of the financial services provider’s stock worth $3,195,000 after acquiring an additional 52 shares during the last quarter. Catalina Capital Group LLC grew its stake 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. Parallel Advisors LLC increased its holdings in shares of M&T Bank by 1.7% in the fourth quarter. Parallel Advisors LLC now owns 3,512 shares of the financial services provider’s stock valued at $660,000 after purchasing an additional 60 shares in the last quarter. Sheaff Brock Investment Advisors LLC increased its holdings in shares of M&T Bank by 1.2% in 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 in the last quarter. Finally, Meridian Wealth Management LLC boosted its position in M&T Bank by 3.8% in the 4th quarter. Meridian Wealth Management LLC now owns 1,786 shares of the financial services provider’s stock valued at $336,000 after buying an additional 66 shares during the last quarter. Institutional investors own 84.68% of the company’s stock.

M&T Bank Price Performance

NYSE:MTB opened at $175.21 on Friday. The stock has a market capitalization of $28.78 billion, a PE ratio of 11.98, a P/E/G 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. The firm has a fifty day simple moving average of $189.44 and a 200 day simple moving average of $192.44. The company has a current ratio of 0.98, a quick ratio of 0.99 and a debt-to-equity ratio of 0.47.

M&T Bank (NYSE:MTB) last posted its quarterly earnings results on Thursday, January 16th. The financial services provider reported $3.92 earnings per share for the quarter, beating analysts’ consensus estimates of $3.70 by $0.22. M&T Bank had a return on equity of 10.12% and a net margin of 19.24%. During the same period in the previous year, the firm posted $2.74 EPS. On average, research analysts expect that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank Announces Dividend

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 issued a dividend of $1.35 per share. This represents a $5.40 annualized dividend and a dividend yield of 3.08%. The ex-dividend date is Monday, March 3rd. M&T Bank’s payout ratio is 36.91%.

M&T Bank declared that its Board of Directors has approved a share 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 shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Analysts Set New Price Targets

MTB has been the subject of a number of recent research reports. DA Davidson boosted their target price on M&T Bank from $222.00 to $223.00 and gave the stock a “neutral” rating in a research report on Friday, January 17th. Wells Fargo & Company dropped their price objective on M&T Bank from $205.00 to $185.00 and set an “underweight” rating for the company in a report on Friday. Evercore ISI lowered their price target on shares of M&T Bank from $234.00 to $205.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. StockNews.com upgraded shares of M&T Bank from a “sell” rating to a “hold” rating in a report on Wednesday, February 5th. Finally, Keefe, Bruyette & Woods raised their price objective on shares of M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a research note on Wednesday, December 4th. One analyst has rated the stock with a sell rating, nine have given a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $218.79.

Insider Activity at M&T Bank

In other news, EVP Christopher E. Kay sold 1,738 shares of the company’s stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $172.34, for a total value 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. This represents a 13.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.53% of the stock is owned by company insiders.

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