Brown Brothers Harriman & Co. Boosts Stake in M&T Bank Co. (NYSE:MTB)

Brown Brothers Harriman & Co. raised its stake in shares of M&T Bank Co. (NYSE:MTB) by 26.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 3,572 shares of the financial services provider’s stock after buying an additional 758 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in M&T Bank were worth $672,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of MTB. Y.D. More Investments Ltd increased 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 in the last quarter. Human Investing LLC acquired a new stake in shares of M&T Bank during the 4th quarter worth about $44,000. Sierra Ocean LLC purchased a new stake in shares of M&T Bank during the fourth quarter worth about $44,000. Loomis Sayles & Co. L P acquired a new position in shares of M&T Bank in the fourth quarter valued at approximately $52,000. Finally, Principal Securities Inc. lifted its stake in shares of M&T Bank by 47.5% during the fourth quarter. Principal Securities Inc. now owns 410 shares of the financial services provider’s stock valued at $77,000 after buying an additional 132 shares during the period. Hedge funds and other institutional investors own 84.68% of the company’s stock.

Insider Buying and Selling at M&T Bank

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

M&T Bank Trading Down 2.5 %

NYSE MTB opened at $175.21 on Monday. The company’s fifty day simple moving average is $189.44 and its 200-day simple moving average is $192.80. The stock has a market cap of $28.78 billion, a P/E ratio of 11.98, a PEG 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 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 data 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 net margin of 19.24% and a return on equity of 10.12%. During the same period in the previous year, the company posted $2.74 earnings per share. Equities research analysts predict that M&T Bank Co. will post 16.57 EPS for the current fiscal year.

M&T Bank announced that its Board of Directors has authorized a share buyback program on Wednesday, January 22nd that allows the company to buyback $4.00 billion in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 12.3% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its shares are undervalued.

M&T Bank Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 3rd will be issued a dividend of $1.35 per share. The ex-dividend date of this dividend is Monday, March 3rd. This represents a $5.40 annualized dividend and a yield of 3.08%. M&T Bank’s dividend payout ratio is presently 36.91%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. Wells Fargo & Company lowered their target price on shares of M&T Bank from $205.00 to $185.00 and set an “underweight” rating for the company in a research note on Friday. Keefe, Bruyette & Woods lifted their price target on M&T Bank from $205.00 to $221.00 and gave the company a “market perform” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $223.50 price objective (up from $215.00) on shares of M&T Bank in a report on Wednesday, December 4th. StockNews.com raised shares of M&T Bank from a “sell” rating to a “hold” rating in a research report on Wednesday, February 5th. Finally, Barclays increased their price target on shares of M&T Bank from $228.00 to $235.00 and gave the stock an “equal weight” rating in a research note on Monday, January 6th. One equities research 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’s stock. According to data from MarketBeat, M&T Bank presently has a consensus rating of “Hold” and an average price target of $218.79.

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.